If KYC stays many lives will be lost in the future

[Miles2006]

KYC data should be protected by all means, I know KYC system will not go away definitely they use KYC for verification no doubt but, KYC should be privatized in such a way no third party can hack or search. The level to which KYC data is exposed requires caution, I remembered reading a post on X where the creator complained bitterly how he got surprised seeing his personal informations like an ID on an open site, this is all wrong. Sincerely people will not complain that much if this informations are kept private, if they can’t safe handle customers KYC information then KYC needs to go though many will take advantage of the situation.

[GeorgeJohn]

KYC on its own doesn’t necessarily prevent scams you know, what it basically does is to give platforms a way that they can use to identify and also have a lead on users should incase something goes wrong.

The fear of KYC verification prevent scam from clients, but it doesn't mean that the owner of the platforms can not do scam...Most of the platforms that demands for KYC doesn't really involve in scam...

But another angle to look at it is what really happens when the information collect suddenly becomes a liability after a breach. Just because an organization collects more personal information doesn’t automatically mean that they have better security, especially when the organization holding these data lacks the ability to properly protect them, then it becomes a real problem for them.

I want to let you know that some organisations that demands information for data upload and verification, doesn't really scam...but it depends on the obligations of the platforms..they're platforms that will play a role of sincerity but at end they target is to capture the mind of the people before they strike...

[Nwada001]

They lied that the initiative of KYC is to put an end to internet fraund that is connected to Bitcoin and other cryoto, to put an end to money laundering but the reality now is that the rate of online fraund and theft is so high and their so call KYC is not able to even reduce the theft, neither did it stop money laundering, so their is need of having it when it is not solving the problem they claimed it was meant to solve, so it would be good they just stop which I doubt they will listen.

There are some laws that are just made for certain people and not entirely for all, as we know hackers don’t even care about KYC. If they want to launder their hacking proceeds using a KYC-enabled platform, it won’t be in their list; they always have their ways of removing the trace. The idea behind KYC is just a system they want to use to monitor the people; it is not really there to prevent fraud. It's only in rare cases that they have been able to link criminals to their identity through crypto exchanges; if not, it’s more about taxation and others.

[L E G E N D A R Y]

KYC on its own doesn’t necessarily prevent scams you know, what it basically does is to give platforms a way that they can use to identify and also have a lead on users should incase something goes wrong.

The fear of KYC verification prevent scam from clients, but it doesn't mean that the owner of the platforms can not do scam...Most of the platforms that demands for KYC doesn't really involve in scam...

Yes not all those platforms actually indulge in scam and crimes but there are situations that these platforms could be compromised or hacked, and when that happens, we only think that the only thing they lose is the money, but if you really check, you’ll realize that asides the money, the hackers also steal the user’s data, email, account and other personal information that could be used later to defraud these individuals. The platforms may not be directly involved in the scam but they somehow contributed to it.

[GeorgeJohn]

KYC on its own doesn’t necessarily prevent scams you know, what it basically does is to give platforms a way that they can use to identify and also have a lead on users should incase something goes wrong.

The fear of KYC verification prevent scam from clients, but it doesn't mean that the owner of the platforms can not do scam...Most of the platforms that demands for KYC doesn't really involve in scam...

Yes not all those platforms actually indulge in scam and crimes but there are situations that these platforms could be compromised or hacked, and when that happens, we only think that the only thing they lose is the money, but if you really check, you’ll realize that asides the money, the hackers also steal the user’s data, email, account and other personal information that could be used later to defraud these individuals. The platforms may not be directly involved in the scam but they somehow contributed to it.

A big company will protect the interest of their company, and they will definitely have a software that's dedicated to protect their computers and Internet server's...It's a company that doesn't have the licence or ambition for future existence that will operate without anti-hacking agent's or policy...if company is been hacked, know quite well that personels of the company is involved into such act...it's inner company workers that will review the secret of the company by releasing a vital information to the hackers, before they can have access to penetrate into their database...

[Nanga Parbat]

I think Governments have already been doing KYC for us since then from different kind of identity data and information like Birth certificate, Tax record, and any type of affiliated identity related to users has been asked by them since then. The only thing is the linking of these identity to the crypto users which most Government doesnt have yet at least what I knee from our country. Appteciate the insight fam!

In most countries, KYC started as soon as any child was born, it's never been an issue. Without this, living is not possible in any country or region, but the real drama is now the leakage of data, which is frequently happening, and people are losing their stuff due to this data leakage because they are entering into places that are restricted for them, but they are able to do so due to leakage, which is always an insider job.

Keeping this data safe from cheaters and scammers is now the main agenda, but nothing is happening despite having enough investment in security and hacks in the last few weeks. Enough damage has been done, and now people are feeling not good about things, which is why they are providing for KYC in our country. Things are not working as needed, but they are working because it's important, if they fail, surely it's going to be a problem for them and others as well.

[TastyChillySauce00]

I was under the impression that there is no way scammers can forge fake IDs and documents to pass the KYC verification and it shouldn't be that easy. Apparently it's a real thing according to this news, Web fraud enters a new age as complete 'synthetic identities' can now be bought for as little as $200 on dark web marketplaces.

Basically we the normal people get to risk our identity by doing real identity verification while scammers can forge identity and don't even worry about their id getting leaked. Crazy honestly. More reason why KYC isn't really to avoid scammers and instead putting our lives in danger.

Well before they can however with the higher standard now these guys cant do it. Aside from submission of fake IDs or document, platform now have secondary confirmation like selfie and video proof or actual verification of the users biometrics before even being approved and if they still cautious probably another layer of verification is present besides that. Live verification isnt easy to forge or to overcome unless their devs that can magically makes your face the same with the fake IDs.

Maybe even liveness verification could already bypassed by AI with Seedance 2.0 for example. I've witnessed AI creators on social media demonstrating replacing themselves with a movie characters and it's pretty accurate, if they could do something as sophisticated as that, it's within the possibilities that maybe they could override the cam with the AI edited video and bypass liveness because it's literally real time.

A year ago I saw chinese X accounts bypassing Binance KYC verification for Binance Alpha program. It's entirely possible that hackers, people who know their way around these thing, already find a way to even bypass liveness verification using AI.

[fighter2627]

In my understanding, it seems unclear that the kyc implementation will disappear forever in the regulations that exist in every country. Even though we are here in the crypto space, I know that we have a choice whether we want kyc or not.

Especially if the cryptos that are in the regulation stage where kyc is implemented like the exchanges that we have here, and the dex is also here if we don't want kyc, although it seems like the thing that is being discussed is okay but overall I don't think kyc can be removed in my opinion.

[Abiky]

I was under the impression that there is no way scammers can forge fake IDs and documents to pass the KYC verification and it shouldn't be that easy. Apparently it's a real thing according to this news, Web fraud enters a new age as complete 'synthetic identities' can now be bought for as little as $200 on dark web marketplaces.

Basically we the normal people get to risk our identity by doing real identity verification while scammers can forge identity and don't even worry about their id getting leaked. Crazy honestly. More reason why KYC isn't really to avoid scammers and instead putting our lives in danger.

You'll be amazed to know how far scammers will go. I've heard the situation is now worse with the advent of AI. It's super easy to create realistic images of a person and even fake ID "via the push of a button". The solution for this? Biometrics. KYC-compliant platforms would ask for a person's biometric data (such as a fingerprint or Iris scan) to confirm validity. There's no way scammers can get through this. Unless they cut off someone else's finger or take out someone else's eyes (extreme-case scenario).

The problem of KYC is that data is stored on a centralized server. Spreading it across multiple servers (distributed) would prevent the data falling into the wrong hands. Zero-Knowledge proofs would be a big help. I'm sure crypto exchanges and companies will think of something. It's their business, anyways.

[PrivacyG]

It's a company that doesn't have the licence or ambition for future existence that will operate without anti-hacking agent's or policy...if company is been hacked, know quite well that personels of the company is involved into such act...

It does not have to be the personnel involved.  It is enough if it happens even a single time to a company with very large Know Your Customer data base, it would do enough damage.  You can see what happened in The United Kingdom after Age Verification.  Do you think Discord has no ambition for future existence and that is why it got hacked?

[Lembo69]

You'll be amazed to know how far scammers will go. I've heard the situation is now worse with the advent of AI. It's super easy to create realistic images of a person and even fake ID "via the push of a button". The solution for this? Biometrics. KYC-compliant platforms would ask for a person's biometric data (such as a fingerprint or Iris scan) to confirm validity. There's no way scammers can get through this. Unless they cut off someone else's finger or take out someone else's eyes (extreme-case scenario).

The problem of KYC is that data is stored on a centralized server. Spreading it across multiple servers (distributed) would prevent the data falling into the wrong hands. Zero-Knowledge proofs would be a big help. I'm sure crypto exchanges and companies will think of something. It's their business, anyways.

To be honest, Artificial Intelligence (AI) is becoming increasingly risky; it can easily generate exact replicas of people's photos and signatures, or even extract sensitive information. Many major companies now prefer using AI to handle their accounts and data. However, the mistake they make is that their data remains stored within the system, making it an easy target for hackers. Some people have become so trusting of AI that they do not hesitate to share screenshots and confidential information when troubleshooting account issues. While AI certainly offers benefits, I believe the potential for harm currently outweighs the advantages. We need to be more cautious and should not rely on AI to solve every problem we encounter. As the OP mentioned, the number of hackers is steadily rising. However, if an investor remains vigilant and conducts thorough due diligence in all their activities, they can avoid these issues and keep their investments risk-free.

[bangjoe]

In my understanding, it seems unclear that the kyc implementation will disappear forever in the regulations that exist in every country. Even though we are here in the crypto space, I know that we have a choice whether we want kyc or not.

Especially if the cryptos that are in the regulation stage where kyc is implemented like the exchanges that we have here, and the dex is also here if we don't want kyc, although it seems like the thing that is being discussed is okay but overall I don't think kyc can be removed in my opinion.

We have to know how governments, they want control, they want oversight for their tax targets, for power and alignment, instead of talking consumer protection and crime prevention using bitcoin etc.

You'll be amazed to know how far scammers will go. I've heard the situation is now worse with the advent of AI. It's super easy to create realistic images of a person and even fake ID "via the push of a button". The solution for this? Biometrics. KYC-compliant platforms would ask for a person's biometric data (such as a fingerprint or Iris scan) to confirm validity. There's no way scammers can get through this. Unless they cut off someone else's finger or take out someone else's eyes (extreme-case scenario).

The problem of KYC is that data is stored on a centralized server. Spreading it across multiple servers (distributed) would prevent the data falling into the wrong hands. Zero-Knowledge proofs would be a big help. I'm sure crypto exchanges and companies will think of something. It's their business, anyways.

To be honest, Artificial Intelligence (AI) is becoming increasingly risky; it can easily generate exact replicas of people's photos and signatures, or even extract sensitive information. Many major companies now prefer using AI to handle their accounts and data. However, the mistake they make is that their data remains stored within the system, making it an easy target for hackers. Some people have become so trusting of AI that they do not hesitate to share screenshots and confidential information when troubleshooting account issues. While AI certainly offers benefits, I believe the potential for harm currently outweighs the advantages. We need to be more cautious and should not rely on AI to solve every problem we encounter. As the OP mentioned, the number of hackers is steadily rising. However, if an investor remains vigilant and conducts thorough due diligence in all their activities, they can avoid these issues and keep their investments risk-free.

This is one of many other risks that come with a system that contains user data, when the hacker knows that user data can access many DApps, exchanges and other exosystems where money is parked by users, it can be easily exploited for them, and AI (I mean the cooler SI) will help them do a better job of manipulating user data to gain access, it could even creep into some traditional financial applications with the same data, it's possible! CMIIW