Banks Have a Solution for Their Identity-Fraud Woes: The DMV

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11/13/2018

Banks Have a Solution for Their Identity-Fraud Woes: The DMV

Wall Street Journal

Big banks are enlisting the local DMV in their fight against identity fraud.

Lenders including JPMorgan Chase & Co., Bank of America Corp. , Wells Fargo & Co. andCitigroup Inc. are looking for ways to link up with databases at state departments of motor vehicles and other government offices to make sure potential customers are who they say they are.

Motor-vehicle departments are appealing partners for banks as more people are opening accounts online. At the DMV, applicants typically must appear in person, at least initially, with a stack of documents including birth certificates and social security cards that are verified by trained staffers.

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