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Author Topic: How Indian Bitcoin Exchanges verify KYC?  (Read 1118 times)
TigerMart
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February 12, 2017, 07:24:09 PM
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Generally, for KYC verification at banks, either customer has to visit the bank branch or bank executive visit the customer for paperwork. But, Bitcoin exchanges in India are verifying customers online. I wonder HOW?

User's Photo, Aadhar No. (with scanned copy of Aadhar card), PAN No. (with scanned copy of PAN card), Mobile No. (verified with SMS/Call) and Bank A/C No. are taken. But, how is it verified that the given Photo, Aadhar No. & PAN No. correspond to the given Mobile No. & Bank A/C No.?

What I meant to say is can not identity theft be an issue to these exchanges?
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sanbel
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February 12, 2017, 07:41:34 PM
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You could instead do how other exchanges do. Hold your id to the webcam.
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February 12, 2017, 07:46:34 PM
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You could instead do how other exchanges do. Hold your id to the webcam.

I dont think any Indian exchange ask you to hold your ID to webcam.

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February 12, 2017, 09:11:53 PM
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You could instead do how other exchanges do. Hold your id to the webcam.

I dont think any Indian exchange ask you to hold your ID to webcam.

without this option also we can verify the documents by confirming it through the official sites where you can get full details about the proof which users submit so their is no need for webcam type id proof user holding id cards.














 

 

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Pattberry
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February 12, 2017, 11:38:50 PM
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Generally, for KYC verification at banks, either customer has to visit the bank branch or bank executive visit the customer for paperwork. But, Bitcoin exchanges in India are verifying customers online. I wonder HOW?

User's Photo, Aadhar No. (with scanned copy of Aadhar card), PAN No. (with scanned copy of PAN card), Mobile No. (verified with SMS/Call) and Bank A/C No. are taken. But, how is it verified that the given Photo, Aadhar No. & PAN No. correspond to the given Mobile No. & Bank A/C No.?

What I meant to say is can not identity theft be an issue to these exchanges?
If you are proving your bank account details what more proof do they want and from what i understand it is not that easy to start a fake bank account and if you are planning to fake something you have to fake everything from identity card to bank accounts in order to fool the bitcoin exchanges which is highly unlikely to happen and the troubles you can get into faking these things is not that worth to do so.
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February 13, 2017, 05:05:32 AM
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Generally, for KYC verification at banks, either customer has to visit the bank branch or bank executive visit the customer for paperwork. But, Bitcoin exchanges in India are verifying customers online. I wonder HOW?

User's Photo, Aadhar No. (with scanned copy of Aadhar card), PAN No. (with scanned copy of PAN card), Mobile No. (verified with SMS/Call) and Bank A/C No. are taken. But, how is it verified that the given Photo, Aadhar No. & PAN No. correspond to the given Mobile No. & Bank A/C No.?

What I meant to say is can not identity theft be an issue to these exchanges?

Are you aware that while getting mobile connection from private mobile n/w company, opening demat account, internet connection and other also require KYC documents. Don't you think there is also possibility of identity Theft?
When it comes Identity Theft what about Aadhar card, where your biometric information is stored on some private servers?
TigerMart
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February 13, 2017, 11:01:56 AM
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You could instead do how other exchanges do. Hold your id to the webcam.

I dont think any Indian exchange ask you to hold your ID to webcam.

without this option also we can verify the documents by confirming it through the official sites where you can get full details about the proof which users submit so their is no need for webcam type id proof user holding id cards.

If u provide Aadhar no., which official site(s) will give u associated PAN, Mobile No. & Bank A/C No.?

Generally, for KYC verification at banks, either customer has to visit the bank branch or bank executive visit the customer for paperwork. But, Bitcoin exchanges in India are verifying customers online. I wonder HOW?

User's Photo, Aadhar No. (with scanned copy of Aadhar card), PAN No. (with scanned copy of PAN card), Mobile No. (verified with SMS/Call) and Bank A/C No. are taken. But, how is it verified that the given Photo, Aadhar No. & PAN No. correspond to the given Mobile No. & Bank A/C No.?

What I meant to say is can not identity theft be an issue to these exchanges?
If you are proving your bank account details what more proof do they want and from what i understand it is not that easy to start a fake bank account and if you are planning to fake something you have to fake everything from identity card to bank accounts in order to fool the bitcoin exchanges which is highly unlikely to happen and the troubles you can get into faking these things is not that worth to do so.

U may create an account using stolen ID & fake bank details, because as long as u r not withdrawing, exchange can not verify the bank details. Now, u may deposit stolen money to exchange and withdraw it in bitcoin. Exchange will never no from which account(s) u r depositing till an FIR is lodged. By that time, the bitcoin is gone.
cracxme
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February 13, 2017, 01:39:23 PM
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U may create an account using stolen ID & fake bank details, because as long as u r not withdrawing, exchange can not verify the bank details. Now, u may deposit stolen money to exchange and withdraw it in bitcoin. Exchange will never no from which account(s) u r depositing till an FIR is lodged. By that time, the bitcoin is gone.

If you will provide fake bank details then how will you deposit funds into exchanges ? As per i know, every exchanges require money deposited from same bank account which you provided as KYC, you can't deposit funds using unknown bank accounts other than which is already linked to your account.
bitcoinisbest
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February 13, 2017, 01:42:20 PM
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We will have to wait for Indian exchanges to answer this question that how do they verify the given proofs. Do they use any third part to get it verified as many organization use third party to get the candidates documents verified before hiring in their organization.
 

TigerMart
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February 13, 2017, 02:17:18 PM
 #10

U may create an account using stolen ID & fake bank details, because as long as u r not withdrawing, exchange can not verify the bank details. Now, u may deposit stolen money to exchange and withdraw it in bitcoin. Exchange will never no from which account(s) u r depositing till an FIR is lodged. By that time, the bitcoin is gone.

If you will provide fake bank details then how will you deposit funds into exchanges ? As per i know, every exchanges require money deposited from same bank account which you provided as KYC, you can't deposit funds using unknown bank accounts other than which is already linked to your account.

How will the exchange verify whether the fund is deposited from the given bank account? NEFT transaction reference info does not carry bank account details.
cracxme
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February 15, 2017, 01:21:57 AM
 #11

U may create an account using stolen ID & fake bank details, because as long as u r not withdrawing, exchange can not verify the bank details. Now, u may deposit stolen money to exchange and withdraw it in bitcoin. Exchange will never no from which account(s) u r depositing till an FIR is lodged. By that time, the bitcoin is gone.

If you will provide fake bank details then how will you deposit funds into exchanges ? As per i know, every exchanges require money deposited from same bank account which you provided as KYC, you can't deposit funds using unknown bank accounts other than which is already linked to your account.

How will the exchange verify whether the fund is deposited from the given bank account? NEFT transaction reference info does not carry bank account details.

One such incident already took place with Zebpay, refer this topic : https://bitcointalk.org/index.php?topic=1766720.0
vaibhavsingh
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March 03, 2017, 02:16:44 PM
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dude you've got ur aadhar card, its enough for verification  Grin

zahra4577
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March 03, 2017, 08:40:33 PM
 #13

Generally, for KYC verification at banks, either customer has to visit the bank branch or bank executive visit the customer for paperwork. But, Bitcoin exchanges in India are verifying customers online. I wonder HOW?

User's Photo, Aadhar No. (with scanned copy of Aadhar card), PAN No. (with scanned copy of PAN card), Mobile No. (verified with SMS/Call) and Bank A/C No. are taken. But, how is it verified that the given Photo, Aadhar No. & PAN No. correspond to the given Mobile No. & Bank A/C No.?

What I meant to say is can not identity theft be an issue to these exchanges?
Most of the popular exchanges ask various information and documents for KYC and it is not possible for anyone to get access of all these documents of any other person.Moreover name on Bank account should match with the documents provide so in any case the amount is deposited to the linked Bank account which was KYC verified

mrBTCman
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December 29, 2017, 09:57:47 AM
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I believe that as time passes, there will be even more exchanges that ask for ID photos and other stuff. I think that’s a normal practice.
hinayupak
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December 31, 2017, 02:05:40 PM
 #15

 How Indian Bitcoin Exchanges verify KYC? If your up-front customer or third-party vetting processes aren’t airtight, you may be letting in bad actors or exposing your organization to risk from hidden relationships. And if you haven’t properly connected the dots of all risk relevant information around your business relationships, you won’t know where to apply extra due diligence when high-risk activity is detected down the road.
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January 01, 2018, 12:10:07 PM
 #16

Aadhar card and Pan card must for indian exchangers u can upload in back office in my Unocoin is safe and secure

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January 01, 2018, 05:35:12 PM
 #17

The current KYC cannot identify identity theft. That will be implemented when cases like that come to light. But or now just a PAN card scan is all you need. Give it a business working day and you are all set.

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