Worst thing to be happen after KYC gone to wrong hand.?

cryptoperkele

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Quote from: butka on September 16, 2018, 12:13:21 PM

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.

But it seems like KYCs are going to be required more and more in the future for any icos that are going to be legit in the eyes of the law.

Gaselemeg

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The most common scheme for dealing with stolen ids is open a loan. If the KYC requires a selfie, then after simple manipulations in photoshop your photo with passport in hands is likely to pass verification in the bank.

john2231

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The worst thing that I think could be happen after you submit a KYC verification or any important details such as ID and selfie verification they can use it for future scamming purposes or they can use to make a debit or credit card with your documents and use for marketing like what I heard from some forum that some hackers stole important documents and use to make debit or credit card to abuse the free advertisement from adwords and bing ads so if they are doing IM in CPA they can make huge earnings by getting sales or leads.

So be careful they can also, use it for any illegal things and sell it in black market.

sentbit

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Quote from: TTshingeki on September 17, 2018, 11:28:33 PM

If one day, you see your document on internet. It's so bad, everyone know your personal information.and it's very dangerous, someone can use it to abuse and that is illegal, you is able to have big problem. Be careful

this is my main consideration there is a possibility Therefore, the data must be maintained properly. because of that until now I no filled in kyc except for exchanges that need the Kyc Cool

TTshingeki

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If one day, you see your document on internet. It's so bad, everyone know your personal information.and it's very dangerous, someone can use it to abuse and that is illegal, you is able to have big problem. Be careful

caotringhia

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In bad cases, your information will be sold to the bad web. They use your information to do bad things, or they can open accounts and use your documents before you. I think, we should consider before making any KYC for ICO or trading platform. Because it is very likely that you will bear the consequences when the bad guys abuse. On a nice day, you will be asked by the FBI

bananaunana

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KYC is a very critical issue, I have to agree here. If an ICO that required KYC turns out to be a blatant scam you have lost your money and even worse, your personal data. After this everything can happen to your personal data. The scammer can use it to sell it in the dark web and the receiver will use this for shady things, like faking passports, regintering on an crypto exchange or something else.
If you have bad luck you can be accused for terrorism, money laundering or who knows...

I recomment to stay away from every shady KYC ICO because it's possible the scammers collect your money AND your personal data. Unfortunately there are many ICO / Bounty participants still underestimating the disadvantages of KYC for investors. KYC ist totally garbage and against Bitcoins vision - anonymity.

jossiel

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Quote from: nngella on September 17, 2018, 06:49:26 AM

Given these possible scenarios, which I am also fearful of every time I give my picture and I.D. to the bounty team, what can we do to prevent these things from happening (or at least lessen the chance of occurring?).

A bounty shouldn't ask for KYC though they have their reason to do that but its very unworthy to exchange your ID's for a bunch of tokens that is still unsure if it will get value.

asabed256

newbie

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The least of your problems will be spams in your email, mostly tempting but dubious giveaways. You may click such links in your inbox and be led to phishing site. If you are unsuspecting enough, you're likely to have your vital information(eg. passwords,private keys etc.) away. That will be more dangerous.

nngella

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Given these possible scenarios, which I am also fearful of every time I give my picture and I.D. to the bounty team, what can we do to prevent these things from happening (or at least lessen the chance of occurring?).

jseverson

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Quote from: Jating on September 16, 2018, 12:41:29 PM

If ICO's chooses a third party to handle all the KYC's there's a chance that your personal data can end up in the wrong hands.

It doesn't even have to be a third party. Failed ICOs could very easily choose to make money off the data they own because they really have nothing else to lose at that point. They're probably even likelier to turn rogue than specialized third parties, because those usually have to employ special protocols.

I'd say there are certain cases where KYC can't be helped, but I'd never comply with in on ICOs.

BQ

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Quote from: TBboys on September 16, 2018, 01:25:15 PM

If all investors can unite against KYC, then those projects that need to provide KYC will no longer have a market. Unfortunately, the project side now has a say, and investors have no room for negotiation.
If set up an investor union, an organization like a trade union to protect the interests of investors, so that investors can unite to raise objections and protect their own interests. although this is unlikely.
After all, everything happens online, and it's hard to use laws to protect your privacy, so don't participate in ICOs that need KYC maybe the best solution.

I think you're missing that it's the government(s) who are forcing this upon the crypto projects. a project that demands KYC, atleast legally, is "doing it right" - even if it's a bit against crypto as an idea..
but, one doesn't really have to do any KYC at all, unless for exchanges - (which also can be "bypassed") .. so, can't complain when there are other choices.

zypa

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Quote from: Ardavan2150 on September 16, 2018, 03:40:45 PM

Quote from: Twkasun52 on September 16, 2018, 11:28:13 AM

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.

In most cases not much will happen. they will probably sell our info to an off shore company that can use this info to scam people. For instance someone contacted my Email address and said they have a video of me "abusing" myself in front of my laptop. They had all my info. They wanted 1 BTC for them to not release my video online Cheesy

It was one of the funniest thing. But probably they either hacked one of the ICOs I participated or something

Wait wait wait!
Did you or did you not touch yourself in front of the camera? That is the serious question here

It's like that episode of black mirror with the guy extortion for the same reason. Lol

Ardavan2150

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Quote from: Twkasun52 on September 16, 2018, 11:28:13 AM

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.

In most cases not much will happen. they will probably sell our info to an off shore company that can use this info to scam people. For instance someone contacted my Email address and said they have a video of me "abusing" myself in front of my laptop. They had all my info. They wanted 1 BTC for them to not release my video online Cheesy

It was one of the funniest thing. But probably they either hacked one of the ICOs I participated or something

pawel7777

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Quote from: Jating on September 16, 2018, 12:41:29 PM

...
If ICO's chooses a third party to handle all the KYC's there's a chance that your personal data can end up in the wrong hands. ...

If I had to choose, I would prefer if my sensitive data was entirely handled by specialised, established 3rd party entity (with good record) than by newly formed ICO project 'team'. The latter almost always have no relevant experience and, even with no malicious intentions, the risk of mishandling data is too high.

stellatayvc

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Quote from: Twkasun52 on September 16, 2018, 11:28:13 AM

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.

I ran an ICO for my company before. We handled the KYC ourselves on our website and it was hacked by a so-called white-hat hacker. He/she showed us a screenshot with all the information of our KYC members and asked/demanded we give him a 'reward'.

If you are participating in an ICO try and make sure their KYC platform is secured, or you may risk losing your personal data (and exposing your embarrassing selfie)!

jsecoinfan

newbie

Activity: 20

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You can find your passport in darknet and may be somebody will use it to do some bad things. And you will have problems with authority.

TBboys

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Fast, Smart, Trustworthy

If all investors can unite against KYC, then those projects that need to provide KYC will no longer have a market. Unfortunately, the project side now has a say, and investors have no room for negotiation.
If set up an investor union, an organization like a trade union to protect the interests of investors, so that investors can unite to raise objections and protect their own interests. although this is unlikely.
After all, everything happens online, and it's hard to use laws to protect your privacy, so don't participate in ICOs that need KYC maybe the best solution.

trahaubab

jr. member

Activity: 154

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It could happen, literally, everything. It could be resold in darkweb, somebody could verify paying accounts.
Also, it is possible to take small amounts of $ via your docs. Be careful!

Jating

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Quote from: Twkasun52 on September 16, 2018, 11:28:13 AM

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.

If ICO's chooses a third party to handle all the KYC's there's a chance that your personal data can end up in the wrong hands. What I mean that if those third party chooses to sell all your data in the black market or dark web then its possible your information can be leaked and be used for illegal activities.

You can also read about a ICO getting hacked thus exposing a lot of data in the process:

https://thenextweb.com/hardfork/2018/02/07/sentinel-chain-ico-leak-passport/

butka

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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.

squatter

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STOP SNITCHIN'

Quote from: Twkasun52 on September 16, 2018, 11:28:13 AM

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.

Dudeperfect

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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.

Twkasun52

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DATABLOCKCHAIN.IO SALE IS LIVE | MVP @ DBC.IO

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.

Topic: Worst thing to be happen after KYC gone to wrong hand.? (Read 347 times)