Post
Topic
Board Project Development
Re: Financial value of KYC verification
by
Kemarit
on 08/05/2019, 01:03:53 UTC
It depends because some would really jump in to give out their information for $20-40 just like on that airdrop of XLM.
It's ridiculous. Just because your info might sell for $20-40 (or a few hundred dollars, depending on how much you give away), it can cost you tens of thousands of dollars to recover from identity theft. If someone opens credit cards or takes out loans in your name, you will initially be liable for them, and you will have to pay hefty lawyers charges to investigate and resolve them. They can use your details for tax fraud, and land you in serious trouble with the IRS or your nation's equivalent. They can commit insurance fraud, and claim against your insurance policies (including medical). They can even land you with a criminal record.

It can cost huge sums of money and take years to recover from identity theft. You can end up with a useless credit score or a criminal record. It just simply isn't worth it for a $20 airdrop.

I think KYC information is not so expensive!

Of course it's not expensive, but the effect of it might be. Imagine if your personal info was leaked somewhere and uses it to scam people.

That's why smart people here doesn't give their info in a bounty just for peanuts because there could be a chance that they can sell or in a event of a hack, all your details are out in the dark web.