I recently signed up for Up bank.

The process went like this:

  1. Go to to the website, download the app to your phone.
  2. Enter your phone number.
  3. Enter the SMS-sent verification code.
  4. Enter your address.
  5. Enter your Australian Driver's License number.

That's it, you now have an account you deposit money into and they're sending a card in the mail.

I'm curious how this fits Australian KYC laws. This seems easy to abuse - for example lists of stolen driver's license numbers could be used to create bank accounts. (Admittedly - using a phone number is a second part of KYC as getting an Australian phone number requires an in person ID check).

  • They also have your phone number, your address, and your IP address which the government probably requires your phone network to keep track of.
    – user253751
    Feb 28, 2020 at 17:11

3 Answers 3


We can't tell their exact policy but. Most banks have a tiered or stepped underwriting process.


  • Level 1 - Requirements: Valid phone number, driver licence and address. Allowed to: Add money to the account.
  • Level 2 - Requirements: 100 point check (scanned passport etc). Allowed to: remove upto $5k from the account.

and on and on.

There is a trade-off to easy onboarding and security, and this is the modern way to manage this.


It's done with a electronic instant DVS Check, a credit ping (not a full check) and safe harbour

If you used a stolen driver's license you could theoretically sign up (provided its not been reported stolen) but you would be committing identity fraud and it is possible to solve but its a nightmare for the victim.


According to their own website:

Up is designed, developed and delivered through a collaboration between Ferocia Pty Ltd ABN 67 152 963 712 ("Ferocia") and Bendigo and Adelaide Bank Limited ABN 11 068 049 178

So the Adelaide Bank Limited is the bank behind the "UP" brand. It's a digital bank like many others. I'm pretty sure that your concerns about security is somehow regulated by the Australia government and also by internal process using modern algorithims with Artificial Inteligence and etc.

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