> This is why important transactions like banking have KYC checks, and buying a pair of sneakers don't.
Banks do KYC checks because it is required by law, not because it does anything to reduce fraud. Fake IDs are a thing. Requiring identification does not make transactions safer without a lot of other stuff happening too.
Banks do KYC checks because it is required by law, not because it does anything to reduce fraud. Fake IDs are a thing. Requiring identification does not make transactions safer without a lot of other stuff happening too.