Imagine a world where your money was free for anyone to get hold of. Imagine a world where there were no security checks and anyone could just walk into a branch of your bank and make a withdrawal or apply for a product like a credit card or a mortgage. This is why banks, building societies and lenders look to make sure that when you do come to use the account and speak to the particular financial institution you are a customer of they need to know that they are speaking to the right person. This means that you have to go through the process of the KNOW YOUR CUSTOMER security system. Many finance providers use one like that from w2globaldata.com/regulatory-compliance-solutions-and-software/know-your-customer. These are perfect at protecting your money and your data from falling into the wrong hands.
Banks have a legal obligation to make sure that your data and money is safe. They have to report and investigate any breach of these should they ever occur. If they do, the bank has to make sure that there are no further instances of the breach and that serious retraining is put in place so that the colleague does not make the same mistake again.
Without this protection the financial world could be brought to a point of collapse. No one could be one hundred percent sure that they were making transactions that were genuine and would be honoured otherwise.