KYC verification and its risks

KYC verification and its risks

By Itsrich | CaptainNemo | 1 Dec 2020

Well, personally I think this is quite an important topic to discuss, because everyone should give great importance to their identity. At present it is almost a custom to carry out the KYC verification, even the most paranoid users have come to carry out KYC to be able to access different services such as: brokers, exchanges and even credit cards.

Don't KYC on every website you find!

Researching a little about active airdrops, I was able to observe that many people perform this type of KYC verification where in most cases they give absolutely all their data to complete strangers only for a couple of dollars and even for pennies in cryptocurrencies. I think they should be more responsible to themselves and research the platforms more thoroughly before handing over their personal data.

Have you ever stopped to think about the consequences it would bring if your personal documents fell into the wrong hands? Have you ever thought that in this technological age the wars of this age are wars for information? Have you ever thought that you could get booked as a criminal internationally for things you didn't do? How many scandals have been produced today by the sale of personal data, where even big recognized companies like Facebook and Google have been implicated?


Do you really know what this type of KYC verification consists of?

This "Know Your Customer" verification by its acronym "KYC" is the procedure carried out by financial entities mainly to comply with international legal regulations against money laundering and terrorist financing, establishing with certainty the identity of the customer or user before to start a business relationship with it by collecting personal data such as telephone numbers, email, national identity card, passport, driver's license and even in some cases require the sending of photos with these personal documents.

Therefore, this KYC procedure has become a fundamental tool to combat illegal transactions in the field of finance not only at a National level but also internationally.


Is it really risky to have a KYC procedure?

Definitely! While it is true that we can perform this type of procedure without any inconvenience with some "secure" platforms, it is very possible that by normalizing this type of verification we will fall into a fraud or scam, even more so if you usually carry out this type of verification a lot. I will give you as an example some negative implications of giving your personal information to unknown third parties.

If you hand over your Citizenship Document or passport frequently and it falls into the wrong hands, that person could commit fraud by impersonating your identity and you would definitely have a very bad time.

Another simple example is providing our email address on any platform without taking into account the implications; The most common is that you will begin to receive an increasing number of spam emails, messages with attempted deception (phishing), fraud, etc. Something that becomes very annoying.


To conclude, while this type of verification effectively reduces the risk of financial fraud for both companies and their users, allowing companies to protect themselves by ensuring that they are doing business legally and with legitimate entities. The truth is that not everything is perfect, as there are currently many fraud companies that are responsible for collecting and selling your personal data, not only for advertising purposes, but more harmful to us. Also, many of the "safe and reliable" platforms are involved in a hack to steal information from their databases.

So my advice is, always, absolutely always, be extremely cautious about your personal documents. Thoroughly research the project you are joining, and make the decision to perform this type of verification only when necessary.

now I want to read your opinion, have you done many KYC verifications? What do you think about it?

Psdt: Don't hand over your data for a few pennies friends!





VE. 24 yo En, Es.


Hey guys, welcome to my blog You can call me Nemo if you like, or just "N" In this blog, I will give you some advice from my personal experience for both beginners and the more advanced; I will also publish research type review of new cryptocurrencies or tokens if which I personally consider a good project; I will also bring you some airdrops, as it is always good to get some free money with them; maybe add some thoughts about this crypto world. Without more to say, welcome.

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