What is “KYC” and why do you need all this information?
KYC is a term from the financial world that stands for “Know Your Customer.” A related term, AML, stands for “Anti Money Laundering”). Institutions that take deposits such as banks or brokerages (or Dibbs!) are required by law to verify certain personal information to confirm that you are who you say you are. That’s KYC / AML. A procedure to confirm your identity and therefore guard against illegal activity.
We require all users to submit identity verification including SSN in order to comply with our payment partner's (Circle) KYC and AML requirements.
Who or what is Circle?
Circle is our payments partner. Circle is a global financial technology firm that’s at the center of digital currency innovation and open financial infrastructure.
Is my personal information secure?
We employ a number of measures to protect your account and your data, and to promote a safe and secure experience on Dibbs.
These security measures include the following:
- Sensitive details, such as your social security number, are encrypted before they're stored.
- Our mobile and web applications securely communicate with our servers using the Transport Layer Security (TLS) protocol with up-to-date configurations and ciphers.
- Once we verify your banking credentials, we'll never read them again. We use trusted third-party integrations that mask these credentials to access bank information like account number and available balance.
- The mobile app can be secured using TouchID, FaceID, or a custom PIN code. We also offer two-factor authentication with an external authenticator app or via SMS. We highly recommend enabling these features on Dibbs and any other application you want to keep secure.
Why do I need to upload my SSN?
In order to be compliant with our payment partner, a SSN is required to verify a user's identity.
Before providing your SSN, you can trade, and deposit up to $500. However, in order to withdraw and transact without limits, you must provide your SSN.