We’re afraid of KYC because....

[Hatchy]

how does information about large crypto holdings end up in the hands of a malicious actor? Do you often write, even here - "Guys, I added another 10 bitcoins to my cold wallet today!" ? I’m sure - NOT EVEN ONCE!
So how does a criminal find out that there’s someone with significant assets? Let’s discuss it. But something tells me it’s not KYC....

Maybe we could pull up some criminals and ask them  . But honestly, a lot of information about us travels in ways we aren't even aware of. One of the best ways to reduce the chances of sensitive information getting out is simply to keep a low profile.We've seen this with influencers who acquire expensive assets and immediately put them on display for the public. It might feel good to show people what you've achieved, but it also makes you more visible. You never know when that information reaches the wrong people. My point is that there probably isn't some magical technology that can simply reveal everything about you. A lot of the time, it's just data leakage from companies and data centres, information shared online, or even something as simple as telling a friend who tells another friend until the information spreads.

And if we're specifically talking about crypto, blockchain analysis adds another layer. Transactions are public, so if someone can connect your real identity to a wallet through a KYC exchange, a data leak, or some other source, they may be able to trace your on-chain activity and potentially identify other wallets connected to you. That can make you a target as well..

[gracreavix]

For hackers or scammers to actually get to you, they will need a series of leaked information. And with the way data are being leaked on a basis. One might find his way in the hands of scammers with enough data about that person. If we take this further, we can look at it from the angle of the third party handling our data in casinos. The level of exposure of ourselves we have online is alarming. It's getting to the point were we can't trust our data wirh institutions again.

[Muba20]

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?

KYC information can cause many problems if it is leaked. Just as a user may be the victim of hack in online, may also be the victim of a physical attack if someone finds out that the person has a lot of money. If we just think that they cannot harm us online with that information, then that is wrong. They may not be able to do anything with that information in time. That information can also be used for other purposes. If a person's KYC information contains his personal identity card, his email or phone number, and his home address, then if that information is stolen, there will definitely be panic and he can be attacked at any time and in any way. Although it will not happen to everyone, it is not certain who will. So it is better to be safe than to be at risk.

[Hazink]

Most of these casino and data-related centres need to be put under serious regulations which can force them to put more attention to customer's data security and if someone's data gets leaked there should be consequences for that.

The example which the OP gave in relation to my driver's license being used to take loan is the least I'm worried about as that can be settled compared to when the ID might have been sold in the black market and used to commit crimes which one don't know anything about, imagine being prosecuted for crime you did not commit because your ID got to the wrong hand.

[Emitdama]

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.

There is always someone whose identity is sold for a $50 or more in dark web and to be honest, in my country people are willing to sell their KYC even for a dollar, another curse of a developing country. And I don't blame casinos if they got into a data breach because even government databases face leaks too often and they don't really care about the long-term outcomes of those leaks.

A casino wouldn't want a KYC detail in the first place but it is happening as a result of government/regulatory body made it as mandatory criteria.

In many developing countries, selling things for small amounts is always working because now it's giving good results to criminal people; they are able to have access everywhere without any appointment. Having KYC has never been a good deal, but recently, due to many things, it's creating more problems.

Just because of KYC government agencies are also doing their offline stuff through their power because no one is going to stop them from having this recently I have few cases peoples those done hard work and give enough time for having good fortune lost this quickly because agencies blackmail them even few were kidnapped and then after paying huge amounts they were able to have release orders, no one helping them because criminals are giving share to everywhere for having this free money few developing countries are look like hell for crypto related peoples because they are facing deep troubles.

[PhilosopherKing]

The things is that your personal information must not give others direct access to your money before it can now starts to be a problem. Anything could happen like the hacking of that KYC database that store all our personal information, and that could be hell a lot of information sitting in the wrong hands and the person can even use that information to impersonate you or to connect that information with the others things they have already known about you so they can use it to defraud.

As little as our phone number and date of birth is, that things has the power destroy a person if it fall into the wrong hands.

I hope we all know that RN person just need phone number and date to get BVN through USSD, so no more face verification and those other tight security measures thwy we have before.

This is why gambler should be careful of the way they give away their information. They should not be giving it out anyhow they like. And if a casino doesn't mandate you to bring certain personal information of yourself then it is better you dont over do.

[Webutxo]

There is always someone whose identity is sold for a $50 or more in dark web and to be honest, in my country people are willing to sell their KYC even for a dollar, another curse of a developing country. And I don't blame casinos if they got into a data breach because even government databases face leaks too often and they don't really care about the long-term outcomes of those leaks.

A casino wouldn't want a KYC detail in the first place but it is happening as a result of government/regulatory body made it as mandatory criteria.

If people are willing to sell their information for kyc for another person for $50, there is high chance that people's information are sold from most of the places where kyc are done. There is much to made if they sell this information and it's not just to one person or company, they are going to sell to multiple companies to make money and to hide their activities, they are going to lie that they are hack, there is no way to track the way it was hack.

Information are sensitive that once they are Leak, there is no going back, they are not reversible and there is no way you can make up for it. The person that has it can share it to other people continuesly and some information can't be change. Like you can decide not to use an email again, you can change your phone number, but you will not be able to change your name and your identity.

[Fiasem20]

It’s not like everyone is afraid of kyc,everyone has their own preference.The reason why most people are scared of using kyc casinos is the fact that most casinos are capable of sharing/selling their customers personal information to an unauthorized third party.Then again most customers that usually don’t prefer using kyc wouldn’t bother sharing their real personal information to a kyc casino and when your personal information isn’t corresponding to your real personal information and when the casino finds out they would restrict your account or the casino might cause a delayed withdrawal till your fill in your real personal information.I don’t honestly blame any gambler that doesn’t use kyc casino,most customers account have been compromised through their personal information.

[Kavelj22]

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.

I agree with this reasoning but the same conditions applies with all other services we use in real life with which we share personal data. Social insurance, banking, governmental institutions...can also be data hacked or leaked data base and we saw this happening several times in the most protected systems.

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.

If i can afford to trust a service by sending huge amounts of assets, there should be no reasons to fear sharing my personal info. No reasons to trust a system with my money and not trust it with my private docs.

I am not defending the centralized systems but just discuss the idea with you since you made some validated points.

[Die_empty]

Most of these casino and data-related centres need to be put under serious regulations which can force them to put more attention to customer's data security and if someone's data gets leaked there should be consequences for that.

The example which the OP gave in relation to my driver's license being used to take loan is the least I'm worried about as that can be settled compared to when the ID might have been sold in the black market and used to commit crimes which one don't know anything about, imagine being prosecuted for crime you did not commit because your ID got to the wrong hand.

KYC process in many platforms now goes beyond providing an identity. These companies now know there is a black market for purchasing any form of ID. This is why there has been an increase in the requests for facial verification. I know artificial intelligence can be used to create fake facial presentations, but it at least makes the process more complex for these criminals.

Due to regulatory demands, it has become difficult to gamble in reputable casinos. You might be forced to quit gambling if you don't want to give out personal information.

[Smack That Ace]

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

But I won't say that KYC has no legitimate purpose in gambling sector.
There are plenty of legitimate reason for customer identification and verification for AML.

But my objection is that it is wrong to think from KYC is necessary to so the more personal data the casino collects, the better.
We must be careful about exactly what data is legally necessary, who is storing it, who is accessing it, how long it is being kept and what happens if it is breached?

And I will not trivialize the issue of privacy by just saying anonymity.
If any casino can perpetually link my deposit, withdrawal, gambling record and gambling behaviour with my actual identity then that is significant privacy issue for me.

[Versatile_choice]

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

That's the more reason why we ought to be careful when giving out our KYC to casinos or any site, I believe most of this hackers are into hacking casinos or site just to get users information so they can use it to do illegal things. It's just like what happened few months back, a friend of mine didn't know who someone gained access to his micro finance bank and took a loan of 100k and he didn't know about that not until the loan is due and he got a message from the micro finance bank asking him to repay the loan he took months ago, so that's the danger of sharing our KYC details anyhow.

[Cossyblack]

imagine being prosecuted for crime you did not commit because your ID got to the wrong hand.

That's what is scaring me the most, being questioned for a crime i didn't commit,and what if you don't have money to hire a lawyer?.. this is why some gamblers avoid kyc casinos, data leakages has ruined many people reputations. i think some casinos should remove kyc from their platform since they can't protect users informations.. Like you have mentioned,they could use your data to borrow loans and that's risky because they could borrow a very huge amount of money that might be difficult for you to pay..i can't imagine paying for a loan that i didn't borrow,that would be traumatic.

[MorganaX]

Most of these casino and data-related centres need to be put under serious regulations which can force them to put more attention to customer's data security and if someone's data gets leaked there should be consequences for that.

The example which the OP gave in relation to my driver's license being used to take loan is the least I'm worried about as that can be settled compared to when the ID might have been sold in the black market and used to commit crimes which one don't know anything about, imagine being prosecuted for crime you did not commit because your ID got to the wrong hand.

I think the OP was trying to make a point about why so much scare is attached of customer KYC being hacked or sold and in his explanation he actually didn't say that it's possible for someone to use your details to get a loan in fact he is saying that's the least that can't be done even if your data is exposed but aside that as you have cleared yourself there are so many other things that could get back at you if the wrong people get their hands on such information like defamation on the internet and also no privacy whatsoever if you some sort of influential or rich figures, scammers will target you if they have such information and also like I said earlier your Id 🆔 can be used to defraud others and then you get into dip shit.

[yahoo62278]

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 am not afraid of KYC at all, rather I am afraid that casinos/exchanges are going too far. When I go to a casino here in the USA they need my ID. They run the ID in their little scanner and I enter to do whatever I want. Gamble, drink, hang out with friends, whatever I want. I don't have to verify anything like proof of funds, show a utility bill, or any other ridiculous request that these online cocksuckers want. I also don't have to worry about my information being sold.

Now if KYC was as easy as here's my ID that shows my address and you can confirm I am indeed a real person after maybe giving a selfie or whatever, then I would be fine with it. The other crap is just insane and a violation of our privacy honestly.

[CryptoBuds]

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.

While it is impossible to withdraw money directly from your bank or sell your house, it is possible to cause great harm through identity theft.

Suppose some criminals opened fake mobile bank or PayPal account with your document. And used this PayPal account for illegal money transaction. Now if for any reason law enforcement agency are involved in investigation then your name and NID will come up as criminal, and you will have to take responsibility for it.

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

We cannot match the trust level of any online gaming platform with bank and hospital. Bank and hospital follow strict government law and if any data is leaked then they have to pay huge fine. So they are careful in this regard. But gaming platform are usually registered in less regulated countries, so they do not take any significant responsibility after data is leaked.

[goldkingcoiner]

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?

The most important information can extrapolated, for example if someone gets a look at your license then they can find out where you live. All they need is a picture of the license that you sent to the KYC demandee and they can make a fake out of it. And if they really know what they are doing they might even take out loans in your name with a fake license. And you will not find out until a long time later when they are gone and the debt is in your name...

[Davidvictorson]

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?

The risk is data theft or data sale.
Compared to financial institutions, we do not trust the security infrastructure of these casinos.
We do not trust online casinos like that to keep our personal information safe therefore a kyc-requesting is a demarketing feature for that casino.
I remember receiving random emails and I can’t remember signing up on their platform. Very strange but then again we known how they got our data.

[Ayers]

It’s not like everyone is afraid of kyc,everyone has their own preference.The reason why most people are scared of using kyc casinos is the fact that most casinos are capable of sharing/selling their customers personal information to an unauthorized third party.Then again most customers that usually don’t prefer using kyc wouldn’t bother sharing their real personal information to a kyc casino and when your personal information isn’t corresponding to your real personal information and when the casino finds out they would restrict your account or the casino might cause a delayed withdrawal till your fill in your real personal information.I don’t honestly blame any gambler that doesn’t use kyc casino,most customers account have been compromised through their personal information.

KYC is really needed in current online era.
And the biggest risk for me is not that hacker will empty my bank account with my ID tonight because I have done KYC.

The biggest risk here is that a copy of my permanent identity data is entering an ecosystem where I don't know how many companies and provider are holding it, also I don't have any control over their security failure.

That's why I won't go into a blind argument against KYC. Rather, my strong position is in favor of data minimization.
Only as much of my sensitive data as is legally necessary should be collected. No unnecessary copies should be kept.
And the fewer places my sensitive data is stored, shared, or accessible, the better.

[r_victory]

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.