Citibank's Signature-Free Account Opening
Lavonne Kuykendall reports in today's American Banker on Citibank's new signature-free account opening process for new checking accounts via its web site.
CashEdge Inc. of New York, which provided the infrastructure for Citi's account-opening process, said it uses a "triangulated information verification system" to instantly check an applicant's identity. This includes asking for standard identifiers such as a name, Social Security number, and address, and then asking for what Ms. Palmieri called "out-of-wallet information," which would not be available to someone who had stolen a wallet. For example, the bank may list the applicant's former address, along several random ones, and ask the applicant to identify the correct one.
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