We’re afraid of KYC because....

[blockman]

It's not new to me that what you have stated OP is one of the dangers of KYC. When it's leaked and got into the wrong hands then that's the risk that we're talking about it. We've got it in our government where our data has already been leaked and sold in the dark market and that's why we couldn't careless anymore about the situation. While in the business procedure of the casinos why they have to do it, they also have to protect it as they're being required to. They pass on the requirements to us and even if they do not want it to happen, we have no choice especially if we have funds left on them.

[leonair]

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.

Believe it or not, here in Brazil I've seen many cases of companies opened in other people's names (even deceased people), loans taken out, and even people practicing medicine using forged documents of real doctors. It's absurd, isn't it? I have no problem doing KYC when requested, but the leak of this information can cause serious harm to someone's life if used by criminals. If you do some research, companies practically sell or exchange their users' data with each other; there's a market behind it. I receive emails and phone calls from all kinds of businesses, and most are legitimate, but I didn't request or authorize them.

The thing is that doing KYC is very easy on some platforms, for example, on gambling platforms, KYC can be completed without any live facial scanning. There are other platforms where this type of KYC is approved by just uploading documents. I don't think about my documents in such a way that someone will withdraw any kind of loan with my single document because there is no such system in my country. However, I am afraid that someone will use my documents on some illegal platform and do criminal activities there. People can buy personal documents on the dark web, how do they supply them, of course, they hack the user's KYC data from different platforms or buy the data from the platform. So doing KYC is risky in some cases. If doing KYC is mandatory, I do it, but there is always a fear in my mind.

[Joy- maker]

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.

I understand that it is not a financial loss, but when we look at it from a different perspective the risk attached to losing your personal data to a hacker who is a total stranger is high, and it is something we need to be worried about.

Once someone commit a crime using your personal data you're to be held accountable, and if you are unable to provide a convincing evidence that you were not the one behind that crime them you have to face the the consequences.

I have witnessed cases were people went to jail for crimes they never committed, simply because their personal information were used to scam people.

[Jubilee58]

We cannot totally avoid the use of kyc in the gambling sites, this is because these gambling sites makes kyc something that is very compulsory especially before you make huge withdrawals. Besides, it is the decision of the gambler to make if he would not enable kyc. On the other hand when you don't enable kyc as a gambler, I don't really know how your gambling account can be protected because I feel anyone can temper with it which is very dangerous. When an unauthorized person gains access to your gambling account, that person can cause some harm to that account, and if you even have some fund there, it can also be tempered or made away with.

I quite understand gamblers are being very careful to verify their identity online for their own security, but I think the reason behind that might not be to fraud gamblers or use the information on their platform to defraud gamblers, and is only when you don't have trust on the gambling platform that one can be afraid.
There are some platforms with good number of users, and if they happen to compromise their reputation by defrauding gamblers with their information, and pretending to keep their accounts safe, then they stand the chance of loosing their customers, and also the reputation of the gambling company.

[Powerjumboo]

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 don't think there is any problem with doing KYC and even if someone steals my personal information, I don't think it is a serious problem because who can steal my personal information and do anything with it. They can't open a bank account, they can't make any land documents and they can't embezzle my money. But one thing that you have also revealed is that they can steal my identity, but I am never afraid of that because I am not that well-known and famous. Maybe famous people and well-known people like the head of government of a country or the owner of a big investment business who is known all over the world, if their information is stolen, then there may be a problem for them, but I don't think we will have any problem.

[Churchillvv]

Perhaps it might seem like we already have ourselves exposed to the world in general knowingly or unknowingly, consciously or unconsciously but however the issue of KYC misuse is that, you can wake up one day and someone has committed a crime in your name because the people who handles your KYC sold it to the wrong people.

KYC has every details of you and in this details companies need them for their marketing, imagine that through your KYC, your health condition is known, and the pharmaceutical companies use that to control your life, it may sound unrealistic, I just don’t know how to put it together but such things happen this whole world operates with database and that is what is needed for the success of anything you see. You may not believe it but maybe someone will be able to explain better to you.

[Patikno]

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?

Honestly, the thing I fear most about KYC is the exposure of my residential address. I know that many people have already left behind a significant digital footprint, especially through the websites they visit; whether via stored logs containing hardware and software details, or IP addresses. In my view, both that residual digital footprint and the data submitted for KYC represent potential risks. Well, I don't necessarily expect my worst-case scenario to actually happen, but it clearly poses a threat, doesn't it ? A direct physical attack is what I fear the most.

[Hispo]

In my opinion, the most dangerous thing which could happen to our information is getting it stolen by some hack group, and eventually that information being sold to other criminal organizations, so they can use our identity to launder money or commit other kinds of fraud, for example.
That is because most of the time that KYC information is just enough for one to sign up to casinos and exchanges, so realistically, if it gets stolen, other people could open casino and exchanges accounts o our name and use them to try to launder money.

When comes digital footprint, that is not as dangerous as someone getting access to our information data and a picture of our National identity card or drivers license.

does it seem little to you? they recently stole a lot of bitcoins imagine what they can do with our information
some are very delicate and important, like photos of documents for example
Who guarantees that they store them well? no one, when they are stolen the damage is done

I never said it was something which should not be taken seriously. All the contrary, because of information and data leaks like those we have seen in these lastest years, there has been a increase of physical attacks against people who hold Bitcoin and other Cryptocurrencies.
That was the case of the date leaks of Ledger and Trezor, the same thing can happen with data we provide to casinos and bookies.
And since those are casinos and bookies with deal with crypto assets, then an attacker would already have information on us and know we deal with those kind of assets, which is specially convenient for them to commit their crimes and pocket our Cryptocurrencies.

[Silverstonez]

It's not new to me that what you have stated OP is one of the dangers of KYC. When it's leaked and got into the wrong hands then that's the risk that we're talking about it. We've got it in our government where our data has already been leaked and sold in the dark market and that's why we couldn't careless anymore about the situation. While in the business procedure of the casinos why they have to do it, they also have to protect it as they're being required to. They pass on the requirements to us and even if they do not want it to happen, we have no choice especially if we have funds left on them.

Data leaks are one of the reason why I don’t like platforms that usually ask for kyc, many people are in jail today because someone used their personal information to scam others. We should be careful how we give out our personal informations to platforms, especially if we have no idea on how strong their security systems are, because there are platforms with weak security systems, also when the platform have unclear ownership or no clear reason why are collecting personal data.

[Sonia_123]

Most gambler that don't involve  on KYC are scared of their infoe not properly protected by the casinos because of hacker, scammers, phishing and other attacks that may occur when involved in an untrusted casinos and so to avoid loss of funds from their wallet they prefer to skip that process.

[Dogedegen]

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?

Phishing attacks and wrench attacks. With your ID and information about your transactions, you can be connected to everything that you own in crypto in some cases. But even if it is not everything, if you are connected to significant enough value then you may be attacked because of this. So why risk it? We have seen so many wrench attacks in the last 2 years that this is not a theoretical attack anymore, it has become reality for many users. We can make 2 lists here to compare:

Benefits of submitting KYC

• Nothing.

Downsides of submitting KYC

• Data harvesting.
• Financial tracking.
• Privacy loss.
• Risk of different attacks such as phishing and wrench.

Why would there even be a question of this at all? The user himself does not gain any kind of benefit from doing KYC, and those that believe falsely that there is a benefit to be had are being tricked by the designers of these systems. If systems give better options when you submit KYC such as on an exchange, those are not the benefits of actually doing KYC. When the system is designed to incentivize one kind of action, the benefit comes from the system design. If there was no KYC at all, then there would be no benefits, limits or anything related to whether you submitted KYC or not.

There are many kinds of dangers in the crypto world, we must always look for ways to reduce the chance that we get attacked. Because of that, not doing any KYC is the right decision because it always keeps the attack options limited.

[laijsica]

You should carefully decide whether to engage with a gambling platform KYC verification process. You should consider how reliable the casino is and how long it has been in the market. Take advice from experienced gamblers instead of just looking at ratings. Your data can be stolen from any platform, but the less popular and more advertised platforms are more likely to have data stolen.

There is no alternative to doing KYC verification to get the potential benefits. Data theft happens a lot but you cannot say for sure where your personal data is stolen from. In some countries, the government system has the information of every citizen with the law enforcement agencies. They can easily track you, but the problem is that when criminals have your personal information, they can know in detail about your assets and can monitor your movements and defraud you. Be as careful as possible and avoid doing KYC verification on cheap platforms in the hope of making extra profits.

[OgNasty]

I’ve heard lots of reasons why people are afraid of KYC. From tax reporting reasons to not wanting to be kidnapped or robbed in their homes for being a high roller. Mostly I think people just don’t like sharing their details when they feel like they shouldn’t have to. Privacy is rarely ever a bad thing.

[Julien_Olynpic]

Of course, no one likes KYC. However, this driver's license verification procedure does seem unavoidably acceptable to me. What I hate is when gaming sites or crypto exchanges require you to take a selfie with a piece of paper containing sensitive information. These photos often leak online, and you really do look stupid. Statistics show that in many European countries, there are numerous physical attacks on cryptocurrency wallet owners. And this information, which links the Bitcoin address, your home address, and your spending on gaming sites, can fall into the hands of criminals, including through casino leaks.

[Ronsbit]

KYC reveals a whole lot about a customer's Identity, it does not just end up there, it is also risky in the sense that it could be used to launch a physical attack if it falls into the wrong hands that likely resides maybe in the same city as you.
The attacks that comes with a KYC procedure is far much risky than what we think it to be. KYC is not something we should always be doing at request but a proper verification about the platform and also if one is doing KYC, then it should be worth it and your information safety guaranteed.

[JoyceBTC]

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.

When your personal data gets into the hands of scammers, it can also be used to scam people. Imagine someone getting scammed by other persons but since it’s your information there, they think the fraudulent act is committed by you which can be very bad. One can even go to jail for crime they didn’t commit or know anything about. So at this point, it is very important to protect our personal information and make sure we also use casino that protects it too.