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01-13-2014, 12:30 PM #1
people are way more creative than you give them credit for. Proving that you have a bank account with deposits is something that anyone can do whether they have a legit business or not. I can put money in a paypal account, withdraw it to my bank account, transfer it to another account, put it back into paypal and repeat everyday. I can have 100k in deposits every month for my "business" and validate the credentials with yodlee or mint. Ok, beat the bank check, what else you got?
Last edited by Sean Cash; 01-13-2014 at 12:32 PM.
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01-13-2014, 01:10 PM #2
Reputation points: 306
- Join Date
- Jan 2013
- Location
- New York City
- Posts
- 409
Simple.
Run an API call to verify age and ownership of the bank account. This is what I did when I tried a consumer facing alt lending product. Plug in "Buynance.com" into the wayback machine.
I'll do two things. I'll create a video that explains these API's and security concerns here. I'll also get an expert. The guy who aggregated 1,400 banks under his API to chime in.
EDIT: Changed my mind about the video, but I have invited the expert to join the forum. Hopefully he does that way we can keep the discussion focused on
"what can these API's do?" Or, "what they cannot do?" from an unbiased expert.
You don't get 1,400 banks to give the keys to their accounts unless you are a security genius.Last edited by JayBallentine; 01-13-2014 at 01:18 PM.
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