We’re afraid of KYC because....

[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.

[Bitcoin Smith]

The curse of living in a country where privacy is not valued at all, my KYC is already deep in the shit and there is no going back, so I am less afraid of KYC anymore. I know the importance of it but as I said my national ID is probably leaked multiple times to bad actors, I can only hope it doesn't lead to anything serious for me.

[qurbanshah02]

For those who do not give much importance to identity disclosure while gambling, KYC may be easy to do but with so many KYC free casinos in the casino industry, why would people go to a casino where KYC is mandatory? I don't think there is any need for it. Why would I give my driving license information to just one person or why would I share my NID card information with someone? I don't think there is any need for it. I personally would not go to a casino site that wants to know my identity.

I actually don't think it's necessary, even if they do harm to you after taking these things, they will never identify you. That's why casinos make this thing necessary just to scare you, otherwise it's not very useful in the world. Although these things are more common in life, if we do something wrong and leave our mark, they can identify us. We don't need to reveal our personal things in a way that is not beneficial for us. I'm not just a casino, identify yourself anyway because it is not beneficial for us. They don't do it wrong, but still it's not very necessary, so we should protect ourselves in this way. Many things can happen without kyc, so we should choose a path that doesn't take long.

[Nathrixxx]

If you are using a kyc gambling casino, then know that your information is with any centralized platform that you make use of and you cannot determine to what extent day may expose those details with them, I have seen some people that don't risk their private information on a centralized platform and will rather prefer using a no KYC casinos for gambling, the choice is ours to determine on what we want and not what we are being offered.

[Bluedrem]

I actually don't think it's necessary, even if they do harm to you after taking these things, they will never identify you. That's why casinos make this thing necessary just to scare you, otherwise it's not very useful in the world. Although these things are more common in life, if we do something wrong and leave our mark, they can identify us. We don't need to reveal our personal things in a way that is not beneficial for us. I'm not just a casino, identify yourself anyway because it is not beneficial for us. They don't do it wrong, but still it's not very necessary, so we should protect ourselves in this way. Many things can happen without kyc, so we should choose a path that doesn't take long.

So we will give our own information to someone anonymous? I don't think there is a need for it. You may know that information, like other assets in the world, is a type of asset that has value and it would be wrong to consider information as a lower price than any weapon. A few days ago, I wrote in an article that personal information of millions of people around the world is being traded on a dark site. If personal information is so unnecessary, then why would information be traded there?
If all casino sites did not allow users to play without KYC, then gamblers could gamble by submitting KYC. Since many casino sites allow users to gamble without KYC, I don't think there is a need to share their personal information by doing KYC.

[ruykeri]

people basically do not want to KYC verify because they want to keep their identity secret. Another thing is that gambling companies need users. They need people to deposit, bet, lose or win. Through this, gambling companies will profit. But when it comes to the subject of kyc, I myself am confused as to why they need the personal data of their users. what I think is that. If a particular person  the personal data they gets of it, it will not be any use. But when they get the data of thousands or millions of people. Then they will be able to survey from this data. People of any age basically bet, people of which country bet more, how much budget they start betting with, what time they like to gamble more, what kind of games they bet on, all these personal issues can be surveyed in different ways. With such a large amount of data, They can also get an idea about the financial and mental capabilities of people in a group or an area, just by verifying through kyc if someone gambles. So the matter should not be viewed so easily.

[Swordsoffreedom]

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 won't dismiss this as purely hypothetical.

Just few days ago, I read a news report that FBI is investigating allegation that millions of driver's license from US and Canada are being sold on dark web.
According to that report, those stolen documents included driver's licenses, passports and other identity documents.

Identity theft is not just defined as stealing money from your bank account. It also include using personal information to create new credit account, phone or utility account, employment or impersonate someone else's identity.

And biggest problem is that if your password is leaked, you can change it. But once your face, DOB or basic identity information is leaked, you can't change it again. Once sensitive KYC data goes uncontrolled, it will remain useful for years.

[WhoYouCantKill]

The curse of living in a country where privacy is not valued at all, my KYC is already deep in the shit and there is no going back, so I am less afraid of KYC anymore. I know the importance of it but as I said my national ID is probably leaked multiple times to bad actors, I can only hope it doesn't lead to anything serious for me.

Whether we like it or not, or should I say for most of us, no matter how much we try to protect these information, they’ll still end up getting leaked one way or the other, so just like you said, we can only hope that they don’t cause any serious damage or harm to us. I equally don’t mind filling the KYC out as long as it makes me avoid most of the issues I read and hear people experience due to not passing their KYC.

[DrBeer]

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.

I’m sorry, but isn’t there any information in the KYC data we submit that could be used to steal money? Can you give an example of how that might happen?
For example, let’s say your email address fell into the hands of scammers. The question is: how could they use it to withdraw funds from the exchange? Two-factor authentication (2FA), passwords, and confirmations will stop that from happening. The only option is to send you a phishing email in which you click a link or open an infected file. But… this can be done even without a KYC data breach - mass email campaigns have long been targeting email addresses leaked from thousands of other sources. I have a trap server - it’s already filled with a huge number of such emails. Not many are crafted well enough to make you think it’s a “real email from the exchange.” I’d classify this type of threat more as a problem for users who don’t pay much attention to "digital hygiene" and "digital security".

P.S. Tell me - how many of you use commercial antivirus software?

[o48o]

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 totally understand why they require it, and i am all for it. I don't think it makes sense to try and fight AML laws with anonymity if i actually want to cash out my money at some point.

But what i don't get is why this whole process manages to still be so archaic.

Scanning documents and faces seems pre-historic, dangerous, expensive and slow in contrast when many countries have safe bank and phone verification services.

And on top of that, it's rare where i live to get any paper utility bills or bank statements. They are all digital so i have to walk to bank and pay for them to print them and ask them to send them to my address.

When i used to have a non-disclosure restricted address because of a crazy stalker, it was near impossible to get an account anywhere. These days it would be impossible because most of the KYC services don't even get what i am talking about.

Some of the third party kyc services also seem to be run by incompetent staff and i doubt that they would be following GDPR if i had time or interest to find that out. I am also certain that several of my passports and info are being sold as part of a batch in dark web because of hacks.

[Orpichukwu]

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.

That depends on the country you are coming from. Here, if you gain your access to someone's BVN (bank verification number), you can use that same information if you know their date of birth and how the name is matched to create a mobile bank account which might be used for any illegal activities that will keep the real owner in danger, and even if live verification is being required, with how advanced AI video tools are now, I believe anyone who wants to do such can somehow bypass it.

[M47AK16]

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 have a fair few fears, as follows:

1. The data getting stolen/sold - I often see emails from different websites saying they got hacked and some data was compromised. Now hack is a legit concern and then there is the ever-looming threat of data getting sold.

2. Why am I gambling at a crypto casino if I need to KYC? This is my first impression when I see KYC mandatory. I mean the only reason I got into crypto gambling was anonymity and if KYC is being forced, I'd rather play at some site like bet365 that's miles ahead of most crypto casinos.

3. How will my winnings/wagers be reported to the legal authorities? I'm not trying to evade taxes but sometimes I wonder how the wager and winnings get reported to my government and whether that will create any unwanted tax issues.

[DrBeer]

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).

Exchanges, casinos, and similar platforms operating within the legal framework (legitimate resources) comply with the laws of the countries where they provide services. This is not a whim on the part of the platforms themselves,  these are obligations they are required to fulfill under local laws. Therefore, this process is entirely legal, provided it is done specifically for the stated reason. If these are "gray-market" or illegal casinos - I wouldn’t even register there....

[Oshosondy]

I’m sorry, but isn’t there any information in the KYC data we submit that could be used to steal money? Can you give an example of how that might happen?
For example, let’s say your email address fell into the hands of scammers. The question is: how could they use it to withdraw funds from the exchange? Two-factor authentication (2FA), passwords, and confirmations will stop that from happening. The only option is to send you a phishing email in which you click a link or open an infected file. But… this can be done even without a KYC data breach - mass email campaigns have long been targeting email addresses leaked from thousands of other sources. I have a trap server - it’s already filled with a huge number of such emails. Not many are crafted well enough to make you think it’s a “real email from the exchange.” I’d classify this type of threat more as a problem for users who don’t pay much attention to "digital hygiene" and "digital security".

P.S. Tell me - how many of you use commercial antivirus software?

Some people are falling for phishing attack. It is the most common scam that it can result to. But if you know about phishing attack, you can easily spot it and avoid it. Many people today have been unable to avoid it and are scammed with it. So it is not about you wallet getting hacked alone, it can be about the person send the coins to the scammer or the scammer send malicious link which can be used to steal money from the person.

[Chinesebaby]

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?

There is no doubt that the submission of our KYC to a crypto casino is not different from similar scenarios whereby we also submit these same documents when registering a bank account, an insurance details or when applying for a job both online and offline, whereby we are requested to submit that same document for verification and approval. However, when it comes to gambling platforms, people tend to look at it from a different angle, as some believe that such information can be sold to third parties, unlike a regular bank who wouldn't sell your details to scammers. So thats the reason why people don't always like to verify their identity on casinos. While secondly, another reason why people don't usually like putting their KYC on casinos is because they just want to gamble in secrets.

[DrBeer]

I’m sorry, but isn’t there any information in the KYC data we submit that could be used to steal money? Can you give an example of how that might happen?
For example, let’s say your email address fell into the hands of scammers. The question is: how could they use it to withdraw funds from the exchange? Two-factor authentication (2FA), passwords, and confirmations will stop that from happening. The only option is to send you a phishing email in which you click a link or open an infected file. But… this can be done even without a KYC data breach - mass email campaigns have long been targeting email addresses leaked from thousands of other sources. I have a trap server - it’s already filled with a huge number of such emails. Not many are crafted well enough to make you think it’s a “real email from the exchange.” I’d classify this type of threat more as a problem for users who don’t pay much attention to "digital hygiene" and "digital security".

P.S. Tell me - how many of you use commercial antivirus software?

Some people are falling for phishing attack. It is the most common scam that it can result to. But if you know about phishing attack, you can easily spot it and avoid it. Many people today have been unable to avoid it and are scammed with it. So it is not about you wallet getting hacked alone, it can be about the person send the coins to the scammer or the scammer send malicious link which can be used to steal money from the person.

I wrote about this earlier, and the raw data clearly isn’t coming from the KYC process. Phishing has been going on for a long time, and email data leaks have also been happening for a long time and are systematic in nature. Of course, no one has stopped the KYC leaks, they’ve just added a little more information.

And to follow up on what you said—yes, we’re aware of the criminals’ activities, but a VERY large number of people thoughtlessly click on links like "confirm receipt of 100,500 bitcoins to your account" and download "very important documents" from emails. This attack vector has been around for many years, if not decades.
I suggest we avoid bringing up the topic of "KYC = email leak = money stolen", as it isn’t directly related ONLY to KYC and existed long before KYC.

P.S. Sorry I haven’t had time to reply to everyone yet, but I’ll try. There are so many interesting posts, and many are worth discussing or "breaking down in detail".

[Sobz]

If you are using a kyc gambling casino, then know that your information is with any centralized platform that you make use of and you cannot determine to what extent day may expose those details with them, I have seen some people that don't risk their private information on a centralized platform and will rather prefer using a no KYC casinos for gambling, the choice is ours to determine on what we want and not what we are being offered.

Choosing a kyc casino one should be prepared for the risk that can occur and if eventually it gets exposed to scammers,  i think one must already know how to handle how to go about it. The mistake gamblers mske while using kyc casino is that they dont even understand the risk but the main reason why choosing the casino is because of their own interests. Gamblers needs to understand the difference between kyc and no kyc and also know the risks,  and if the risk is okay, then it means one is prepared to face the challenge that may come with it.

[Tetu100]

The curse of living in a country where privacy is not valued at all, my KYC is already deep in the shit and there is no going back, so I am less afraid of KYC anymore. I know the importance of it but as I said my national ID is probably leaked multiple times to bad actors, I can only hope it doesn't lead to anything serious for me.

That is quite sad so to say, but I just hope you are saved out there bro. But come to think of it, isn't it funny how this casino's will just ask for a customer KYC and at the end of the day they will fail to keep it save. This is a very serous issue and I pray someone didn't get into any serous mess through this because the way in which criminals are going with their activities is enough for someone to be extremely careful so that we don't fall into trouble. Hence this is just one main reason people find it challenging giving out their KYC when enrolling in a gambling platform.

[ejikeme24]

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.

You're right about that, and I think the major reason why some people prefer not to give out their KYC is due to this reason you gave in your first paragraph. Personally I decide not to give out my KYC details due this issue of phishing attacks, over the years we kept hearing stories about how casinos sites got hacked and who knows what they did with people's KYC details, so for this reasons I prefer privacy because i wouldn't want my reputation to be ruin all in the name of trying to have fun. This is just a personal decision as I don't know about other gamblers.

[NeuroticFish]

I suggest we avoid bringing up the topic of "KYC = email leak = money stolen", as it isn’t directly related ONLY to KYC and existed long before KYC.

I agree.


Imho a KYC related list would be:
1. people associate it with giving the actual ID - perception problem
2. certain services may accept only ID (just thinking out loud, I may be wrong)
3. certain services ask for an identification with picture and also bill or document that shows clearly the address - imho this is a real problem, given that a mix of selling the data and this kind of data reaching places easy to hack may get some people into troubles
4. people avoid KYC because it can lead to tax, which some may try to avoid, especially when just converting between Bitcoin and altcoins