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Apple to Require Identity Verification for Sending $500+ in Apple Cash Starting in October
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Honestly, this makes complete sense to me. Apple already has my driver license and SSN though since I have the Apple Card and the Digital Drivers License lol
I agree
Venmo does something similar already with prompting for the last 4 digits of a user's phone # when sending money to someone, but for some reason that's beyond explanation, they allow you to bypass that which kind of defeats the purpose of said prompt in the first place
Knowing Apple, I'm sure they will have something better than that and something that you absolutely have to do before sending such a large amount to someone
I assume you can verify identity at any time? Ie before Apple asks for it?
I don’t use Apple Cash very much but I’d be keen to be preauthorized so I’m never in a situation wanting to send $500+ but not able to right away.
I don’t use Apple Cash very much but I’d be keen to be preauthorized so I’m never in a situation wanting to send $500+ but not able to right away.
I am not sure how Apple will implement this. I am concerned they might block an important transaction to force the ID verification at the most inconvenient moment. If this is needed I would prefer to have a choice of being proactive. Perhaps a push notification to the phone and giving several days to comply with this. I don't mind doing this. I would mind if this stops me from sending or receiving money at the worst moment. I would actually extend this ID verification to social media so people could choose to block/ignore every user who is not ID verified and also perhaps posting with their real name. I think we would avoid a lot of grief in forums and comments sections and a lot of foreign agents looking to cause harm. Not thinking about the MacRumors forums in particular.
(Edit) Looks like my account is verified as it is shown in the card details. I wonder if any other verification will be needed after October 4th.
(Edit) Looks like my account is verified as it is shown in the card details. I wonder if any other verification will be needed after October 4th.
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Identity verification is a one-time thing - not every transaction.
Sure, wasting energy, increasing carbon emissions, money laundering, drugs by mail, avoiding sanctions, terrorism funding, ransomware..
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If their allowance is >$500.... ya wanna adopt another one? 😳
Seriously though - if it's Apple Cash family, I think you'll be fine.
What's KYC? "Know Your Customer"?
I wonder by the phone's FaceID camera isn't a biometric that can be accepted. Why does it have to be a scan of some photo ID.
I agree. Ideally, the verification can occur without really any additional input beyond say a FaceID camera. Even having to answer security questions seems weird. But that said, even if FaceID were acceptable, you can't do that on your Watch.
Goodness, Canadian banks are allergic to anything that could remotely look like any sort of competition. It would force them out of their comfort zone and they definitely will have none of that.
Open banking still isn't happening either, the banks are still actively blocking it despite the federal government's approval.
I wish it could be set lower. Lately I've seen reports of people grabbing unlocked phones out of non vigilant people's hands and sending cash / Venmo payments then giving it back to them and running off.
But as others have said, probably a tax thing in the long run.
But as others have said, probably a tax thing in the long run.
It seems to be just a one-time verification so it wouldn't help with that if you're already verified.
I thought the KYC threshold in the United States was $10,000. Does anyone know? I do know it is different in other countries. And international transfers are different than domestic?Actually it is a KYC. A requirement from the Centralized Banks and Gov
