Is kyc verification dangerous? - page 4.

goinmerry

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Quote from: Justtoons on March 10, 2023, 12:30:13 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 depends on how you looked at it. Form your own conclusion out of what you have read. Users have different approaches when it comes to KYC. Others are just fine complying with it while on the other hand, there are people who are not that comfortable with that policy.

Let's put it this way, there are pros and cons, advantages and disadvantages, and so on.

If you can find a way where you can use a service of a trusted and legit platform without the need of underdoing KYC, then good for you.

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Quote from: Justtoons on March 10, 2023, 12:30:13 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?

As you mentioned, KYC verification was introduced to protect users from illegal activities like money laundering, financial fraud, and terrorism. Additionally, it also helps ensure regulatory compliance for cryptocurrency platforms and other financial businesses.

However, it is important to note that not all platforms use the same security and data protection standards. Therefore, it is crucial that you thoroughly research the platform and its reputation before sharing any personal information.

But above all, KYC verification is not compatible with the line of thought that embraces Bitcoin, how can I remain anonymous if I continue to sell my data to third parties?

seoincorporation

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Quote from: Justtoons on March 10, 2023, 12:30:13 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.

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Quote from: Justtoons on March 10, 2023, 12:30:13 PM

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.

Because platforms are forced to require AML/KYC simply because the government requires them; or else they'll get shut down.

Quote from: Justtoons on March 10, 2023, 12:30:13 PM

Kyc verification for long has helped prevent identity theft, financial laundering or fraud, terrorism and all financial crimes.

Sure — but historically it caused far more bad than good. People often heavily underestimate how bad of a damage database leaks can cause.

Quote from: Justtoons on March 10, 2023, 12:30:13 PM

Is this true that kyc verification can put your funds and personal data at risk?

Yes, I assume you've already read the post you linked.

Quote from: Justtoons on March 10, 2023, 12:30:13 PM

Should we stop using any app that ask for kyc verification?

It'll be very very difficult to live your day to day life without using platforms that require KYC verification. The only thing I'll suggest is that you do not submit KYC verification unless totally necessary(e.g. banks, insurance, etc). A lot of people register and submit KYC on a crap ton of crypto exchanges, which is a very dumb idea.

bittraffic

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You already read that threat. What they are saying is also true.
KYC is part of the regulations law. You can stop using the app if you are among those who are concerned about thier privacy.

Data can be sold though so that's what they are worried about as the KYC is part of the surveillance the government is doing on thier citizen. It's kind of an exaggerated reaction but it's already happening with the social credit system.

Justtoons

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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?

Topic: Is kyc verification dangerous? - page 4. (Read 470 times)