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WHY KYC CAN BE DANGEROUS!!! đ
â Read the full post, as this is an important one:
"KYC is the act of throwing 99 innocent people under the bus in order to make law enforcement's job catching 1 bad guy a little easier. The 99 shouldn't tolerate it."
The picture shows what I recently found on Twitter.
Why should you care and what should/shouldn't you do?
Leaked KYC data makes you vulnerable to attacks like sim-swaps, which allow attackers to bypass your 2FA security, but also comes with even bigger danger.
Leaked documents can lead to scammers opening online bank accounts in your name, taking loans & putting you into a horrible financial situation.
Deepfakes and simple Epson printers with ID card printing features make it possible to even fake real-time online verification processes.
Conclusion:
Be EXTREMELY cautious where you submit your KYC information. If small, not properly secured projects require KYC for crypto allocations and similar, remember that you're making yourself vulnerable the moment you submit your data.
You can never be sure that your data is encrypted and saved in a secure spot. You just can NEVER be sure.... so IF you submit KYC data, make sure that you don't do it left, right, center wherever you go, but only provide big, trustworthy and well established companies with these kind of details.
You will thank me later.
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