Financial value of KYC verification | Bitcointalksearch.org

Chikitita2004

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Quote from: George199 on May 05, 2019, 06:28:47 AM

Hello, I would like to ask:
1. For how many dollars could you give someone KYC verification?

2. Do you know what value our KYC has for companies (such as Coinbase), why do they pay for it? They sell them to someone?

Thanks

I don’t understand how could coinbase buy KYC. The first time i opened an account there, they asked me of personal identification material for KYC, it happened that I am presently working outside my country so I gave my passport but they rejected it since the location written there was different from the IP add that they detected from me. I had nothing more to offer so i left it undone. Nobody bargained with me to buy KYC to be able to pass the process but instead after half a day they approved my passport anyway.

davis196

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Quote from: George199 on May 05, 2019, 06:28:47 AM

Hello, I would like to ask:
1. For how many dollars could you give someone KYC verification?

2. Do you know what value our KYC has for companies (such as Coinbase), why do they pay for it? They sell them to someone?

Thanks

1.I wouldn't sell my personal information for any amount.This question is stupid.

2.Coinbase and other crypto exchange platforms use KYC verifications to prevent fraud,scam,etc.I don't think that they sell the data.Perhaps the CIA has some sort of access to that data.

Kakmakr

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Quote from: George199 on May 05, 2019, 06:43:56 AM

Why are they willing to pay for it?

Quote from: eckmar on May 05, 2019, 06:32:10 AM

Quote from: George199 on May 05, 2019, 06:28:47 AM

Hello, I would like to ask:
1. For how many dollars could you give someone KYC verification?

2. Do you know what value our KYC has for companies (such as Coinbase), why do they pay for it? They sell them to someone?

Thanks

Lol...

KYC info of your users should not be sold... Companies such as Coinbase are required to have that information by law because of the AML regulations.

Where do you get the information that Coinbase want to pay users to get them to follow the KYC/AML regulations? They only motivate people to do this by reducing their "limits" if you are not verified. Huh

If they are doing this, then the only answer for that would be that it will cost them more in fines for not being 100% compliant with these regulations and that they want to prevent that from happening. They are not allowed to operate a business where fiat is used, if they do not comply with these regulations. Wink

Dilerium90

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Quote from: eckmar on May 05, 2019, 06:32:10 AM

Quote from: George199 on May 05, 2019, 06:28:47 AM

Hello, I would like to ask:
1. For how many dollars could you give someone KYC verification?

2. Do you know what value our KYC has for companies (such as Coinbase), why do they pay for it? They sell them to someone?

Thanks

Lol...

KYC info of your users should not be sold... Companies such as Coinbase are required to have that information by law because of the AML regulations.

Yeah, but really, what prevents them from selling this information or using it? Of course, all cryptocurrency exchanges require KYC for verification, but I believe that this data is not always used solely for the purpose of confirming identity. And it is quite possible that this data can be sold somehow.

o_e_l_e_o

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Quote from: Mux@ on May 10, 2019, 03:08:53 AM

But verification is not to then sell personal data of users, and to confirm the identity in case of future fraud. It is scammers who buy users ' personal data to steal and launder money with impunity.

And where do you think they buy your details from? For someone to buy your details, someone else must be selling them. Yes, all these ICOs, IEOs, STOs, whatever say that they need your documents to comply with regulations, but since the majority of them turn out to be complete scams, I'm sure there are many which are selling your details.

Mux@

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There is an opinion and this opinion is confirmed that the personal data of users are sold by dishonest entrepreneurs. But verification is not to then sell personal data of users, and to confirm the identity in case of future fraud. It is scammers who buy users ' personal data to steal and launder money with impunity.

qmclak

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A lot of airdrop and bounty now that requires kyc. The worst thing is for just $5 airdrop they requires KYC. What the heck 2 years ago crypto airdrops and bounties seems better than now.

LeGaulois

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In some countries, you can surely be sued in court for selling personal information. Especially in Europe..
I wouldn't sell any information for some dollar. If you need to buy such thing then your business is surely not clean.
However, I could do it out for free if it's for something I need. There is info you agree to share and some not. Like there are people you agree to share it and some not.

o_e_l_e_o

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Quote from: webtricks on May 08, 2019, 11:00:57 AM

I don't think reputed companies like Coinbase UK, Ltd. are engaged in illegal activity of selling users' KYC data. All such companies maintain 'Privacy Policy' statement and breach of such statement can land them in big danger.

You should maybe try reading the thread before blindly replying to OP. As I said above, Coinbase have absolutely been selling their customers' data, and have admitted as such:

Quote from: o_e_l_e_o on May 05, 2019, 09:58:22 AM

Also, Coinbase have admitted that they sold customers' data without their knowledge or consent: https://cointelegraph.com/news/coinbase-former-provider-sold-user-data-to-third-parties-prompting-neutrino-acquisition

Also, calling Coinbase reputable is a pretty big stretch. Big? Yes. Well known? Sure. Reputable? No. They sell data, they insider trade, they violate their own rules to list new coins which just so happen to be the bags their owners are holding. They care only about profits and not at all about bitcoin or the community.

webtricks

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Quote from: George199 on May 05, 2019, 06:28:47 AM

Hello, I would like to ask:
1. For how many dollars could you give someone KYC verification?

2. Do you know what value our KYC has for companies (such as Coinbase), why do they pay for it? They sell them to someone?

Thanks

I don't think reputed companies like Coinbase UK, Ltd. are engaged in illegal activity of selling users' KYC data. All such companies maintain 'Privacy Policy' statement and breach of such statement can land them in big danger.
There is a trend going among crypto-based sites recently, they are paying users some amount as a token of appreciation for KYC Verification, for example, Blockchain.com is paying $25 in Stellar (XLM) for KYC. I think such giveaway is having negative impact on their reputation. People are believing that such websites are buying KYC data like you mentioned. But the reality is law requires them to do so. All such websites should adopt the Bittrex policy. Bittrex straight away limited the account of users who didn't done KYC and had no reward policy for KYC Verification.

Kemarit

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Quote from: ?? on ??

Quote from: o_e_l_e_o on May 06, 2019, 08:11:21 AM

Quote from: stomachgrowls on May 06, 2019, 07:57:58 AM

It depends because some would really jump in to give out their information for $20-40 just like on that airdrop of XLM.

It's ridiculous. Just because your info might sell for $20-40 (or a few hundred dollars, depending on how much you give away), it can cost you tens of thousands of dollars to recover from identity theft. If someone opens credit cards or takes out loans in your name, you will initially be liable for them, and you will have to pay hefty lawyers charges to investigate and resolve them. They can use your details for tax fraud, and land you in serious trouble with the IRS or your nation's equivalent. They can commit insurance fraud, and claim against your insurance policies (including medical). They can even land you with a criminal record.

It can cost huge sums of money and take years to recover from identity theft. You can end up with a useless credit score or a criminal record. It just simply isn't worth it for a $20 airdrop.

I think KYC information is not so expensive!

Of course it's not expensive, but the effect of it might be. Imagine if your personal info was leaked somewhere and uses it to scam people.

That's why smart people here doesn't give their info in a bounty just for peanuts because there could be a chance that they can sell or in a event of a hack, all your details are out in the dark web.

stomachgrowls

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Quote from: ?? on ??

Quote from: o_e_l_e_o on May 06, 2019, 08:11:21 AM

Quote from: stomachgrowls on May 06, 2019, 07:57:58 AM

It depends because some would really jump in to give out their information for $20-40 just like on that airdrop of XLM.

It's ridiculous. Just because your info might sell for $20-40 (or a few hundred dollars, depending on how much you give away), it can cost you tens of thousands of dollars to recover from identity theft. If someone opens credit cards or takes out loans in your name, you will initially be liable for them, and you will have to pay hefty lawyers charges to investigate and resolve them. They can use your details for tax fraud, and land you in serious trouble with the IRS or your nation's equivalent. They can commit insurance fraud, and claim against your insurance policies (including medical). They can even land you with a criminal record.

It can cost huge sums of money and take years to recover from identity theft. You can end up with a useless credit score or a criminal record. It just simply isn't worth it for a $20 airdrop.

I think KYC information is not so expensive!

Simple google search might help you to open your eyes.

https://www.xstragroup.com/shining-a-light-on-the-dark-web-how-much-is-your-personal-information-selling-for/
https://www.experian.com/blogs/ask-experian/heres-how-much-your-personal-information-is-selling-for-on-the-dark-web/

Don't know if these are accurate but atleast it will give you some idea. Grin

shield132

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Quote from: George199 on May 05, 2019, 06:28:47 AM

Hello, I would like to ask:
1. For how many dollars could you give someone KYC verification?

2. Do you know what value our KYC has for companies (such as Coinbase), why do they pay for it? They sell them to someone?

Thanks

Not actually me buy almost for rest of the world it worths 25$, yeah, I mean blockchain.info
2. It was already answered by user above me. It's prohibited to sell your customers' info to someone but it doesn't except that someone from staff/it worker may sell it. If they are sold, that's all, you can do nothing but at the same time you have no other choise but to use services with KYC and that's normal if our informations are really secured.
Also for a lot of people their ID card is nothing but some random shit written on card, they don't care about it, a lot of people send KYC documents to scam casinos with hope of free no deposit bonus but in overall, these kind of people are meaningless, so is information about them.

CryptoBry

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KYC is a very controversial kind of a tool which is required by law and financial service providers have no choice but to implement on their platforms otherwise the teeth of the law and the government can be descending on them anytime. Unfortunately, there are unscrupulous players which have the gall to sell KYC data to ready takers. This is the reason why there are those who are nervous in dealing with the KYC requirement most especially if the KYC receiver may not be that trustworthy. I am then wondering is there a case of a firm or an individual imprisoned and fined for selling KYC data to third parties?

o_e_l_e_o

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Quote from: stomachgrowls on May 06, 2019, 07:57:58 AM

It depends because some would really jump in to give out their information for $20-40 just like on that airdrop of XLM.

It's ridiculous. Just because your info might sell for $20-40 (or a few hundred dollars, depending on how much you give away), it can cost you tens of thousands of dollars to recover from identity theft. If someone opens credit cards or takes out loans in your name, you will initially be liable for them, and you will have to pay hefty lawyers charges to investigate and resolve them. They can use your details for tax fraud, and land you in serious trouble with the IRS or your nation's equivalent. They can commit insurance fraud, and claim against your insurance policies (including medical). They can even land you with a criminal record.

It can cost huge sums of money and take years to recover from identity theft. You can end up with a useless credit score or a criminal record. It just simply isn't worth it for a $20 airdrop.

stomachgrowls

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Quote from: o_e_l_e_o on May 05, 2019, 09:58:22 AM

Also, Coinbase have admitted that they sold customers' data without their knowledge or consent: https://cointelegraph.com/news/coinbase-former-provider-sold-user-data-to-third-parties-prompting-neutrino-acquisition

Wasnt aware on this news Grin

Thanks for sharing it up yet i havent checked out recently with these media outlets.This really proves out that nothing on this world can be trusted no matter how reputable they would be.

Quote from: George199 on May 05, 2019, 06:28:47 AM

Hello, I would like to ask:
1. For how many dollars could you give someone KYC verification?

2. Do you know what value our KYC has for companies (such as Coinbase), why do they pay for it? They sell them to someone?
Thanks

It depends because some would really jump in to give out their information for $20-40 just like on that airdrop of XLM.

r1s2g3

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Quote from: George199 on May 05, 2019, 06:28:47 AM

Hello, I would like to ask:
1. For how many dollars could you give someone KYC verification?

Tough question, but I decided against KYC for Polymath Token that was around $250 at that time.

Quote from: George199 on May 05, 2019, 06:28:47 AM

2. Do you know what value our KYC has for companies (such as Coinbase), why do they pay for it? They sell them to someone?

Thanks

I hope o_e_l_e_o has the right numbers.

Anyways you should avoid giving your KYC document to anybody if you are not sure about the businesses.

joniboini

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Quote from: George199 on May 05, 2019, 06:28:47 AM

2. Do you know what value our KYC has for companies (such as Coinbase), why do they pay for it? They sell them to someone?

Not sure if Coinbase did pay you for your KYC, but other exchanges (especially those new ones) pay you some tokens if you registered and complete KYC verification. The higher tier you belongs to, they give you better rewards. But of course, I'd rather not do KYC just for the sake of some tokens which can be worthless pretty soon.

IIRC Blockchain and XLM also do requires KYC to participate in their XLM airdrop, but believe it or not I know some people who have more than 5 IDs (either steal it or copy it from their friends) got their airdrop without failure.

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Quote from: George199 on May 05, 2019, 06:28:47 AM

Hello, I would like to ask:
1. For how many dollars could you give someone KYC verification?

I would never give it away for money and I'm sure all of the knowledgeable users here will do the same and keep their personal data safe instead.
Why selling personal data for money? Just imagine what the buyers can do with it and finnally you are the one who will have the problems if they commit crime in your name and with your personal documents.

Quote from: pragna on May 05, 2019, 10:45:57 AM

I don't know about coinbase for selling KYC but i think KYC invented to catch illegal person who doing fraud to another.

Yes great, then people with bought documents will "pass" KYC to make their illegal business. I like the logic behind KYC very much... Roll Eyes

pragna

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Quote from: George199 on May 05, 2019, 06:28:47 AM

Hello, I would like to ask:
1. For how many dollars could you give someone KYC verification?

2. Do you know what value our KYC has for companies (such as Coinbase), why do they pay for it? They sell them to someone?

Thanks

I don't know about coinbase for selling KYC but i think KYC invented to catch illegal person who doing fraud to another. On the other hand exchanger using KYC that may be government rules of that country as per money londering case. But finally i believe that if you want to bounty or trade or business in crypto currency and if they need KYC you have to pass. Otherwise you are not able to work. So you think what you will do.

Topic: Financial value of KYC verification (Read 399 times)