Topic: Important info (Read 96 times)

Thanks boss but how we go tel make this board grow. Watin we suppose to dey discuss for here way go make the board grow.
Also I fit dey post about Kyc every 2-3 months by this way people go still see why they nor suppose dey do kyc for every platform

This your request no go possible as we no get the authority to pinned post for the local board. The board just dey start and na small small we go get everything wey other boards dem get. This your thread no bad and if we dey get them once once for the board to remind people of the disadvantage of KYC e no go bad. KYC na one issue wey the forum dey speak against on a steady and e no good since you're basically selling your identity whenever you do such. KYC get more disadvantages than advantage but platforms wey dey request for this sensitive information go tell you that one.

The platforms go dey tell you say your information dey safe with them but na scope as dey just wan make you trust them to give them those information. After you dun give them, so many things can be done with that information. Them fit sell am themselves or claim their platforms was hacked so you no go hold dem responsible when you see your details dey sell for black market. Many cryptocurency platform today needs KYC to access their service but they're not the only platforms you can use as we get better alternative platforms wey plenty for the internet.

Thanks for sharing dis good information bro, I believe many people will learn from this mistakes some people made to expose their personal details on the name of no your customers KYC. it nearly happen to me some months ago when dey demand for my personal details, but I refuse to follow all the steps dey gave to me concerning the form because BVN and phone number involve. Well,  I don't think this other people mistakes will stop people not to use kyc in their businesses because, it make some people to earn well in some projects in the community.

People can be ignorant because they lack knowledge or are not educated about the risk they are taking when fulfilling KYC. There is more risk when people do KYC on non-reputable platforms and are just fine with it. Some people go as far as using their BVN to do KYC, which is very dangerous when the platform gets compromised scammers could get the person's bank details and defraud the person. I think I created my Binance account in 2021 (I can't remember exactly), and then it was just a facial verification I did and my account got verified. I have been using it since then. I just want to add that people who intend to do KYC should at least verify that it's a reputable platform, not as if that eliminates the risk but to reduce it compared to when one is interacting with a non-secure platform.

But at least we ought to be cautious and most of us don't even read terms and conditions.
This is also a warning that we should only do kyc verification when we don't have any options left because we need to reduce the number of platform that has our personal information because any platform can be hacked (Even Binance was hacked last year) and our identity information can be stolen or be sold just like what coinbase did  the case of Coinbase

As the name implies KYC - known your customer, is a way of verifying the authenticity of a customer inorder to checkmate fraud. But there are dangers associated in performing KYC as you risk giving out your privacy or sensitive information. If the platform is hacked or your information is sold out by a third party agent, and if it falls into the wrong hand, it might cause you more harm. This is the reason I don't do full KYC. I only do tier 1 KYC on centralized exchanges like Binance because I'm scared of using my passport or drivers license.

I believe say most of us here understand wetin kyc be and i really know say we too dey very careful concerning wetin e mean but e no means say we no go fit use am pass verification for exchange or any betting site where dem need am. Let say you go gamble for one of the famous gambling site and you win huge amount of money along the line they requested for your kyc detail, this could be NIN, BVN or even Voter's card and with driving license, It doesn't mean we should be afraid of it. Wetin dey there be say, you go only mind the kid of websites you go put your kyc details. For long now i have been here e no means say i don do bad or my kyc details was used for evil  no, is simply because i was very careful not to compromised my detail. I don't even enrolled myself with airdrop before any of them would request for my identity details.

From an individual perspective, it might be a risky/bad thing to do but for the business, it's only essential that they get to know who they're offering services.  to

When I newly got into crypto I completed KYC for two exchanges (Binance and kucoin) because I need to use their peer-to-peer service. And if I was allowed to start all over there's a high chance that I'm still going to complete KYC for those exchanges. I know that we have decentralized exchanges like bisq that offer such services but I still prefer binance.
As long as you're just going around providing your details to some shitty platform without any good reputation then you should have a lesser chance of getting your info falling into the wrong hands.

One of the essential tool that could help against identity theft is phone number verification,  and must identity development are coming up with tokenization of identity just like what the new NIMC have on their new app, if you don't hand out your identity token at every point of using your national identity NIN number will not work as it only verified when you input the right token generated for the holder on his profile.

-So with such development,  we can be afraid of identity theft anymore since their not able to use our documents even if they stole them from the KYC database, I itis s  imputed that we are sent a code via registered phone numbers.

-KYC can be bad in some ways but then we can't do without KYC mostly when using centralized platforms such as exchanges and casinos with other payment platforms and wallets.

KYC get him advantage oo because at least once person get problem let’s say P2P on CEX get problem with KYC dem fit trace am. But u don imagine why many people Dey against from this companies na mostly because some of these companies sell off your data easily without your consent and that danger surpasses anything. KYC is also a tool for Hackers to get peoples data after breaching into a companies serve and most at times this data are used by hackers to commit crime and when they get caught it comes straight back to the owner of the data with the person knowing any of the thing they committed

Kyyc e no bad or dangerous, di way you put it go make pesen fear, just that gamblers refused 2 read the T/C b4 registering 2 a casino bcuz of what dem want. And also casinos misuse kyc, by asking it as di wrong time. Even not KYC is one of the best thing to do. Like Binance, Palmpay, and other online Banking, b4 u do any transactions, u must identity urself by imputing the KYC nd dat is best way to do it. And casinos suppose to imitate like this.

Am embarrassed  of the fact that I once saw Kyc as something not that bad but now am so scared because of the dangers around Kyc.
Please everyone should read this especially Newbies Why KYC is extremely dangerous – and useless
. I plead with everyone to take this seriously because Kyc has done more harm than good and also in Nigeria majority of us are ignorant of identity theft and we have suffered from it especially using loan app(this is one of the major damage we have faced from Kyc verification ), there are others and more are still coming especially in those that we regard as  legit update that usually requests for Kyc just to earn some money or coin that doesn't worth our identity being stolen and some ponzi schemes also request it.
Some of you may think that it doesn't matter afterall you are not a popular figure but I want to let you know anyone can be a victim of identity theft and you can read  about a Romanian citizen who suffered from identity theft in this post What happens when your identity is stolen -- real story || Avoid CEXs!, you can see how He got arrested from criminal activities which He knew nothing about because His identity was stolen and you know if He was a Nigerian with no popularity or helpers the police would likely lock him without proper investigation. I plead with everyone to take this seriously please because Kyc will continue to cause more harm than good.
I would be much happier if this post Why KYC is extremely dangerous – and useless would be pinned or place somewhere anyone can easily assess it here because this is the most detailed post about the dangers of strict Kyc verification