Revolut ID thefts highlight KYC’s dangers: Here’s how to fix it

Zero-knowledge technology could let companies verify who you are without storing your identity documents. So why isn’t it already standard practice?

The massive theft of more than 153 million US and Canadian driver’s licenses earlier this month should make one thing abundantly clear: the safest place for a copy of your driver’s license is nowhere at all.

The leaked IDs, which appear to have come from an identity verification provider, ended up on a dark web identity service dubbed Nexus, alongside millions of other stolen identity and travel documents.

The danger was underscored this week after fintech Revolut revealed it had been tricked by a hacker into handing over reams of sensitive customer data, including copies of passports and verification selfies. The hacker is now drip feeding the identification documents of 680 customers onto the web in an attempt to secure a 10,000 Bitcoin ransom.

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