Is kyc verification dangerous?

[Darker45]

Ideally, it should indeed be banned and removed. However, on the contrary, they are officially ordered by the government to implement it. It is not a choice as far as these centralized platforms are concerned. It is their license to operate that's on the line, after all. It's either they comply or cease and desist. They've got no choice.

For us consumers, we can only avoid it as much as possible. But can we totally avoid it? I don't think so. Banks and other financial institutions require it. We have a national ID system. The government conducts all kinds of surveys and census. Just recently, in the name of contact tracing, we are all required to fill out forms every time we enter ports, airports, bus terminals, and even ordinary business establishments. We scan codes that transfer our personal information.

[1714828920]

1714828920

[crunck]

Hello guy, I was reading a thread on this forum
https://bitcointalk.org/index.php?topic=5221497.0.    recently and some other online blogs which said that kyc verification is extremely dangerous. If this is true, why do most crypto apps or other business ask for it, shouldn't it be banned or removed.
Most apps usually request for kyc verification before you can withdraw any coin or money from their wallets as this is very necessary to verify or certify you as a customer.
Kyc verification for long has helped prevent identity theft, financial laundering or fraud, terrorism and all financial crimes.
   
Is this true that kyc verification can put your funds and personal data at risk? Should we stop using any app that ask for kyc verification?

KYC is necessary and also not necessary, people who do not like KYC are mainly criminals, they are afraid to do it, besides some people like privacy because they do not want to be disturbed. The benefit of KYC is to limit crime of money laundering, avoid fraud… In short, KYC is both harmful and beneficial depending on your purpose.

[ancafe]

Most apps usually request for kyc verification before you can withdraw any coin or money from their wallets as this is very necessary to verify or certify you as a customer.

It seems you already know the consequences of KYC, there are positive and negative values that will arise from the KYC process, if you think this action is unnecessary, then you should leave it and look for another application that offers privacy guarantees to users.

Kyc verification for long has helped prevent identity theft, financial laundering or fraud, terrorism and all financial crimes.

There is no guarantee that when KYC is carried out, money laundering, fraud and all crimes can help prevent it, although though the reason for KYC is one of the steps for prevention.

Is this true that kyc verification can put your funds and personal data at risk? Should we stop using any app that ask for kyc verification

For applications that offer KYC verification, the danger category received by the user cannot make withdrawals and the most dangerous is user database leaks caused by irresponsible people, that's why avoiding KYC is the best choice in keeping database leaks You.

[yat97]

This is why people here stress you should buy bitcoin without KYC. Privacy is essential!

KYC is bad and should be avoided at all costs.

At very least, XMR swap, or mix your coins!

[Farma]

KYC will be very dangerous if it is used by irresponsible people. there are so many negative impacts of KYC if it is used in the wrong way because KYC has almost all the information about a person. However, why is KYC verification still being enforced today? It's because of regulations in a country that require companies to know who their users are. this aims to avoid money laundering or other negative things that can come from consumers or companies.

[BenCodie]

KYC Verification links coins to identities. Businesses, companies and exchanges more often than not are required to take KYC in order to operate, or else face regulatory scrutiny. Yes, KYC is dangerous. If everyone were to KYC then all coins would be linked to identities, and the blockchain would become the opposite of private. Luckily, there are ways around KYC and many tools out there that can help you to avoid it. Check out kycnot.me for example. You can use Bitcoin and most services without having to complete any verification and uphold your privacy.

Unfortunately, KYC procedures will probably never be banned. They can however be boycotted by users.  The more people who catch on and personally boycott/avoid KYC, the better the privacy is for them and everyone else.

[Eternad]

This is why people here stress you should buy bitcoin without KYC. Privacy is essential!

KYC is bad and should be avoided at all costs.

At very least, XMR swap, or mix your coins!

KYC is not bad because it’s the way to determine the people background. It’s purpose is to detect any fraud that involves money laundering etc. It’s just bad on crypto space since most of the project here doesn’t have the capacity to safely store the data of their consumers that’s why undergoing KYC on crypto projects is dangerous but KYC purposes itself is good if you are a law abiding citizen since your privacy is safe if the company handling it is license and trusted due to the confidentiality clause for the KYC procedure.

[yat97]

This is why people here stress you should buy bitcoin without KYC. Privacy is essential!

KYC is bad and should be avoided at all costs.

At very least, XMR swap, or mix your coins!

KYC is not bad because it’s the way to determine the people background. It’s purpose is to detect any fraud that involves money laundering etc. It’s just bad on crypto space since most of the project here doesn’t have the capacity to safely store the data of their consumers that’s why undergoing KYC on crypto projects is dangerous but KYC purposes itself is good if you are a law abiding citizen since your privacy is safe if the company handling it is license and trusted due to the confidentiality clause for the KYC procedure.

Yeah in a perfect world I guess but it's not just about hacks, it's about governments trying to be like Big Brother watching everything. Hell, I'm against it on principle of "I don't want anyone knowing how much money I have because it's none of their business!"
 
In fact, it's not even about "safety" it's more so about control. All this KYC stuff is the result of 9/11 'paranoia' in our government, and other people in our government used the opportunity to push for less privacy. It's all hogwash. We don't need KYC, it does more harm than good. Bitcoin is supposed to be like cash, a digital payment method, it's not supposed to have a name to every wallet. Some anoninimity was intentional by design. Anyways, there will come a time in which it will be impossible to buy non KYC bitcoin, and probably no way to erase your paper trail as I predict one day XMR will be on the chopping block... so I suggest everyone reading this do it now while you can.

In a perfect world we could trust that it would be impossible for governments to do bad things to its own citizens, in a perfect world governments would not even want to control its citizens, the government would promote individual freedoms and love granting liberty to its people. The US government is turning into the Eye of Sauron.

[BenCodie]

This is why people here stress you should buy bitcoin without KYC. Privacy is essential!

KYC is bad and should be avoided at all costs.

At very least, XMR swap, or mix your coins!

KYC is not bad because it’s the way to determine the people background. It’s purpose is to detect any fraud that involves money laundering etc. It’s just bad on crypto space since most of the project here doesn’t have the capacity to safely store the data of their consumers that’s why undergoing KYC on crypto projects is dangerous but KYC purposes itself is good if you are a law abiding citizen since your privacy is safe if the company handling it is license and trusted due to the confidentiality clause for the KYC procedure.

Ha, they sure tricked you! It's not right for businesses, companies, exchanges etc to get access to the data of every individual that interacts with their business just to screen them. It is up to law enforcement to have the necessary tools to disrupt criminals without compromising innocent people's privacy by forcing them to submit sensitive information about themselves to third parties. KYC is a is disguised as "a tool to counter money laundering and criminals" but in reality it allows any business to collect the sensitive data of innocent people, which not only takes away innocent people's right to privacy but also opens up more vulnerabilities to their identity and sensitive information every time they submit it to a third party.

[d3nz]

This is why people here stress you should buy bitcoin without KYC. Privacy is essential!

KYC is bad and should be avoided at all costs.

At very least, XMR swap, or mix your coins!

KYC is not bad because it’s the way to determine the people background. It’s purpose is to detect any fraud that involves money laundering etc. It’s just bad on crypto space since most of the project here doesn’t have the capacity to safely store the data of their consumers that’s why undergoing KYC on crypto projects is dangerous but KYC purposes itself is good if you are a law abiding citizen since your privacy is safe if the company handling it is license and trusted due to the confidentiality clause for the KYC procedure.

Yes, this is correct. The only problem that I can see is how they make sure that the information that we have provided is secure and will not be compromised or sell our information to unknown people since it can be used to make crimes or suspicious activities. I guess that some people may not feel comfortable sharing their information and avoiding exchange or other platforms that are required to provide personal information.

[fuguebtc]

KYC will be very dangerous if it is used by irresponsible people. there are so many negative impacts of KYC if it is used in the wrong way because KYC has almost all the information about a person. However, why is KYC verification still being enforced today? It's because of regulations in a country that require companies to know who their users are. this aims to avoid money laundering or other negative things that can come from consumers or companies.

Indeed KYC is not as bad as people say, if it were really bad, it wouldn't be used to this day. But it only benefits the government more than the users, and another thing is that our world has changed, instead, it is KYC to ensure avoiding fraud, and money laundering from criminals. Nowadays, companies and organizations, especially financial companies, misuse the identity of users for profit, they are willing to sell our identity to advertisers and the black market...It was that behavior that made KYC dangerous for users, so people started to fear KYC.

[andriarto]

This is why people here stress you should buy bitcoin without KYC. Privacy is essential!

KYC is bad and should be avoided at all costs.

At very least, XMR swap, or mix your coins!

KYC is not bad because it’s the way to determine the people background. It’s purpose is to detect any fraud that involves money laundering etc. It’s just bad on crypto space since most of the project here doesn’t have the capacity to safely store the data of their consumers that’s why undergoing KYC on crypto projects is dangerous but KYC purposes itself is good if you are a law abiding citizen since your privacy is safe if the company handling it is license and trusted due to the confidentiality clause for the KYC procedure.

Yes, this is correct. The only problem that I can see is how they make sure that the information that we have provided is secure and will not be compromised or sell our information to unknown people since it can be used to make crimes or suspicious activities. I guess that some people may not feel comfortable sharing their information and avoiding exchange or other platforms that are required to provide personal information.

like me personally, when asked to do KYC, of course, I question the security of personal data, as long as it's not misused or traded, maybe there won't be any problems in the future, but there are lots of concerns, especially since we're in the digitalization era, and it's difficult for us to defend ourselves, like the law in a country where the procedures are clear, therefore it is necessary to be careful, to check first that our ID is safe

[Woodie]

Hello guy, I was reading a thread on this forum
https://bitcointalk.org/index.php?topic=5221497.0.    recently and some other online blogs which said that kyc verification is extremely dangerous.

Of course it's dangerous, in the hands of the wrong right people they could use this to reset access to some of the platforms that don't have extra layers of verification holding your funds or personal data like credit card information etc and this could be a costly mistake in the long run as they could wipe your accounts dry.

If this is true, why do most crypto apps or other business ask for it

Back in the day KYC was not a thing not until crypto interest increased and with this mearnt users trying to get more than they were allocated for in bounties, airdrops etc and to ensure no cheating was involved KYC was born, though some platforms carry out KYC as part of their regulatory compliance!

shouldn't it be banned or removed.

Too late, kyc not going anywhere.

Most apps usually request for kyc verification before you can withdraw any coin or money from their wallets as this is very necessary to verify or certify you as a customer.

Most of us don't like it but sometimes this could be the only thing that could save your coins from unauthorized access.

Kyc verification for long has helped prevent identity theft, financial laundering or fraud, terrorism and all financial crimes.

It's a 50/50 thing, if the KYC isn't the type that requires some kind of biometrics sometimes the system can be beaten... Its like those YouTube videos showing a phone being unlocked with a photo and not actual human

   
Is this true that kyc verification can put your funds and personal data at risk? Should we stop using any app that ask for kyc verification?

Honestly it's all about due diligence and how bad you want to access the goods and services being provided.

[Kakmakr]

Well, there are always the risk of the site being hacked and all the KYC data being stolen. Then that information can be used to sign up for other services that can be used in crime or even scams that might implicate you.  

I know there were a major security breach at "Ledger" awhile ago, where people's personal information were breached and the hackers used that information to phish some of those users. (individually targeted)  

[Oasisman]

Hello guy, I was reading a thread on this forum
https://bitcointalk.org/index.php?topic=5221497.0.    recently and some other online blogs which said that kyc verification is extremely dangerous. If this is true, why do most crypto apps or other business ask for it, shouldn't it be banned or removed.
Most apps usually request for kyc verification before you can withdraw any coin or money from their wallets as this is very necessary to verify or certify you as a customer.
Kyc verification for long has helped prevent identity theft, financial laundering or fraud, terrorism and all financial crimes.
   
Is this true that kyc verification can put your funds and personal data at risk? Should we stop using any app that ask for kyc verification?

Man, you just answered your own question. However, there's more risk in giving out your vital personal information than preventing all those criminal activities that was mentioned in the OP.
KYC are indeed an inconvenience on the customers end, as much as these exchanges does not want it to be implemented, but the government are requiring them to implement it on their platform, otherwise they'll put an end to your operation if they find out you're not following the government rules and regulations.

[ethereumhunter]

Actually, KYC is okay as long as the third party requesting it can protect it from hackers and ensure customer data is safe. But we have heard of many cases of selling KYC data from customers due to hacking on several websites, especially online shop websites where a lot of the data is collected and traded on the dark web.

And related to the KYC on the exchange because local regulators supervise the exchange and want to know the customers who use the exchange to trade. Third parties, in this case, exchanges, are responsible for protecting their customer data from hacking and that is why exchanges must be able to ensure it is in safe hands.

But I miss the old days when exchanges didn't require as stringent requirements as they do now. But that is in the past and now and in the future, maybe KYC will be more strict and we have to accept that if we want to use a centralized exchange.

[Smack That Ace]

This is why people here stress you should buy bitcoin without KYC. Privacy is essential!

KYC is bad and should be avoided at all costs.

At very least, XMR swap, or mix your coins!

KYC is not bad because it’s the way to determine the people background. It’s purpose is to detect any fraud that involves money laundering etc. It’s just bad on crypto space since most of the project here doesn’t have the capacity to safely store the data of their consumers that’s why undergoing KYC on crypto projects is dangerous but KYC purposes itself is good if you are a law abiding citizen since your privacy is safe if the company handling it is license and trusted due to the confidentiality clause for the KYC procedure.

Yes, this is correct. The only problem that I can see is how they make sure that the information that we have provided is secure and will not be compromised or sell our information to unknown people since it can be used to make crimes or suspicious activities. I guess that some people may not feel comfortable sharing their information and avoiding exchange or other platforms that are required to provide personal information.

What do they do to assure you that your information will not be sold? I don't trust those commitments, we don't know what they're doing with our information. If you accept KYC as a good thing, it is like agreeing to let the government control and regulate the market, then we will lose our freedom completely.

I also don't like KYC very much because, to tell the truth, in my country, even banks sell customer information, I am often bothered by real estate, forex, and securities organizations. But I can't stop using banks, nor centralized exchanges, because I also trade often, being a trader with almost no options. In general, we have to accept privacy trade-offs when using centralized services, and that is up to each person.

[Wildwest]

Actually KYC verification has become an obligation in using sites that have high security and have been protected by the government, but KYC can also be dangerous if we do it on unofficial sites and they only use our data to commit crimes, so we also have to be careful in doing KYC if the application we use does not have special protection then do not try to give your personal data, and very many oknoms commit crimes by collecting KYC data for the sale of data, but the government is very concerned about the problem so if it is needed then never hesitate to do KYC.

[rat03gopoh]

shouldn't it be banned or removed.

That is one opinion, you can take or have your own view on KYC it's up to you. Crypto is a separate entity from services that basically do not require KYC.
For crypto companies such as exchanges will not take the opinion "KYC is dangerous" because they have interests.

Is this true that kyc verification can put your funds and personal data at risk? Should we stop using any app that ask for kyc verification?

Yeah, several scam threats, the trigger is a data breach which is then sold on the black market.

[Kapokala]

Yet if there is nothing to hide, why it would be? Couple years ago in UE (especially eastern countries), companies, especially para-banks let people borrow money just by creating account and submitting ID photos. There were tons of scammers that had used stolen IDs just to get money and withdraw (with the help of poles, i.e. people who did not know that they were doing something wrong) in cash. After years of court cases, UE implemented a law that prevents such issue to happen again, (and if do), companies are obligated to pay enormous retribution for even ALLOWING that to happen. So at this point, as I'm member of country that is a member of UE, I do not see anything that could go wrong way by providing ID.