KYC is the biggest scam on internet

[uchegod-21]

I was browsing one of my favourite sites today which is https://infosecwriteups.com/ and I saw an article where a hacker boasted that he broke into a government server and stole over three million NIN of citizens.
I lost the full story because I could not bookmark the article. So I had to dig the Internet to discover the full information. And this happened in Nigeria. The hacker said he got one more s3 bucket with nuclei which contains upto 5gigs of data. The whole country is in total shock or panic now.
I have to go to the NIN website to know the kind of information that is in the NIN. I was shocked to see this.

The NIN is set to be used for all transactions in Nigeria requiring identity verification so you’ll be using your NIN for

obtaining your National e-ID card

travel (international passport application & acquisition)

opening personal bank accounts

getting your driver’s license

obtaining your Permanent Voters’ Card

participating in the National Health Insurance Scheme

payment of your taxes

transactions related to your contributory pension scheme

access to welfare and other relevant services from the Nigerian Government

transactions with social security implications

land transactions subject to the Land Use Act

any other transactions NIMC may so prescribe and list in the Federal Government Gazette

Look at the kind of data that is in the NIN. Pension data, international passport, bank account information, tax payment information, social security, estate information and more. We can say that hacker has kill over 3 million people.
Please avoid KYC. If a government server can be hacked. Any server can be hacked.
READ MORE HERE

[Cookdata]

This is national Identity number, It is compulsory you get identify as a citizen and I will say this is not bad because in sane and developed country, it's used to easily identify someone like student, civil servants and as a foreigner when you stay in a country for longer time or just a citizen of the country, they are also used to identify people not just finance but for protection but the bad side this NIN especially in Nigeria, is that they used it for everything you do including your SIM network and bank records which is very bad, their server was left unguard and a skilled hacker toyed with their database and was able to extract some amount of records that were suppose to be hidden from rest of the world. Nigerian government is so lazy and mismanage anything left in their care and will blame the citizen for their failure.

Next time you have this kind of discussion, post it on naija unofficial local board

[Upgrade00]

I believe the dangers of exposing your personal details is well known on the forum already, but it cannot be entirely avoided, if you wish to live a normal life. You would need to be registered when you are born and subsequently would need a drivers' license or international passport or some other means of identification; All these are stored on government servers and could be exposed if a breach occurs.

The best you can do is to not link your real life identity to your online persona. Anyone with a mobile device should not be able to google you up and get full details about you, and those who know you should not be aware of your online presence.

[Smartvirus]

~snipe~

KYC simply means 'Know Your Customer' and I'm sure we all know who a customer is to a merchant, service or network provider. That being that, these persons for verification sake and to have some means of tackling or dealing with fraud on there platforms haveade this step mandatory at some levels and attach with it certain benefits.

NIN which means, "National Identity Number " is a complete different story and to a large extent in Nigeria, its an important document for every adult looking at the validity and the function  attached to it. Even with these many functions attached to it, it doesn't really mean it's a one way free pass on getting some things done. Biometric Identification is still required in some functions, physical facial confirmation as it displays on the time of registration and more. So, its not really a one way pass and as such, no need to be too scared.

This though, doesn't exempt the dangers of your details in the wrong hands. The Nigerian government haven't put much in technologies as the level of dependency on foreign expatriates is too high. I hope this event could direct there concerns and fix up the ICT of the nation.

[CryptoKingh]

I believe the dangers of exposing your personal details is well known on the forum already, but it cannot be entirely avoided, if you wish to live a normal life.

[_act_]

I agree because it is normal for citizens to have National ID, Drivers License and Voters Card. There are other ID cards that someone will have like the ones given where the person is working or when doing exam that require ID card. This does not mean the person is not having privacy.

Assuming I have all those ID cards, that does not mean I will register on an exchange that requires verification, that does not mean I can not sell bitcoin without getting verified. There are ways I can help myself and have the privacy I want.

There are times privacy is no possible, like when you want to be using online stores like Amazon or others stores to be ordering some items, if they do not know you and your address, how will the online store deliver what you ordered for? It will not be possible.

There is a part of me that required privacy and there is a part of me that does not require privacy. Because I have all the ID cards does not mean I am not having privacy when I am using cryptocurrencies.

[malcovi2]

true, KYC is like giving your data for free to entities and they will sell it to other platforms

[BioFrog]

I don't like it regardless of the kyc procedure you never know exactly where your personal data ends up so i carefully avoid both exchanges and airdrops that require this procedure

[DeathAngel]

KYC is anti crypto, to be honest it pisses me off that we have to provide it to trade with most, if not all mainstream exchanges now. I actually recently got an email from Coinbase telling me under some section of small print that they have given my (along with millions of others) account details to the taxman because I hit some arbitrary fiat withdrawal limit. It makes me want to look for riskier, no KYC exchanges.

[Nwaokelz]

Here I was, thinking I was the only one who isn't cool with the whole KYC thing

[lumbanrang]

I'm also a little worried about the personal data I've given to some crypto platforms. I do not know what they will do with the personal data, whether for their business purposes or indeed they sell the data to third parties.

[Tash]

KYC is a scam form the get go.
Any legal contract has at least two willing partys.
Before you can hand over sensitive private data to someone in net you have to do a full  KTC (Know the company)
It means everyone within the company who can see your data you have to approve of. Once you satisfied with the persons dealing with your data you may proceed and forward some data. Without doing so you could potentially be dealing with a bot.
It is the law to know who you deal with.