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Author Topic: KYC scams  (Read 2741 times)
camps74
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December 29, 2017, 12:11:03 AM
Merited by oddwh (1)
 #1

I have seen evidence of some scams being run under the guise of KYC in order to gain your passport and government issued id's.  Be careful out there and remember that a lot of these coins end up being scams.  Do you really want them having your passport/photo identification?  This is how people fall victim of identity fraud so please think before sending your information in. 


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December 29, 2017, 12:22:47 AM
 #2

Yes, users should be ware of whom they are sending their identity.
Most of the new coins are just doing to look special.
Anonymity is one of the reason why people switched for paypal to crypto.

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December 29, 2017, 12:27:06 AM
Merited by retprogramisto (1)
 #3

LOL

yes Indian exchange users fell to this scam just recently, and coinbases too, when organized criminals stole the ID's from their customers big time

The only ID one should need is a private key and decentralized exchanges will make that possible  Smiley

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December 29, 2017, 12:34:15 AM
 #4

Oh wow I didn't even consider that side of the coin...I mean I always just assumed they would be doing it for my benefit. But yeah the hackers and scammers would run my name through the mud, thanks for waking me up to this OP! God damn gotta stop being so naive and trusting the world.  Undecided Angry

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December 29, 2017, 12:35:51 AM
 #5

A good reminder for all the people who are giving their private information to completely new "companies". Be careful guys.
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December 29, 2017, 02:15:17 AM
 #6

I thought for all this time it was profit but it's opposite. There are some person that exploit this thing. Hope kyc will sooner looking for the solution for us.

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December 29, 2017, 02:32:33 AM
 #7

Many tokens require you to submit Kyc, which is a means of verification, but some ICO projects sell our personal information, which requires further regulation

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December 29, 2017, 02:54:25 AM
 #8

KYC is against the whole cryptocurrency philosophy. Try to avoid it by using as little fiat and centralized exchanges as possible and only with temporary wallets.
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December 29, 2017, 03:02:32 AM
 #9

The KYC verification is really unreasonable and needs to be verified by a statistical KYC verification mechanism, and then all the ICO projects need access to this KYC verification mechanism, otherwise the information will be leaked too much.

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December 29, 2017, 03:36:07 AM
 #10

Can someone explain what these cyber criminals gain by obtaining pictures/numbers/details of your passport or driver's license? Let's say they live in America and they got passport details of an someone living in Asia. I can't imagine how they would use that to hurt the Asian without it being an obvious fake/scam? Unless they use it to scam someone dense and unaware I don't see how it would pass basic security checks.

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February 23, 2018, 03:13:52 AM
 #11

Good looking out. This is why I think Selfkey will be huge. Their project is centered around identify protection and making the KYC process easier and safer. Obviously DYOR but I'd recommend checking it out. Government regulations are only going to increase as crypto gets bigger and that'll mean having to do more of the KYC process for everyone that participates in crypto trading.
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February 23, 2018, 03:17:27 AM
 #12

I have seen evidence of some scams being run under the guise of KYC in order to gain your passport and government issued id's.  Be careful out there and remember that a lot of these coins end up being scams.  Do you really want them having your passport/photo identification?  This is how people fall victim of identity fraud so please think before sending your information in. 


Good post! This should be useful for those who think they can just signup on airdrops/ICOs with KYC without repercussions. I never submitted such as of this moment but will do my due diligence to spot legitimate projects that wouldn't do such. 
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February 23, 2018, 03:17:40 AM
 #13

Yes, I am very worried about this problem, our KYC information would be abused, and most of the ICO project is fraud, it makes me feel worried, so I won't participate in any of the ICO project.

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February 23, 2018, 05:18:37 AM
 #14

The issue is not even that some unscrupulous ICO companies will be able to use your personal data and copies of requested documents in the conduct of KYC, but that, firstly, it is completely meaningless for the generosity campaign participants who do not invest in ICO, KYC is to filter out money obtained illegally. Secondly, ICO campaigns force you to pass the KYC test just when the ICO campaign has already ended and you need to pay counted and earned tokens. In order not to pay to some people who do not want to provide their identification data and copies of their passports, their tokens, this senseless KYC is already being conducted so that some people do not apply for the earned tons, the campaign simply leaves them to themselves. This is not fair in any case, since the KYC participants in the generosity campaign should be warned before joining the ICO campaign, and not after it, so that everyone has the choice to participate in such a campaign, or not. I consider this behavior of the ICO team as usual fraud. Now at the end of the ICO such data and copies of documents began to demand the company HOQU, I consider this company scammers.
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February 23, 2018, 05:42:52 AM
 #15

Now ICO campaigns actually use KYC for fraud, demanding to pass the KYC test in the campaigners of generosity, in particular, those who participate in signature campaigns in this forum. Fraud primarily consists in the fact that such campaigns do not warn that they will require identification data and copies of passports before joining the signature campaign so that people have the right to choose. I think that in this case few would dare to join such a campaign. They begin to demand that such verification be done for something in the signatories after the completion of the ICO. This is meaningless doubly because the signatory campaign participants do not invest their money in the ICO. Therefore, there is no sense in requiring additional data and copies of passports. This is done almost for the purpose of non-payment of earned tokens. This behavior is completely fraught with signs of fraud.

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February 23, 2018, 05:44:28 AM
 #16

Be careful while giving you personal informations in this crypto world, I mean i want to be anonymous that is why i am using crypto so i never join a project that needs KYC to get me in.

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February 23, 2018, 05:48:29 AM
 #17

Thanks for this wonderful information. I wonder why so much KYC nowadays they will be asking you to do it before you can receive what you have paid for that's ridiculous. In short one have to be very careful

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February 23, 2018, 05:57:45 AM
 #18

This is not surprising to see this kind of scam coming.

Easy way : you create a token, and you airdrop it. An airdrop shouldn't need KYC, but whatever, some people will fall in the trap. The community is large enough to get hundreds of IDs by this way. Anyway you distribute your airdrop, and you sell these id on the darknet. That's done. People are happy as they got their token and they don't even know their IDs have been stolen.


I think there should be a pinned thread on the altcoin section to inform newcommers about this kind of scam

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February 23, 2018, 06:06:16 AM
 #19

I have seen evidence of some scams being run under the guise of KYC in order to gain your passport and government issued id's.  Be careful out there and remember that a lot of these coins end up being scams.  Do you really want them having your passport/photo identification?  This is how people fall victim of identity fraud so please think before sending your information in. 

Thanks for the warning. But I already realized this for a long time. KYC is a big dilemma. They pretend to need KYC to avoid fake registrant. But it's a big mistake for us if we share our personal identification with stranger people or organization.

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February 23, 2018, 06:07:49 AM
 #20

Recent 3 ICO's where asking KYC process Gladius , INS token , Modultrade what you think about these ICO's are they going to scam with our data otherwise is these ICO's are legit . As Far these ICO's looks quite promising . Lots of people invested on that .

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