Topic: Worst thing to be happen after KYC gone to wrong hand.? - page 2. (Read 319 times)
I would say avoid KYC, even if the ICO project is totally legit and trustworthy. You never know if all of the team members are trustworthy too. Also, you never know how they are going to store your data. How strong is their security against hacks or theft? Even if everything else is fine, their website could be hacked, their computers could be hacked and your data stolen. IMO, not worth taking the risks, even if the bounty reward is high.
Submit KYC is must for some ICO`s. If things getting bad What can they do to our identification documents. What will be the worst possible things to be happen to us.
Identity theft -- your documents could be sold on the deep web. Criminals can buy them and use them to impersonate you. Most commonly, it's to steal money under your name: Opening new phone or utilities accounts, opening bank accounts and writing bad checks, opening new credit cards that will never be paid off, etc. When those accounts are defaulted on, they'll be tied to your name.
Worst case, your ID documents could be used to verify identity (for example, at a cryptocurrency exchange), and then the account gets tied to illegal activity like money laundering, theft or fraud. Many exchanges work with police in those cases.
I would avoid KYC wherever possible, and particularly with ICOs.
In worst case scenario your documents could be misused for creating a fake identity through which they can take the loan and at the end of the day, you will be held responsible for the repayment of it. It's just the one case, the criminals might use it for "ANY" purpose but in the first place, you will be the responsible person for their actions.
Submit KYC is must for some ICO`s .If things getting bad What can they do to our identification documents.What will be the worst possible things to be happen to us.
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