Summary of Issues and Rationale for continued support of ISX, page-99

I know what the fraud is but thanks.

First of all, all if not overwhelmingly most financial institutions all have their own KYC system especially banks. Smaller institutions, brokers, for example, have their own system. Because that puzzle is usually of very simple form and does not take a lot of time/resources at all to develop.

For example, someone register for a brokerage account. They put in all of their bank details, copy of passport, phone number, etc and then the broker send "puzzle" for you to solve into your bank account, and then send a code to your phone and a different one to your email.

For merchants and things, we already have 2 step authentication literally everywhere and it is usually done simply by asking for password AND a code would be sent to your phone or even better add email on top.

So where is the need for ISX services for the mainstream??

In the case of stolen card, the card provider could just ask the owner of the card for authentication code sent to their mobile number for every online transaction. So even if the card is stolen the card still can not be used for online purchases. For physical purchases using the card then the a PIN could be requested for purchases that seem to detract from "usual" activity.

There are a plethora of ways to authenticate, so why would you use ISX services???