Generally, for KYC verification at banks, either customer has to visit the bank branch or bank executive visit the customer for paperwork. But, Bitcoin exchanges in India are verifying customers online. I wonder HOW?
User's Photo, Aadhar No. (with scanned copy of Aadhar card), PAN No. (with scanned copy of PAN card), Mobile No. (verified with SMS/Call) and Bank A/C No. are taken. But, how is it verified that the given Photo, Aadhar No. & PAN No. correspond to the given Mobile No. & Bank A/C No.?
What I meant to say is can not identity theft be an issue to these exchanges?
Are you aware that while getting mobile connection from private mobile n/w company, opening demat account, internet connection and other also require KYC documents. Don't you think there is also possibility of identity Theft?
When it comes Identity Theft what about Aadhar card, where your biometric information is stored on some private servers?