Investing - Theory, News & General • The Final, Definitive Thread on Brokerage Transfer Bonuses

They made a point in the signup process of saying they relied heavily on being able to verify by using one's mobile phone number and checking that the name matched what the carrier had on file, which I find a curious new direction in the realm of verification, and while I never had to upload anything I did indeed have to report a texted verification code.

As an example, a family member had an old cell phone number that was in a business name a few years ago but changed into the family member's name. Despite this, the Capital One online application did not want to accept the number as hers for 2fa and other purposes and made her go into the branch to set up the account. This is despite the fact that the person had been a customer of Capital One before even the Chevy Chase Bank days.

It seems most banks' and brokerages' agreements contain a provision allowing them to contact one's phone provider to obtain information for identity verification purposes. This includes personal details, type of payment plan, device details, etc. Hard to believe the phone providers are so loose with customer information.

I think this is https://nctue.com/ being used. Probably similar to how we get the "where have you lived, which car have you leased, do you know any of the following people" questions for identification--usually a LexisNexis product being used.

That may be the case. However, perhaps the agreements are referencing a different verification method (directly via the mobile operators)? See here:

[Wells Fargo] now has some odd identity verification process with online credit card applications that uses your wireless phone provider to verify your identity. That feature only works with certain post-paid providers...

Statistics: Posted by zero_coupon — Sun Sep 15, 2024 1:59 am — Replies 8936 — Views 1667139