Congratulations, KYC Is Now a Vibe Check

[Pmalek]

It’s somehow rampant with CEXs though.. Went through same not too long  ~ but not actually news paper. Couldn’t let the money go just like that.. can’t mention the CEx either but any of them can actually do it anytime they want.
  had to chop it.. but that’s one out of many

It may sound weird calling certain KYC requirements normal or standard, but from what I can see on that chopped screenshot of yours, it looks pretty standard to me. I guess they asked you to hold your ID together with a piece of paper with a date and perhaps name of the exchange written on it. I have heard that many times. It's pretty standard. Buying newspapers and standing in front of address signs isn't. Since when is a scan of a recent utility bin not enough to prove your address, for example.

[acroman08]

This is scary as fuck, just imagining the possibility of where it could be used is unsettling. Just a few years back, there were people getting scammed because of AI voice mimicking the loved ones of the people they were trying to scam, but now they can add a video to make it more realistic. AI technology is advancing too fast, and people are not prepared for it.

[promise444c5]

[..]

It may sound weird calling certain KYC requirements normal or standard, but from what I can see on that chopped screenshot of yours, it looks pretty standard to me.

Yeah until you see other requests..like I mentioned, that was just one out of many and it was kinda ridiculous because I have my account verified already(as in all necessary  verification). They didn’t give a reasonable explanation but the funds was actually from my self-custody wallet.

I guess they asked you to hold your ID together with a piece of paper with a date and perhaps name of the exchange written on it. I have heard that many times. It's pretty standard. Buying newspapers and standing in front of address signs isn't

Yeah similar sh*ts I can’t mention..

Since when is a scan of a recent utility bin bill not enough to prove your address, for example.

Most don’t even accept this for verification anymore but could request it if you’re opt into similar “extra” verifications.

[X-ray]

This is scary as fuck, just imagining the possibility of where it could be used is unsettling. Just a few years back, there were people getting scammed because of AI voice mimicking the loved ones of the people they were trying to scam, but now they can add a video to make it more realistic. AI technology is advancing too fast, and people are not prepared for it.

Can imagine a random person impersonating someone and even using real time AI to change their face to scam elderly in the future and forging the ID from that KYC data being sold illegally.

The security relating to KYC data being held by some third party really need stricter measure to make sure the data isn't leaking. It's a dystopian world now and only proper regulation can save it.

[tread93]

https://x.com/venturetwins/status/2011285029541077033

Now that AI is capable enough to accurately mimic anyone if you have a camera, a laptop and an Internet connection, how reliable are current Know Your Customer measures? They aren't. So let's give some feedback to the exchange companies: What's the next measure for the exchange to reliably verify your identity? Go vote.

It's as if Know Your Customer is still put in place, not to prevent money laundering, but to push everyone to voluntarily hand over their bitcoin activity to the government. I know, a wild conspiracy theory that I read on X.

Yes KYC is a vibe check to verify accuracy and that who you're interacting with a real person and not just some bot. I feel like next phase will definitely be some kind of digital id or something that will be used eventally by everyone. The thing is that digital ID is scary when you talk about it from a religious standpoint this all points back to the mark of the beast. Also for the love of God I know someone can help me get past the "666" merit that is coming up on my next single merrit issued to me . It would be really nice if someone diid something to help me out with that.

[davis196]

https://x.com/venturetwins/status/2011285029541077033

Now that AI is capable enough to accurately mimic anyone if you have a camera, a laptop and an Internet connection, how reliable are current Know Your Customer measures? They aren't. So let's give some feedback to the exchange companies: What's the next measure for the exchange to reliably verify your identity? Go vote.

It's as if Know Your Customer is still put in place, not to prevent money laundering, but to push everyone to voluntarily hand over their bitcoin activity to the government. I know, a wild conspiracy theory that I read on X.

The next form of KYC would be having a videocall with a customer support representative of the crypto exchange. I know that this can be faked with AI as well, but the customer support representative should be smart enough to distinguish fake AI videos from an actual person behind the camera. The big advantage of this method is the video can't be pre-recorded and the customer support rep can tell you to do certain things in front of your camera. I doubt that any AI is advanced enough to handle such type of verification, but AI improves every day and we don't know what would happen if AGI becomes a thing.

[Hanadawa]

The next form of KYC would be having a videocall with a customer support representative of the crypto exchange. I know that this can be faked with AI as well, but the customer support representative should be smart enough to distinguish fake AI videos from an actual person behind the camera. The big advantage of this method is the video can't be pre-recorded and the customer support rep can tell you to do certain things in front of your camera. I doubt that any AI is advanced enough to handle such type of verification, but AI improves every day and we don't know what would happen if AGI becomes a thing.

Perhaps in the future, customer service representatives will be trained to distinguish between AI and real people. While AI technology will become more sophisticated and be able to create realistic-looking video calls, it's possible that every KYC service exchange will have customer service representatives who are also experts in AI-based video analysis. AI will become even more sophisticated in the future, but unfortunately, people still struggle to adapt quickly. I have no doubts about trusted KYC services with strict procedures. However, I worry about fraudsters using AI technology to hijack our accounts by exploiting loopholes for human error. It would be very dangerous if our National Identification Number and the data on our ID cards  were exposed. I've done KYC on several websites in the past, and now I realize that KYC must be done carefully and that we must be sensitive with our personal data.

[Smartprofit]

I would give the following advice to cryptocurrency exchanges (I realize this sounds very naive in the current climate): you are commercial companies, not government agents. You should be focused on building business processes and generating profit, not spying on users. People trading cryptocurrency are your clients, and they generate your profits. If you are a commercial organization, you don't need to assume the functions of law enforcement. Law enforcement agencies should do their job better and catch criminals themselves. 🙋

In other words, I am against procedures such as KYC and AML. In my opinion, they violate such a fundamental legal principle as the presumption of innocence. No one can be found guilty except by a court decision. A suspect does not have to prove their innocence. On the contrary, the suspect's guilt must be proven by the investigative authorities. KYC and AML procedures completely devalue this fundamental legal principle.  🤷

So, if modern technology makes KYC procedures pointless, I'm only too happy about it. I don't see the need to advise governments on how to more effectively monitor their citizens. I don't want to be "the devil's advocate".🙅

[Satofan44]

It may sound weird calling certain KYC requirements normal or standard, but from what I can see on that chopped screenshot of yours, it looks pretty standard to me.

The appropriate way to label it would be common or standard since those tend to go along, but to call it normal is not correct. Things that are not normal can be temporarily common for whatever reason, KYC is a cancer that must be abolished.

I guess they asked you to hold your ID together with a piece of paper with a date and perhaps name of the exchange written on it. I have heard that many times. It's pretty standard. Buying newspapers and standing in front of address signs isn't. Since when is a scan of a recent utility bin not enough to prove your address, for example.

That is the thing, it was never real proof of anything to begin with -- it is trivially faked. You can create any utility bin yourself, or better if you have the PDF of a real utility bill that is used in some place then you can edit that more accurately with even less time investment. The whole thing was a joke and in most cases could be easily gamed, it is just that most users are honest and wouldn't game it anyway. It never served any purpose to begin with at all. To make things worse, with AI neither video verification is good enough in most cases at all -- these things are completely pointless. You can create a fake ID, fake utility bill and a fake person on a video and register someone who doesn't even exist. This is not theoretical theatrics as it would be from a regular respondent, I check these things regularly as part of my work. It does work if done properly. The hardest part for the average user may be hijacking the video feed of phone camera if the service in question only allows video verification on the phone.

Yeah until you see other requests..like I mentioned, that was just one out of many and it was kinda ridiculous because I have my account verified already(as in all necessary  verification). They didn’t give a reasonable explanation but the funds was actually from my self-custody wallet.

Since when is a scan of a recent utility bin bill not enough to prove your address, for example.

Most don’t even accept this for verification anymore but could request it if you’re opt into similar “extra” verifications.

As things continue to get regularly and more easily bypassed you are going to see more and more ridiculous asks when it comes to verification. The problem is that the services have to do it, they are not given a choice by the law. However, the prospect of having KYC abolished or even just paused for some time is extremely low -- even if it doesn't work at all.

[lixer]

I highly doubt that AI would be good enough to mimic official documents yet, and you can always go with that. This way, you can get official documents for your name and you will get the best results and it would be trusted.

So far it was ID and photo, and while Photo is easily duplicated these days thanks to AI, there is still very low chance that national ID can be mimicked that easily, and even if they can start doing that, you can do something as easy as electricity bill or whatever and you will be fine.