SAY NO TO KYC
Data Collection: KYC requires the gathering of personal data such as names, addresses, government-issued identification numbers, and sometimes even biometric information. The extensive collection of such data can lead to the creation of comprehensive profiles, which may raise concerns about the potential for misuse or unauthorized access.
Data Retention: Once collected, the personal data obtained through KYC needs to be stored and retained for a specific period as required by regulations. Prolonged retention increases the risk of data exposure in the event of a data breach or unauthorized access.
Third-Party Sharing: In some cases, financial institutions or businesses may share customer data with third-party service providers for verification purposes. This sharing of information can raise questions about data security and how the third parties handle the data.
Data Misuse: There is always a risk that the data collected for KYC purposes could be misused by employees within the institution or third-party service providers. Misuse of data could lead to identity theft, fraud, or other privacy violations.
Scope Creep: The information collected during KYC may be used for purposes beyond what was initially intended. For example, data collected for regulatory compliance might end up being used for marketing or other unrelated activities, infringing on customers' privacy expectations.
Cross-Border Data Transfers: For international customers, KYC may involve cross-border data transfers to comply with varying regulations. Transferring data across jurisdictions can create challenges related to data protection and privacy laws, as different countries may have different standards and regulations.
himel79 / Himel
npub1fn…fupf5
2023-07-25 10:52:51
Author Public Key
npub1fn80d857h8zhsy8xqu9g9tvap6tnm5hu6u3w40lkulvgz7vgpq4sdfupf5Published at
2023-07-25 10:52:51Event JSON
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"pubkey": "4ccef69e9eb9c57810e6070a82ad9d0e973dd2fcd722eabff6e7d8817988082b",
"created_at": 1690282371,
"kind": 1,
"tags": [],
"content": "SAY NO TO KYC\n\nData Collection: KYC requires the gathering of personal data such as names, addresses, government-issued identification numbers, and sometimes even biometric information. The extensive collection of such data can lead to the creation of comprehensive profiles, which may raise concerns about the potential for misuse or unauthorized access.\n\nData Retention: Once collected, the personal data obtained through KYC needs to be stored and retained for a specific period as required by regulations. Prolonged retention increases the risk of data exposure in the event of a data breach or unauthorized access.\n\nThird-Party Sharing: In some cases, financial institutions or businesses may share customer data with third-party service providers for verification purposes. This sharing of information can raise questions about data security and how the third parties handle the data.\n\nData Misuse: There is always a risk that the data collected for KYC purposes could be misused by employees within the institution or third-party service providers. Misuse of data could lead to identity theft, fraud, or other privacy violations.\n\nScope Creep: The information collected during KYC may be used for purposes beyond what was initially intended. For example, data collected for regulatory compliance might end up being used for marketing or other unrelated activities, infringing on customers' privacy expectations.\n\nCross-Border Data Transfers: For international customers, KYC may involve cross-border data transfers to comply with varying regulations. Transferring data across jurisdictions can create challenges related to data protection and privacy laws, as different countries may have different standards and regulations.",
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}