If you ever used KYC you can go to jail now.
This girl is facing 6 years in jail because criminals bought her KYC data on darknet, opened accounts with it, and used it for crime.
She just passed a KYC for a regular platform and the provider leaked all the info of all users. it's now on darknet.
There's a big chance your data has been leaked somewhere sometime, sold on darkweb for dirt cheap. So be carful doing KYC anywhere, from now on.
current KYC and aml practices are CANCER that don't prevent the actual money launderers (government adjacent), but just hurt regular people
This story shows how hilariously broken online identity verification is from all relevant angles.
1. Your SSN, DOB, address history, etc. are sitting in countless data breaches and data-broker dumps. They’re cheap and widely available to basically anyone who looks.
2. KYC/AML mostly just checks that the data exists and matches a real person. It doesn’t confirm the person signing up is actually the real person behind that identity.
Result: Amanda Smith spent three nights in jail and now faces up to six years in prison over a $1,000 CashApp scam account opened with her SSN and DOB. It wasn't necessarily opened by her, and the phone, IP, device, address, and other details don’t match.
The funniest (and yes, saddest) part is CashApp wouldn't give her information about the account because she can’t prove she’s the owner. Her personal info was good enough to open the account, but not good enough to access it in the future, apparently. To be clear, CashApp is likely just following the law here.
Anyway, we need to burn it all down and start fresh.