Is kyc verification dangerous? - page 3.

Dr.Bitcoin_Strange

hero member

Activity: 658

Merit: 524

Leading Crypto Sports Betting & Casino Platform

Quote from: UdtaParinda1 on March 10, 2023, 04:22:59 PM

May be may not be, Sometimes intentionally imposed KYC can be dangerous but when it comes to the centralized platforms the KYC is imposed to expose the users activity which can be considered as the neutral point because as you sometimes it helps to recover lost or hacked funds and it proves its +ve impact in various ways. On the same point of plane the KYC can dangerous.

This is usually an agreement most of those platform owners sign before the government can give them a license to operate. Basically, most platforms don't impose KYC; users have the right to agree or disagree, which is why it is very important to read the terms and conditions of any platform before involving your funds in the platform (CEX). It can only look as if the KYC is imposed on you when you don't read the policy before using the platform, and when you later find out about the KYC, it then looks as if it's imposed on you. Please note that no KYC is more or less dangerous; KYC is KYC, and all the danger that comes after is the same unless an individual's details are protected. Some CEX or other platforms can protect a customer's KYC details, but they become insecure when the platform is hacked or is probably not reputable.

TimeTeller

hero member

Activity: 2744

Merit: 588

Quote from: goldkingcoiner on March 10, 2023, 05:27:12 PM

Of course KYC is dangerous. What happens when your identity gets stolen? Identity theft can be a devastating thing that happens to people everyday. Imagine someone you never met before taking a loan in your name? Really a bad situation to be in.

There needs to be a better alternative to KYC. One that cannot be faked and exploited like the current system.

I am sure that the solution is a blockchain one but until then, don't give strangers photos of your ID documents.

The reason why you only submit to platforms that are reputable and only to the platforms that you think will frequently use.
Just like in crypto-exchanges, you can submit in only one or two top exchanges so you can do your trading.
But all the small ones, better not to submit KYC. As much as possible, limit your submission of your KYC docs.
These sites are requiring KYC owed to their business license. Otherwise, if they are not legit and are requiring KYC, doubt their motive about it.

Bobrox

sr. member

Activity: 1246

Merit: 262

I don't know how many kinds of website have passed with KYC started from exchange market until several bounties campaign and airdrop joined ever upload with my document ID, in my country our document ID always become easy how leaking every time on government website and selling on the dark market. I am not really afraid when having submit document ID on several exchange market necessary.

There are not dangerous when you submitting KYC but looking on trusted some website before applying with your document, exchange market is most required exactly with Binance have adopted KYC if want trading and withdrawing assets there, without passing KYC not ability withdraw or trading service there.

goldkingcoiner

legendary

Activity: 2226

Merit: 1971

A Bitcoiner chooses. A slave obeys.

Quote from: Justtoons on March 10, 2023, 01:30:13 PM

Hello guy, I was reading a thread on this forum
https://bitcointalksearch.org/topic/why-kyc-is-extremely-dangerous-and-useless-5221497. recently and some other online blogs which said that kyc verification is extremely dangerous. If this is true, why do most crypto apps or other business ask for it, shouldn't it be banned or removed.
Most apps usually request for kyc verification before you can withdraw any coin or money from their wallets as this is very necessary to verify or certify you as a customer.
Kyc verification for long has helped prevent identity theft, financial laundering or fraud, terrorism and all financial crimes.

Is this true that kyc verification can put your funds and personal data at risk? Should we stop using any app that ask for kyc verification?

Of course KYC is dangerous. What happens when your identity gets stolen? Identity theft can be a devastating thing that happens to people everyday. Imagine someone you never met before taking a loan in your name? Really a bad situation to be in.

There needs to be a better alternative to KYC. One that cannot be faked and exploited like the current system.

I am sure that the solution is a blockchain one but until then, don't give strangers photos of your ID documents.

serjent05

legendary

Activity: 3010

Merit: 1280

Hire Bitcointalk Camp. Manager @ r7promotions.com

Quote from: Justtoons on March 10, 2023, 01:30:13 PM

Hello guy, I was reading a thread on this forum
https://bitcointalksearch.org/topic/why-kyc-is-extremely-dangerous-and-useless-5221497. recently and some other online blogs which said that kyc verification is extremely dangerous. If this is true, why do most crypto apps or other business ask for it, shouldn't it be banned or removed.
Most apps usually request for kyc verification before you can withdraw any coin or money from their wallets as this is very necessary to verify or certify you as a customer.
Kyc verification for long has helped prevent identity theft, financial laundering or fraud, terrorism and all financial crimes.

Any process that can expose or leak our identity is dangerous that is why most KYC are handled by a third-party licensed company that specialized in data protection but of course not everyone follow the rule so we better be vigilant on the website that are asking for KYC.

KYC is needed to know who are doing the transaction, it is believed to be needed in preventing money laundering but I wonder if it is effective.

Quote from: Justtoons on March 10, 2023, 01:30:13 PM

Is this true that kyc verification can put your funds and personal data at risk? Should we stop using any app that ask for kyc verification?

It can put personal data at risk since it opens the possibility for leak and hack. but I do not think that we are able to stop using an application that asks for KYC especially when the application is needed for fund transfers.

Russlenat

hero member

Activity: 2716

Merit: 904

Quote from: seoincorporation on March 10, 2023, 01:46:38 PM

Quote from: Justtoons on March 10, 2023, 01:30:13 PM

Is this true that kyc verification can put your funds and personal data at risk? Should we stop using any app that ask for kyc verification?

Services like casinos and exchanges need KYC to avoid money laundering and isn't an option for them to have it or not, is a must for them to operate in a legal way, business without KYC is kind of illegal.

And that's right, our data is at risk because if the exchange gets hacked then the bad guys can access all the credentials submitted by the users on the KYC process... And this is why some casinos and exchanges use a 3rd party for the KYC process.

KYC is certainly the trend right now, if you want to avoid it, then you will never be allow to enjoy the services you need. However, we should still take caution on where to submit KYC, because if you do that in all your desired services and exchanges, without making prior researches, then it’s never surprising that you end up giving your private information to scam ones. And that’s the part where one should start worrying of, as it can used against him later in the future.

UdtaParinda1

member

Activity: 71

Merit: 10

May be may not be, Sometimes intentionally imposed KYC can be dangerous but when it comes to the centralized platforms the KYC is imposed to expose the users activity which can be considered as the neutral point because as you sometimes it helps to recover lost or hacked funds and it proves its +ve impact in various ways. On the same point of plane the KYC can dangerous.

Do not provide personal information's for

Airdrops
Contests
IDOs
Lucky Draws
Any unknown and non authentic platform for any service.

CryptoHeadlineNews

hero member

Activity: 1092

Merit: 747

Quote from: Justtoons on March 10, 2023, 01:30:13 PM

Hello guy, I was reading a thread on this forum
https://bitcointalksearch.org/topic/why-kyc-is-extremely-dangerous-and-useless-5221497. recently and some other online blogs which said that kyc verification is extremely dangerous. If this is true, why do most crypto apps or other business ask for it, shouldn't it be banned or removed.

If you are not a criminal or intend to scam people of their hard earn money, I don't see any reason why you should be scared about sharing your KYC, but thou I know there are a lot of persons who loves privacy and can't share their details online. But, let me break this down. "KYC" simply means "Know Your Customer", and it was made compulsory due to the high rate of internet fraud, as a medium to be able to find any customer who seems to scam any other user on a given platform and ran away. Or as a means to ensure a system isn't abuse by multi-accounting

KYC is both good and bad, in the sense that if someone happens to scam you on a kyc platform, he can easily be identified. And it's bad in the sense that a platform can sell your details to whoever is interested for huge some

teosanru

hero member

Activity: 2114

Merit: 619

Quote from: Justtoons on March 10, 2023, 01:30:13 PM

Hello guy, I was reading a thread on this forum
https://bitcointalksearch.org/topic/why-kyc-is-extremely-dangerous-and-useless-5221497. recently and some other online blogs which said that kyc verification is extremely dangerous. If this is true, why do most crypto apps or other business ask for it, shouldn't it be banned or removed.
Most apps usually request for kyc verification before you can withdraw any coin or money from their wallets as this is very necessary to verify or certify you as a customer.
Kyc verification for long has helped prevent identity theft, financial laundering or fraud, terrorism and all financial crimes.

Is this true that kyc verification can put your funds and personal data at risk? Should we stop using any app that ask for kyc verification?

Obviously this is skeptical. You can't trust any random website or application with your identity and documents relating to identity. Even though I can't say that major apps and websites do this. But one thing I am also certain is that there must be some apps which must be misutlizing your documents for sure. Atleast for the least you might easily find your documents on dark web for sale for just a few bucks. But obviously there is no option sometimes you just have to comply with KYC norms of a few websites to use them.

Anonylz

hero member

Activity: 2562

Merit: 577

Just as you give your details in other none crypto businesses out there so is the same with giving your details to crypto platform. In most traditional businesses they required details (e.g hospitals, schools, hotels, travelling etc) before they can render any services, if kyc is extremely dangerous according to the article then everyone is in a deep shit.
I don't think it is entirely possible to avoid doing kyc or providing personal details when it is required. Although there is always the danger of providing such sensitive information to strangers, sometimes the situation can not be entirely avoided. It is left for the organization requesting such information to strongly and securely protect them from falling into the wrong hands.

The Cryptovator

legendary

Activity: 2282

Merit: 2196

Signature space for rent

KYC is the one of Biggest shitty things in the crypto space ever. Because almost every platform including Binance has compromised documents. So it's pretty much risky for users when KYC documents are handover to hackers and criminals. It's true most platforms now required KYC documents to use them. So have to think alternative where we don't need to use KYC. Especially exchange are asking for KYC lately. So decentralized exchanges are the only hope for us, but there are many limitations though. However, we have to try max to secure our privacy.

sunsilk

hero member

Activity: 3038

Merit: 634

It's up to you whether you want to stop using them or you want to keep on using them. They're complying to what the government has placed on them and there's nothing much they can do.

There are exchanges that don't require KYC but they'll put a limitation to what you can do and that's much better to choose.

The dangerous part of it is true and you've said it, it's about our data being sold to another company or even to be put up on sale in the dark market.

Cantsay

hero member

Activity: 700

Merit: 541

Bitcoin Casino Est. 2013

I don't know the app that you're referring to but Incase you mean "exchange" then you can use the ones that do not require KYC from you. And we have several exchanges that does that.

While for the necessity, it's for the safety of the exchange or the service that are requesting you to complete KYC, they just want to make sure you're not a bit and also you're not cheating the system by registering more than one account ( for those that don't allow one person to own more than one account ). If you're not comfortable with exposing your information to a service for the fear of it being leaked to hacker or those that may use it for fraudulent activity then look for others that don't require KYC, as simple as that.

DeathAngel

legendary

Activity: 3262

Merit: 1614

#1 VIP Crypto Casino

If we want to buy our crypto on a safe, well regulated exchange then we have no choice but to send our KYC. I don’t think it’s a bad thing, although I don’t like Coinbase sending customers info to the IRA. That’s one thing I really do not agree with.

I don’t see why people despise KYC so much, all I can think of is they either want to avoid taxes or potentially have dirty cash to launder or even worse they are a more serious criminal. KYC stops fraud & identity thert, in many ways it protects you.

Ndabagi01

sr. member

Activity: 686

Merit: 301

Quote from: Justtoons on March 10, 2023, 01:30:13 PM

Hello guy, I was reading a thread on this forum
https://bitcointalksearch.org/topic/why-kyc-is-extremely-dangerous-and-useless-5221497. recently and some other online blogs which said that kyc verification is extremely dangerous. If this is true, why do most crypto apps or other business ask for it, shouldn't it be banned or removed.

Most apps usually request for kyc verification before you can withdraw any coin or money from their wallets as this is very necessary to verify or certify you as a customer.
Kyc verification for long has helped prevent identity theft, financial laundering or fraud, terrorism and all financial crimes.

These are the many advantages why KYC is required and if they’re been used for these purposes, it will be a safer place to disclose your identity online. We live in a world where no one can be trusted, and any leak of information of a culprit will help in nabbing them by security agencies hence the KYC requirement.

Quote

Is this true that kyc verification can put your funds and personal data at risk? Should we stop using any app that ask for kyc verification?

We can't get away from it in the twenty-first century. KYC is required for approximately 70-90% of the online services we use on a daily basis. Because of the risk involved in disclosing your personal identity, you should not always disregard the positive aspects and services it offers.
Binance was once accused of providing user data to Russia during the conflict between Russia and Ukraine; these are the types of cases that make it a risk when disclosing user data.

coupable

hero member

Activity: 2338

Merit: 757

Quote from: Stalker22 on March 10, 2023, 02:33:07 PM

Quote from: Justtoons on March 10, 2023, 01:30:13 PM

Is this true that kyc verification can put your funds and personal data at risk? Should we stop using any app that ask for kyc verification?

Of course you are putting your personal data at risk, that is kind of self-explanatory. The main risk is that your information could be stolen by hackers if the app or website gets hacked or if the company is not properly securing your data. They could use your personal information to do some naughty things like opening bank accounts or getting credit cards in your name. But, not all apps or websites that ask for KYC verification are bad. Many legit and trustworthy companies use KYC verification because they have to follow the regulations.

Most Internet users in general do not know that most of the sites they visit collect a lot of data about them without even noticing it. Even those who use sites that require a registration process using email and public information are not aware that they are handing over private information about themselves to the site. Social networking sites provide the most obvious example of this.
On this basis, they are surprised that there are users who do not want to share their data with any party, and who in turn raise awareness about the dangers in these procedures.
In principle, it can be said that there are no major concerns about sites that operate according to licenses that require them to secure depositors' accounts and audit operations according to the so-called AML. Since it will be possible to file a lawsuit against the platform in the event that it is proven that it used user data for purposes different from those approved in the terms of use of the site.

Zlantann

legendary

Activity: 1022

Merit: 1091

Quote from: Justtoons on March 10, 2023, 01:30:13 PM

Hello guy, I was reading a thread on this forum
https://bitcointalksearch.org/topic/why-kyc-is-extremely-dangerous-and-useless-5221497. recently and some other online blogs which said that kyc verification is extremely dangerous. If this is true, why do most crypto apps or other business ask for it, shouldn't it be banned or removed.
Most apps usually request for kyc verification before you can withdraw any coin or money from their wallets as this is very necessary to verify or certify you as a customer.
Kyc verification for long has helped prevent identity theft, financial laundering or fraud, terrorism and all financial crimes.

Is this true that kyc verification can put your funds and personal data at risk? Should we stop using any app that ask for kyc verification?

Like every other policy KYC verification has its merits and demerits. Criminals would always take advantage of every slight opportunity to defraud people or engage in criminal activities, that's why there is need for controld. KYC has indeed help in tracing or tracking of criminal transactions. Recently some murder suspects were apprehended because they foolishly forced a victim to transfer money to an account before he was murdered. The police easily tracked them through the transaction.

But KYC can be a means of spying on or monitoring of the financial status of a person. The government use KYC as a manipulative and intimidation tool against it's citizens. Your person information can be sold or stolen by criminals which can expose you to loss of information or fund. It is impossible to avoid KYC especially if you depend on banks for transactions and when your country doesn't support Bitcoin. But it will be unwise to give out your details to firms or organisation that offers unimportant services.

Stalker22

legendary

Activity: 1526

Merit: 1359

Quote from: Justtoons on March 10, 2023, 01:30:13 PM

Is this true that kyc verification can put your funds and personal data at risk? Should we stop using any app that ask for kyc verification?

Of course you are putting your personal data at risk, that is kind of self-explanatory. The main risk is that your information could be stolen by hackers if the app or website gets hacked or if the company is not properly securing your data. They could use your personal information to do some naughty things like opening bank accounts or getting credit cards in your name. But, not all apps or websites that ask for KYC verification are bad. Many legit and trustworthy companies use KYC verification because they have to follow the regulations. As long as the company has good security and privacy policies, KYC verification is generally safe. You just need to be cautious and do some research before giving away your personal information. Check if the company is trustworthy and has good security measures before signing up. If you are not sure, it is better to be safe than sorry and choose a different app or website.

Findingnemo

hero member

Activity: 2366

Merit: 793

Bitcoin = Financial freedom

You are giving away your personal identity to a company or platform to use for their purpose which is mostly due to the laws created by government which is dangerous for someone who doesn't want a third person to know their personal information, bank details, address, etc depends on what kind of KYC is required by the platform. So it really depends on how much data we give and is it really necessary to use the platform by compromising our identity for every individual.

Privacy is very important with the evolution of technology or you will become vulnerable to scams, theft, etc so that is why people who understands the risk behind the KYC theft is warning the people who is ignorant about it.

Car22

jr. member

Activity: 111

Merit: 1

Yes it is very dangerous as well as helpful. Dangerous by using our document on wrong side and helpful by clearing us as a real person .It has both bad and good effect .

Topic: Is kyc verification dangerous? - page 3. (Read 443 times)