OK, so breaking 2FA & emptying your account, rather than taking a loan.

Would the world with this system (and its inevitable leaks) be worse? What I mean is that replacing a system where e.g. knowing someone's mother's maiden name is enough to get you a SIM card, to one where you have to show up and have the same earlobes... even if, err, the earlobes leak, might be better?

Or does getting a SIM card involve an inside man, in which case maybe nothing changes?