The theft of identification documents in Revolut highlights the dangers of KYC. An attacker managed to bypass the controls using a sophisticated social engineering technique with a real government email account. Unlike a password or a cryptocurrency private key, a passport, a biometric selfie, or a leaked identity document can’t be changed. Once exposed, the risk of identity impersonation for victims is indefinite.
Zero-knowledge technology could allow companies to verify who you are without storing your identity documents. It’s a mathematical proof that something is true without revealing the details. For example, you could use a phone app to generate a proof that confirms your driver’s license shows you’re over 18, without sending your date of birth or an image of the license itself.
Zero-knowledge technology could allow companies to verify who you are without storing your identity documents. It’s a mathematical proof that something is true without revealing the details. For example, you could use a phone app to generate a proof that confirms your driver’s license shows you’re over 18, without sending your date of birth or an image of the license itself.
