We’re afraid of KYC because....

[DrBeer]

The topic of the dangers or inappropriateness of the KYC procedure in the gaming sector has been raised here many times.
Here’s my take: the KYC procedure is potentially unsafe if this data is stolen or deliberately used by the platform for illegal activities. Yes, it also happens that platforms hire third parties to handle this procedure.
But here’s my question: it seems to me that the information on your driver’s license, for example, wouldn’t allow someone to take out a loan in your name, open a bank account, sell your real estate, or withdraw money from your bank card.
The only potential issue might be the process of de-anonymization - that is, if your anonymity is truly important to you.
But here we mustn’t forget how many "digital footprints" we’ve already left in other places - banks, the police, insurance companies, hospitals, employers....
Share your thoughts - what real risks and SCENARIOS for their occurrence do you see in KYC? I’m specifically interested in the SCENARIO of what might happen and, in your opinion, how it would unfold step by step. Perhaps by analyzing these scenarios, we can find some solutions?

[Oshosondy]

The most problem is the issue of phishing attacks. Just because hackers get a site's customers KYC information, it has been used to steal money from customers several times.

I think that should be enough reason some people may prefer privacy because if home addresses or other information is breached by the hackers, some people can be safe from wrench attacks. If not the person, it can be the family of the person that will be the victim.

Another one is that some people have huge amount of bitcoin and some other cryptocurrencies. I expect them to use mixer for it, but they prefer privacy in a way the coins can not be traced.

Some people are careful but still prefer no KYC.

[bitbollo]

why provide such critical documents - maybe with some measure to avoid leakage?
Most of these services have 0 legal basis for asking any document.
in general they are operating in a grey market and thus they know very well that in some nations/economic areas they are completely illegal/un regulated.
Simply they don't have any valid license. or some even worst they cannot offer any crypto/bitcoin related service.
At the end with crypto/bitcoin it could be seen as an oxymoron following all this burocratic and geographic laws (pretty far from the concept of a free internet).

[Pandu Geddon]

When your KYC data is hacked by someone from a certain platform, you may not lose anything other than personal data. But the lost personal data could potentially cause problems for you. Your email, home address, and phone number could become targets for groups of scammers. Or your data might be sold to other platforms for promotional purposes, such as calls or emails from strangers offering products or other things. It's not a financial loss, but if the number of people contacting you is quite large, it can be very disturbing.

[DanWalker]

It is not the case that KYC data alone should be useful for directly applying for loan or opening bank account.
You know actual risk here is data correlation.

Social engineering and impersonation become much easier when ID, DOB, address, selfie, biometric, phone or email leak information is matched with information from another database.

So the argument that bank already has my information does not seem very strong to me.
Rather, submitting our information to each new database opens another door to risk.

[Showlove01]

The topic of the dangers or inappropriateness of the KYC procedure in the gaming sector has been raised here many times.
Here’s my take: the KYC procedure is potentially unsafe if this data is stolen or deliberately used by the platform for illegal activities. Yes, it also happens that platforms hire third parties to handle this procedure.
But here’s my question: it seems to me that the information on your driver’s license, for example, wouldn’t allow someone to take out a loan in your name, open a bank account, sell your real estate, or withdraw money from your bank card.
The only potential issue might be the process of de-anonymization - that is, if your anonymity is truly important to you.
But here we mustn’t forget how many "digital footprints" we’ve already left in other places - banks, the police, insurance companies, hospitals, employers....
Share your thoughts - what real risks and SCENARIOS for their occurrence do you see in KYC? I’m specifically interested in the SCENARIO of what might happen and, in your opinion, how it would unfold step by step. Perhaps by analyzing these scenarios, we can find some solutions?

Of course if someone's information or data is been stolen online, it can be disastrous sometimes especially if it is been stolen by high tech scammers. so, if a casino know they can not protect someone's or customer's data then they should not be asking for kyc because it is useless since they can not be competent enough. Even if, someone win a huge amount of money they should not request for kyc because they will be exposing these folks at risk. i have seen a scenario where someone was accused of taking loan he did not know how come about reason because his data was exposed.

[coin-investor]

The topic of the dangers or inappropriateness of the KYC procedure in the gaming sector has been raised here many times.
Here’s my take: the KYC procedure is potentially unsafe if this data is stolen or deliberately used by the platform for illegal activities. Yes, it also happens that platforms hire third parties to handle this procedure.

A digital footprint is hard to erase; it can be duplicated, scattered, and fall into the wrong hands, putting you and your family's lives in danger because they can easily track your assets, online presence, and business.

You just never know who's lurking around you now because of the KYC you did many years ago; scammers, hackers and criminals have your profile and they know how and when to target you.

[Lannakosa]

The topic of the dangers or inappropriateness of the KYC procedure in the gaming sector has been raised here many times.
Here’s my take: the KYC procedure is potentially unsafe if this data is stolen or deliberately used by the platform for illegal activities. Yes, it also happens that platforms hire third parties to handle this procedure.
But here’s my question: it seems to me that the information on your driver’s license, for example, wouldn’t allow someone to take out a loan in your name, open a bank account, sell your real estate, or withdraw money from your bank card.
The only potential issue might be the process of de-anonymization - that is, if your anonymity is truly important to you.
But here we mustn’t forget how many "digital footprints" we’ve already left in other places - banks, the police, insurance companies, hospitals, employers....
Share your thoughts - what real risks and SCENARIOS for their occurrence do you see in KYC? I’m specifically interested in the SCENARIO of what might happen and, in your opinion, how it would unfold step by step. Perhaps by analyzing these scenarios, we can find some solutions?

Each of us has gone through KYC procedures many times with banks and other government institutions. But I want to believe that these institutions are better protected and understand how important it is to keep our data secure. As for other platforms, such as exchanges, casinos and other entertainment services, which we have much less confidence in, I wouldn’t want to leave my digital footprint there. I believe that doing so could significantly increase the risk of my personal data being leaked.

[Doan9269]

The topic of the dangers or inappropriateness of the KYC procedure in the gaming sector has been raised here many times.
Here’s my take: the KYC procedure is potentially unsafe if this data is stolen or deliberately used by the platform for illegal activities. Yes, it also happens that platforms hire third parties to handle this procedure.

The gambling casino will not determine on whether they are going to release our personal details with a third party or not, but we should always be aware of the risk involved to use a kyc casino in gambling, because we cannot confidently boast on the security to our information that they will not be reviewed upon request by either regulated authorities or any other third party platform that may require them from the casino, if you can't risk your personal details with the casino, you had better abstain from using them and decide to use a no kyc casino for gambling.

[Rhow]

I have no objection to doing KYC. However, the problem is how and with whom the identity verification information we provide is being stored. You are right. I myself have already given our personal information to banks, hospitals, government institutions for employment or medical purposes in many places. Therefore, it would not be right to single out KYC as the biggest risk just because it is done in online casinos or gambling platforms. However, the difference is that in the case of banks or government institutions, there are usually specific government laws and regulations for data protection. However, online casino platforms can be registered in different countries and their data protection standards are not always the same.

In my opinion, doing KYC is not a problem, but if the platforms take more information than necessary and do not store the information securely, you should be wary of them.

[Dr.Bitcoin_Strange]

If your KYC information gets to the hands of scammers or any of those bad actors, they can not automatically withdraw money from your account or sell your asset like real estate which you mentioned, but they can use the information to create an account with any of these popular mobile money apps like Opay and could use  the account to scam people that knows you since the account will bear your name, some of your friends can fall victim.

So, assuming that someone's private information was leaked from a casino they have done KYC on, if the hacker got the persons BVN, NIN, residential address and phone number, they could call the person and ask the person if 1****21"* BVN belongs to them? The person will be surprised and will say yes and the scammers could go ahead to tell the person that his bank was compromised and they needed the person's extra information to fix it and if the person mistakenly delivered those extra information to them, they will empty the person's account.

If they also got the person's address, it could lead to a wrench attack. There are many ugly situation that could unfold due to ones KYC information being passed unto wrong hands.

[Sanitough]

Before KYC is required, regulators already have controls in place, just like with banks. We entrust them with our private information and documents, and they are required by regulation to keep those details confidential, including our financial records.

The same should apply to casinos, they can be penalized if they intentionally leak or misuse users’ information. So for me, the more important thing is choosing the right casino, one that is properly regulated and has a good reputation, that way the risk we are worried about can be minimized.

in our country under REPUBLIC ACT 10173 DATA PRIVACY ACT OF 2012. that is 3-5 years in prison + monetary penalty.

[Alex077]

The topic of the dangers or inappropriateness of the KYC procedure in the gaming sector has been raised here many times.
Here’s my take: the KYC procedure is potentially unsafe if this data is stolen or deliberately used by the platform for illegal activities. Yes, it also happens that platforms hire third parties to handle this procedure.
But here’s my question: it seems to me that the information on your driver’s license, for example, wouldn’t allow someone to take out a loan in your name, open a bank account, sell your real estate, or withdraw money from your bank card...

I think the real problem is how much personal information casinos can collect during KYC. It’s not just your ID - they may also have your full name, date of birth, home address, phone number, selfies or even videos of your face, and sometimes proof of address and source of funds.
And really  with that amount of personal information, a scammer can look much more convincing when contacting the support team of a bank, exchange, or some other service. This information can also be combined with data from other leaks.

In this case for me, the main question isn’t “is KYC itself dangerous?” but rather who collects the data, exactly what information they collect, where and how long it is stored, and who it is shared with.

[HelliumZ]

KYC is basically done using personal information in which case there is a possibility of personal information being leaked if KYC is done on a scam site. We generally do not want to give our personal information to any bad website because if for some reason our personal information falls into the hands of hackers, they will be able to know our location and the location of our house. In this case, our security comes first and if for some reason our original information goes to hackers, they can harm us in some way. That is why we feel a little scared when we go to KYC with personal information so that the information does not leak.

[Ruttoshi]

Someone else can use your data to register in other platforms using it for illicit activities and if he gets caught, it will be traced back to you and that will land you in a big problem.

We hope that our data is in save hands for our own safety. Wrench attack is also possible.

[Findingnemo]

The potential risk is much bigger than just deanonymization. One can't take out a loan using driver's license but they can use this for more accurate social engineering scam that has more chance of becoming successful and if someone can match the data leaked with another data breach and combine into a more complete profile then they can take out a credit card using these details and use them as they wish and end up damaging your credit score and huge debt.

But this is not issue, you can be safe completely forever but the chance of happening will always be there that is the risk we are agreeing too when we are okay with KYC.

[Yeesha]

The topic of the dangers or inappropriateness of the KYC procedure in the gaming sector has been raised here many times.
Here’s my take: the KYC procedure is potentially unsafe if this data is stolen or deliberately used by the platform for illegal activities. Yes, it also happens that platforms hire third parties to handle this procedure.
But here’s my question: it seems to me that the information on your driver’s license, for example, wouldn’t allow someone to take out a loan in your name, open a bank account, sell your real estate, or withdraw money from your bank card.
The only potential issue might be the process of de-anonymization - that is, if your anonymity is truly important to you.
But here we mustn’t forget how many "digital footprints" we’ve already left in other places - banks, the police, insurance companies, hospitals, employers....
Share your thoughts - what real risks and SCENARIOS for their occurrence do you see in KYC? I’m specifically interested in the SCENARIO of what might happen and, in your opinion, how it would unfold step by step. Perhaps by analyzing these scenarios, we can find some solutions?

Of course if someone's information or data is been stolen online, it can be disastrous sometimes especially if it is been stolen by high tech scammers. so, if a casino know they can not protect someone's or customer's data then they should not be asking for kyc because it is useless since they can not be competent enough. Even if, someone win a huge amount of money they should not request for kyc because they will be exposing these folks at risk. i have seen a scenario where someone was accused of taking loan he did not know how come about reason because his data was exposed.

Sometimes KYC has advantages and disadvantages. But in several cases scammers are using people's data or information to manipulate them. Like what usually happen in the bank, if scammers have access to ones account and know all the data they will use that to manipulate others making them believe that they are calling from the bank by telling every details about them. It is only well educated people who understand the scenarios that those scammers are using. Privacy is actually very important to prevent potential scams. Casino should make a standardise or special security to prevent them from having access to other people's information.

[m2017]

Here’s my take: the KYC procedure is potentially unsafe if this data is stolen or deliberately used by the platform for illegal activities. Yes, it also happens that platforms hire third parties to handle this procedure.

Why do I oppose KYC? Let me explain. I dislike the "one-sided" nature of the arrangement: a gambling platform demands my verification yet conceals its own details (we know nothing about the casino's owners). My stance is simple: if you want my data, provide yours first. After all, it is my money ending up in the casino account, not the other way around.

But here’s my question: it seems to me that the information on your driver’s license, for example, wouldn’t allow someone to take out a loan in your name, open a bank account, sell your real estate, or withdraw money from your bank card.

This information, on its own, will not pose a significant threat.

But here we mustn’t forget how many "digital footprints" we’ve already left in other places - banks, the police, insurance companies, hospitals, employers....

However, when combined with this data, the situation changes radically.

The only potential issue might be the process of de-anonymization - that is, if your anonymity is truly important to you.

Therefore, don't use BTC-addresses linked to your main wallets with casino accounts.

Share your thoughts - what real risks and SCENARIOS for their occurrence do you see in KYC? I’m specifically interested in the SCENARIO of what might happen and, in your opinion, how it would unfold step by step.

Let’s assume your driver’s license details, which you verified for the casino’s KYC process, have fallen into the hands of malicious actors. They have also obtained the BTC-addresses linked to the wallet holding your crypto assets, addresses you used to deposit funds into your casino account or withdraw winnings. By cross-referencing this information, attackers can determine the size of your crypto holdings and your identity, and even locate your home address (using other leaked data, such as municipal records). Draw your own conclusions.

Perhaps by analyzing these scenarios, we can find some solutions?

Avoid KYC. Avoid leaving any data - not just at casinos, but anywhere at all.

[rbynxx]

The topic of the dangers or inappropriateness of the KYC procedure in the gaming sector has been raised here many times.
Here’s my take: the KYC procedure is potentially unsafe if this data is stolen or deliberately used by the platform for illegal activities. Yes, it also happens that platforms hire third parties to handle this procedure.
But here’s my question: it seems to me that the information on your driver’s license, for example, wouldn’t allow someone to take out a loan in your name, open a bank account, sell your real estate, or withdraw money from your bank card.
The only potential issue might be the process of de-anonymization - that is, if your anonymity is truly important to you.
But here we mustn’t forget how many "digital footprints" we’ve already left in other places - banks, the police, insurance companies, hospitals, employers....
Share your thoughts - what real risks and SCENARIOS for their occurrence do you see in KYC? I’m specifically interested in the SCENARIO of what might happen and, in your opinion, how it would unfold step by step. Perhaps by analyzing these scenarios, we can find some solutions?

I do think that you answer most of it all but let's not forget that these days digital theft is rampant and it could mean some serious issues if by chance it goes to the wrong hands. Imagine you'll be sued because you've done harm to other people using your identity without you knowing it or you'll be surprised that someone used your information to issues a loan and that you're also entitled to pay it. Damn, talking about the worst.

I know these days they only required a basic KYC but I really tried to avoid much of it when if it kinds of overreaching to point that it may harm my privacy or security. Do casinos really need KYC or it's the government that just so leech to do it for formality purposes? I mean, criminals can still launder money on casinos these days, both online and traditional.