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Paypal is not a financial institution.
Your bank doesn't need all that because they can verify that your ID matches your face. And that your signature matches the one you used when you opened your accounts.
Paypal has had a large amount of fraud take place in the past. You've seen the scam emails. Dozens, if not hundreds, replied to those emails, handing over their passwords to fraudsters. They take over your account, load it with funds from a stolen credit card and then launder it.
If you were on the receiving end of the scam, you'd be bitching about how Paypal isn't secure enough. You're the scourge of customer service employees everywhere.
You bitch when your money is protected and you bitch when it isn't protected enough.
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