Are You Afraid of KYC? - page 2. | Bitcointalksearch.org

Argoo

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Quote from: joburgtaxi on February 05, 2021, 01:30:19 AM

how come we should afraid it it's everywhere

Firstly, bounty hunters provide advertising services for various projects of companies, the leaders and teams of which, with our capabilities, are very difficult to verify if they are fraudulent. Therefore, the risk that our confidential data may be sold by them in the future is very high. If market participants provide KYC to exchanges, the risk is still much lower.
Secondly, KYC against bounty hunters is illegal, as it should only be used for the purpose of preventing money laundering and combating the financing of terrorism, as well as for transactions over one thousand euros. We cannot be suspected of committing these illegal actions, since, when we participate in bounty campaigns, we do not invest our money in them.
Therefore, recently, KYC checks on bounty hunters are very rare.

joburgtaxi

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how come we should afraid it it's everywhere

habo8

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Quote from: CryptoBry on March 10, 2018, 11:48:47 PM

I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.

Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.

What are your apprehensions about the KYC procedures that will soon be as popular as noodles?

Doing KYC on the fake and scam project and even on legit project can a problem for us because most of the companies sell our data to third party sites or even to deep web so it can problem for us.

acquafredda

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Quote from: marcbitcoins on February 01, 2021, 05:00:53 AM

The objective of the KYC is to identity theft, Prevent terrorist financing, Money laundering and Financial fraud. KYC allows us to understand the customer better and manage risks prudently so for me, there is nothing to afraid as long as the financial institutions who required as to do KYC are legit.

And what if the service you are using undergoes a data breach and all your customers data get exposed? Have you heard what happened to Ledger? What if that happens to you? How do you make sure that companies treat your data in the most secure way? You simply cannot have this security.
This is one of the main reasons why people are afraid to give out precious data to companies (any company really).
Have you ever heard the story of the AOL lady, by the way? Go read it. (and that was 2006)
https://www.nytimes.com/2006/08/09/technology/09aol.html

Serious475

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Quote from: CryptoBry on March 10, 2018, 11:48:47 PM

I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.

Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.

What are your apprehensions about the KYC procedures that will soon be as popular as noodles?

Knowing your client or knowing the financial services guidelines of your client (KYC) demands that practitioners make an effort to check the identity, suitability, and risks involved in maintaining a business partnership. The processes work into the wider framework of the Anti-Money Laundering (AML) strategy of a bank. In order to ensure that their proposed clients, agents, contractors, or distributors are anti-bribery compliant, KYC processes are often used by businesses of all sizes, and are genuinely who they claim to be. Banks, insurers, export creditors and other financial institutions are increasingly demanding that comprehensive due diligence details be given by customers.

I think KYC has a good intention process but it is not compatible with bitcoin or any other crypto currencies because other investors like the Bitcoin because you can invest and earn anonymously because they are afraid that their personality may be know by a lot of people that may put their life in danger.

Miaallen

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I didn't use to be afraid of KYC until until I later understand the the breach of privacy data that can cause if one's KYC data and documents get into hands of criminal individuals. And we even saw many projects that sprung up requiring people to first pass kyc before they could partake in ICOs back then, many of them failed and even ran with investors funds. I believe such people can use people's personal details for criminal activities.
For that reason, I am now in the league of those that are scared of KYC.

marcbitcoins

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The objective of the KYC is to identity theft, prevent terrorist financing, money laundering, and financial cheating. KYC allows us to understand the customer better and manage risks prudently so for me, there is nothing to afraid of as long as the financial institutions that required us to do KYC are legit.

Ozero

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Quote from: Princeofpoetry on January 13, 2021, 06:41:37 PM

Everyone will worry that KYC can be used by fake ico projects or spammers to steal member data and then sell it to 3rd parties. This is a very high risk. it's not about of money but a matter of very important personal data. you should always do an in-depth analysis of the ICO project before committing to KYC

I still have a very negative attitude towards the KYC check. ICO teams very often used it in order not to pay the bounty hunters the tokens they earned.
Nowadays almost nobody requires KYC in bounty hunters. This is in line with the FATF recommendation of June 2019 that KYC verification should be carried out only for the purpose of preventing money laundering and combating the financing of terrorism and if the transactions are above one thousand euros. Bounty participants are not subject to KYC verification.

In the silence

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Quote from: Palmholder on March 11, 2018, 04:20:58 AM

I am afraid of KYC. I dont even publish my name anywhere, I dont use any social network because dont want someone to gather my privat information. Any database may be stolen or sold to criminals. I will reject any ICO program or bounty campaign which requires KYC procedure. I live in new world with new opportunities which bitcoin gave us

KYC's are sure risky since we don't want to get known for some reasons that we need to take care with. We just need to be careful when having KYC'd on a certain platform. We can still assure that there's a low risk for some well known platforms that needs KYC like Binance.

Mistafreeze

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Quote from: CryptoBry on March 10, 2018, 11:48:47 PM

I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.

Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.

What are your apprehensions about the KYC procedures that will soon be as popular as noodles?

To be honest, yes I am afraid of doing KYC on exchanges. There are many reasons for that. First one being it makes my personal information vulnerable. No exchange is hack proof. If an exchange gets hacked, all my personal data will be compromised and can be misused.
Second it also defeats the very purpose of crypto, that is staying anonymous.

Gozie51

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Quote from: CryptoBry on March 10, 2018, 11:48:47 PM

I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.

Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.

What are your apprehensions about the KYC procedures that will soon be as popular as noodles?

You said the problem and fear already so I won't continue with that but I will say on the fact that it is not even needed because the kind of online business those not need it. Online business should be strictly as that where the parties involved are not known because they are far away with each other so why try to bring them together by asking for KYC. This is not totally right, online users should protect themselves .

Princeofpoetry

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PUGG.io

Everyone will worry that KYC can be used by fake ico projects or spammers to steal member data and then sell it to 3rd parties. This is a very high risk. it's not about of money but a matter of very important personal data. you should always do an in-depth analysis of the ICO project before committing to KYC

ninabobo

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Yes, I’m afraid of KYC because it can really be used for dirty things, but I can’t do anything about it because I need to fill it up as one of the requirements in big exchanges. Just be careful about giving your information on any ICO because the risk is high there.

maculeth

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actually I'm not afraid, it's just that with the existence of Kyc there must be some countries that cannot be accepted. that's what makes me feel that kyc is a little bit unfair. I think every member here from all countries is allowed to participate in the airdrop or bounty. regarding the issue of data theft, I am a little bit unfamiliar with it, but I have done kyc, but my data was rejected when I had complied with the rules in the bounty program.

Haselh70

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KYC is good in exchange but can be a risk to the customer. The main purpose of this verification system is now neglected but, rather used for evil activities. I am ready to share my identity to trusted exchanges in which i'm assured of their security awareness.

acquafredda

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Quote from: Sirait on January 04, 2021, 10:49:36 AM

^ I don't really hate or afraid of KYC, I just adhere to the rules of the platform I want to try. I will not do KYC carelessly on emerging platforms. I've heard a lot of news that some KYC thieves are trading their user identities.

The dark web is full of that. Many unconscious users who basically started trying out every possible crypto exchange are now seeing their identities forged or stolen to be sold on the dark web. If a company like Ledger can have this issue, how can the garage crypto exchange cope with this?

Sirait

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^ I don't really hate or afraid of KYC, I just adhere to the rules of the platform I want to try. I will not do KYC carelessly on emerging platforms. I've heard a lot of news that some KYC thieves are trading their user identities.

acquafredda

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Considering the huge amount of scams and dubious projects that were releasing useless erc-20 tokens, can you imagine what the impact would be if the customers' data they gathered via mandatory KYC will go either public or for sale on the dark web?
I wonder how many people will see his/her digital identity stolen because of this. Scary uh?

ShowOff

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Previously I was a bounty participant, some of them asked KYC to receive coins or tokens and verify their customers. I have done it and I can say it looks like something is wrong on my part after realizing that our level of identity security is completely out of control.

However, after I realized it, I have decided not to have any more contact with the bounty which requires participants to verify KYC because of the vulnerability of identities that can be misused. But specifically for exchanges, I have to do it to comply with government rules in my jurisdiction and I need not fear that. So for a thing or two, KYC will go a long way toward preventing criminal acts involving crypto assets via exchange. But no one required me to send my KYC on a bounty project which turned out to be fraudulent.

omarabid

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Quote from: richardsNY on March 11, 2018, 07:15:57 PM

My biggest mistak was to fully verify myself at Bitstamp, where my mistake isn't specifically targeted at Bitstamp, but just the general fact that people I don't know have access to very precious personal information. I sent Bitstamp an email a while ago, asking whether or not it was possible to have all my details be erased from their system, including my account, but the answer was that they were legally not allowed to do so. In other words, my personal information is stored on their servers for ever, and I am now forced to pay tax because there is no way to move around it. I promised myself to never ever make the same mistake again, and I will stick to that.

They are based in the EU. What happened to GDPR? Maybe try sending a legal request asking them to remove your details.

For tax purposes, if you are american, maybe they are required to send your details by FATCA.

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