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?
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.
For crypto proponents, the obvious solution is to use zero knowledge proofs. That’s a mathematical proof that demonstrates something is true without revealing the details. For example, you can use an phone app to generate a proof confirming your drivers license says you are older than 18, without sending through your birth date, or a picture of the license itself.