Be aware of KYC

[paxmao]

KYC is a procedure that many ICOs implement. It is normal due to the uncertainty in regulations and the multi-jurisdictional scope of most ICOs. However, as investors, we have a serious problem with this, because everytime we want to invest, we have to upload yet another copy of our ID.

If I get scammed and lost my ETH or NEO... well, I can live with that. But if I am scammed and my identity is stolen, the damage can be extreme. Paypal accounts, credit cards, bills, services... the economic disaster can be huge.

What is the solution to this? I have read a bit about projects like CIVIC or The Key, but it seems that ICOs are reluctant to use these. WHY? As investors, we deserve to be treated with maximum care.

[dollurs]

You are right. although we need to provide KYC for lots of things, that is our identity and the identity theft is a most dangerous thing that can happen. I know a website that we need to register there and pass our KYC only once. After that we can provide our account name of that account to ICO and bounty and no need to provide passport or other details for each and everyone. But I don't know whether all the ICOs and bounties accept that.

[Hellobx]

Yes, it's also a concern for me.
I can't lose my credit for profit, so I won't submit any KYC.

[tterrorpipa]

That part is the most crucial. Especially when you need to fill up and submit your KYC in order to be able to participate in the sale. This is a big threat when the ICO that holds a sale, for example, they got hacked and have stolen some user identities, it will be a major disaster to us all.

[BossMacko]

One thing we can do is not to participate in ICO, bounty or airdrop that requires KYC. The reason is that we wouldnt be able to assure that they are not scam because they are all getting expert in getting customers and investors. I've already stopped joining and trying to get free stuff because i am afraid that they might stole my identity and use it for fraud.

[waldocarter]

You are right. although we need to provide KYC for lots of things, that is our identity and the identity theft is a most dangerous thing that can happen. I know a website that we need to register there and pass our KYC only once. After that we can provide our account name of that account to ICO and bounty and no need to provide passport or other details for each and everyone. But I don't know whether all the ICOs and bounties accept that.

Very interesting. And what is this site? can you give a link?
And I also agree there are serious risks with the theft of personal data. But alas, if you plan to invest - then you need to put up with it

[ernoo]

You can participate through ICO pools without KYC, but it can also be a dangerous game, I guess there could be many scammers there. I think we just have to accept, that the cryptocurrency is not a very safe investment method, but have some great returns, so for me, it worth the risk.

[huche886]

There is no way, many projects are KYC, the purpose is to make them look more standardized, if they really are a compliance company, these are not to worry about! You are advised not to upload your own key information! This is the safest!

[khelan]

You are right. although we need to provide KYC for lots of things, that is our identity and the identity theft is a most dangerous thing that can happen. I know a website that we need to register there and pass our KYC only once. After that we can provide our account name of that account to ICO and bounty and no need to provide passport or other details for each and everyone. But I don't know whether all the ICOs and bounties accept that.

Very interesting. And what is this site? can you give a link?
And I also agree there are serious risks with the theft of personal data. But alas, if you plan to invest - then you need to put up with it

I have seen icosid which is accepted by shivom ICO for kyc completion and login purpose. Such project is really require so that our identity can be safe from scammers

[iwanirawan]

Is that all ICO which required KYC always scam? I mean not just for paying our job. But in future there's a possibility to stole our identify for bad reason such as Paypall, credit cards and another reason. What reason they going to do that? Is there any solution for being not scammed if we want to join ICO that requires KYC?

[lemonmint]

ICO without KYC sounds like a bad idea. Regulators want you do not sell your coin and get money from bad guys. We need KYC. Personally I never invest ICO without KYC. It is super risky.

[ccsang]

Most of the ICO project required investor pass KYC, not all of them also scam, most important is investor need to do their homework before join the ICO, we know that submit our information to third party is so dangerous, but do we have any choice? money or no money (don't KYC), so I hope that thekey, selfkey, icopass can immediately solve this issue

[cryptobucs]

That is also my concern at this time. I am skeptical to sign up in their kyc because there's a big chance that my identity will be stolen. But i have no choice but to sign up to get my reward that i hardly worked for.

[JeramiParan]

Yeah your definitely right, it is not safe to give our personal information to any body, we know it is require in some ico's but if you need to pass your kyc, do some research first on the project if it is liget. Sending your personal info means you are submitting yourself.

[NoSkyLimit]

Well you're kinda right. I don't like the ideea to give away my ID and other privacy things so I'm just gonna skip the KYC project or just get involved in the ones that can provide trust/decent alpha product and support for their investors. I saw an article on reddit recently that most of the current projcets don't care about investors and they just tell to go on telegram to chat there but guess what,no one is responding anymore.

[ultrastructure]

Yeah I think you are right, it is not safe to give our personal information to any body, we know it is require in some ico's but if you need to pass your kyc, do some research first on the project if it is liget. Sending your personal info means you are submitting yourself...
Although we need to provide KYC for lots of things, that is our identity and the identity theft is a most dangerous thing that can happen. I know a website that we need to register there and pass our KYC only once. After that we can provide our account name of that account to ICO and bounty and no need to provide passport or other details for each and everyone. But I don't know whether all the ICOs and bounties accept that...

[Obeng minn]

I think ICO projects that use KYC or do not have the same risk. but those using KYC make it a bit more difficult to work.

[jagdeepjd]

You are right about this it is a serious concern as this space is not that secured yet so investing in an ICO amd that ICO turning out to be a scam can left us with scammed money and also our identity at risk too. There has to be some regualtions regarding this implementation for the safety of Investors.

[lutcor]

I completely agree with the fact that now many projects are conducted by KYC which in the end only harms people, I think that this is not right, because now there are a lot of places where you can buy these documents after KYC, think about it.

[Geleve]

i totally agree with your concern we should be very careful. i dont like to send my private informations to some company that i dont know. it is a ridiculous demand actually. because blockchain based projects supposed to have an anonymous base. But demanding the id details is not fair at all.