Revolut ID thefts raise concerns about KYC data storage

Recent thefts involving Revolut customer verification data have renewed scrutiny of how Know Your Customer systems handle identity documents. The case follows a broader leak of more than 153 million US and Canadian driver’s licenses, raising concerns about the risks of storing large volumes of sensitive personal information. The article argues that KYC often collects and retains more data than is strictly necessary, creating attractive targets for hackers and increasing the impact of breaches. It notes that zeroknowledge proofs and other privacypreserving identity tools can verify age or identity attributes without requiring firms to keep copies of passports or driver’s licenses. Experts quoted in the piece say regulation, compliance habits, and interoperability remain major barriers to wider adoption. The article also points to European Union digital identity efforts as an example of how selective disclosure and privacypreserving verification could reduce the need for permanent document storage.