Social media account as KYC requirement? (2)

[Uhwuchukwu53]

How will they know that the user is actually putting their main social media. The idea is stupid, and it makes no sense. Anytime i see new rules and regulations or new orders from the government i expect to see the reason why they had made such statements and how it will change the way things are going on in the country. The same social media they feel people use in scamming others has been the same thing the government wants to adopt to harness cybercrimes in the society.

That is why most time I doubt if there is anything good that will come out this recent government base in some certain policy or laws and demand they project to the people, I stopped given attention to certain news because most time you will begin to reason the angle they are look out those projecting KYC from social media to bank lack the knowledge that most social media user don't use there real name and the system provide room for nickname which register or open those accounts with how will bank corrolate this name, or they will force people to create social media using their real name as appeared in the bank

There is one thing I see on this present government too many engagement on things that will drag attention of the citizens away from the current challenge facing the nation and most this engagement are contradictory things that may be unrealistic and can't be achieved, why we watch how they we achieve this as well the aspect of fighting crypto exchanges and crypto space.

[Davidvictorson]

And what do you think of this if crypto exchanges start demanding social media accounts as part of their KYC requirements?

Or rather what do I think if this Banks are collecting social media handles as part of opening account with them so that they can check if that customer is involved in cryptocurrency trading or investment and then report them to the economic and financial crime commission or the CBN so that they can punish the person. This is the random thought that came to my head as I read through the article provided in the discussion above. Nigeria gets pretty scary everyday and one just have to pray that we have the courage and fortitude to defeat these evil forces in the government in whatever way we can.

[Smartvirus]

Have you seen the recent development that the court has now backed the banks to demand customers submit their social media handles as part of their KYC requirements? What do you think of this?

And what do you think of this if crypto exchanges start demanding social media accounts as part of their KYC requirements?

I think this government are actually making a mistake with this one. I don’t know what this move for social media handles is about but, it’s got nothing to do with KYC. KYC document should be bio related, career and credentials that aren’t as random as a social media. Something that the next minute I could be so into it and the next hour, am not. That’s how random it goes, a place where you go to seek relief and live just as you please or front for the rest of the world to see.
How does that applies to anything KYC. It’s just a misguided on what to be looking at for KYC.

I find it completely unnecessary and wouldn’t be the best way to go about getting KYC on individuals. I’ll rather live any document blank than living a social media handle on it for KYC except, in cases where I want it for a means of contact (privately).

If they have the idea that these could cut down cyber crimes, I think they are mistaken. The singular ability for one to have more than one social media handle is what allows these to continue and having a single handle don’t stop that.

[Hyphen(-)]

Have you seen the recent development that the court has now backed the banks to demand customers submit their social media handles as part of their KYC requirements? What do you think of this?

I have seen the news but I don’t like the idea. I think they are trying to look for ways so that they can be tracking their phones and also their their back transactions so that they can easily get fraudsters that are faking it with social media.

And what do you think of this if crypto exchanges start demanding social media accounts as part of their KYC requirements?

For exchanges, I don’t think they will do so but if they demanded for such thing, it will be for them to have easy ways of sharing important information with its users.