Social media account as KYC requirement?

[Wiwo]

Have you seen the recent development that banks can now demand customers submit their social media handles as part of their KYC requirements? What do you think of this? And what do you think of this if exchanges start demanding social media accounts as KYC requirements?


source

The thing be say if banks demand for social mediation handles of their customers as a means of communication and to verify the identity of the customers whenever they interact with the bank support on social media then I think it a welcome development,  since most of the times, some banks and other institutions respond faster on their social media handles than on the live support of the bank apps because on social media when a custom complain about an issues, it public a.d can easily effectstheit business I left on checked but if some issues goes through the bank apps or websites it can take days before responding.

Aside from the mention reasons I think there may be other negative reasons, such as banks trying to get access to more data's about the customers and also trying to monitor their life through the customers social media activities.

[Fivestar4everMVP]

Have you seen the recent development that banks can now demand customers submit their social media handles as part of their KYC requirements? What do you think of this? And what do you think of this if exchanges start demanding social media accounts as KYC requirements?


source

It's nothing new to some or most of us perhaps, if I still remember well, it was during buhari's government that cbn announced that banks will have to start collecting social media handles of its customers as part of their kyc procedures and verification, and by the time, everyone who heard this was against the move.

By now, it should be clear to us all that the government are not after our good and privacy, they just looking for many ways to always keeps tabs on people and what they are doing, but this is definitely not for people like me, for I believe they wouldnt force one to use a social media if he or she says he or she is not a social media user.
So, if you go to the bank to either update or open a new account, and they ask that you fill in your social media handle, simply ignore that or fill it at your own risk, and trust me, this is a very bad risk to take.

[Agbe]

Have you seen the recent development that banks can now demand customers submit their social media handles as part of their KYC requirements? What do you think of this? And what do you think of this if exchanges start demanding social media accounts as KYC requirements?


source

It's nothing new to some or most of us perhaps, if I still remember well, it was during buhari's government that cbn announced that banks will have to start collecting social media handles of its customers as part of their kyc procedures and verification, and by the time, everyone who heard this was against the move.

By now, it should be clear to us all that the government are not after our good and privacy, they just looking for many ways to always keeps tabs on people and what they are doing, but this is definitely not for people like me, for I believe they wouldnt force one to use a social media if he or she says he or she is not a social media user.
So, if you go to the bank to either update or open a new account, and they ask that you fill in your social media handle, simply ignore that or fill it at your own risk, and trust me, this is a very bad risk to take.

I opened my first Bank account in 2011 with Oceanic Bank which is now EcoBank and second one in 2012 with Intercontinental Bank and now it is Access Bank and when I opened these accounts I was asked to submit my social media accounts  but i didn't and i only submit my email and that time, yahoo mail more popular because people were using Yahoo chat to community like Facebook at that time. Though Facebook was an existence even as then but Yahoo Chat was rampantly everywhere. Mostly we used it to make calls. So this request of submitting social media accounts to banks is not a today thing but since but it was not serious. It was only choice of the customers and not the choice from the Banks.

[Darker45]

Have you seen the recent development that banks can now demand customers submit their social media handles as part of their KYC requirements? What do you think of this? And what do you think of this if exchanges start demanding social media accounts as KYC requirements?


source

It's nothing new to some or most of us perhaps, if I still remember well, it was during buhari's government that cbn announced that banks will have to start collecting social media handles of its customers as part of their kyc procedures and verification, and by the time, everyone who heard this was against the move.

By now, it should be clear to us all that the government are not after our good and privacy, they just looking for many ways to always keeps tabs on people and what they are doing, but this is definitely not for people like me, for I believe they wouldnt force one to use a social media if he or she says he or she is not a social media user.
So, if you go to the bank to either update or open a new account, and they ask that you fill in your social media handle, simply ignore that or fill it at your own risk, and trust me, this is a very bad risk to take.

We also need to realize that the action being pursued by the government like asking for the social media account details during KYC appear to be more bureaucratic and aimed at expanding surveillance rather than enhancing our privacy. Although this would have been frowned at by many, the truth of the matter is that in the current world we need to be more cautious of the dangers that can come with it whenever individuals avail their social media accounts for instance, so easily. The people should be very careful concerning the information they disclose to various banks because at times the institutions will request for information that does not have any bearing to the banking service. Thus, not filling in or fake answering may be also determined as a conscious decision since certain consequences endangering our security and private lives may occur in the future.

[libert19]

Have you seen the recent development that banks can now demand customers submit their social media handles as part of their KYC requirements? What do you think of this And what do you think of this if exchanges start demanding social media accounts as KYC requirements?

If exchanges would lift off limits with merely social media verification, I'll be glad as I find sharing social media account to be much less sensitive compared to KYC documents.

[electronicash]

Have you seen the recent development that banks can now demand customers submit their social media handles as part of their KYC requirements? What do you think of this And what do you think of this if exchanges start demanding social media accounts as KYC requirements?

If exchanges would lift off limits with merely social media verification, I'll be glad as I find sharing social media account to be much less sensitive compared to KYC documents.

the social media account requirement is apart from those KYC documents.  this could really be happening one day. so  its not going to be surprising to see a facebook login button on binance.

in my kid's school, they require the parents to participate in the PTA chat using our facebook accounts.  when i tried using one off my dummy accounts, they confronted me to use my real personal account and i said i have none. they asked me to create one. 

they are too worried that parents may say something negative about their school. if there is anything ELSE negative i would say, its their mandatory facebook account.

[bitebits]

Have you seen the recent development that banks can now demand customers submit their social media handles as part of their KYC requirements? What do you think of this And what do you think of this if exchanges start demanding social media accounts as KYC requirements?

If exchanges would lift off limits with merely social media verification, I'll be glad as I find sharing social media account to be much less sensitive compared to KYC documents.

the social media account requirement is apart from those KYC documents.  this could really be happening one day. so  its not going to be surprising to see a facebook login button on binance.

in my kid's school, they require the parents to participate in the PTA chat using our facebook accounts.  when i tried using one off my dummy accounts, they confronted me to use my real personal account and i said i have none. they asked me to create one. 

they are too worried that parents may say something negative about their school. if there is anything ELSE negative i would say, its their mandatory facebook account.

In fact, the social media requirements are now being demanded for authentication or at least community engaging purposes apart from the necessities of any person. Of course, such policies can cause discomfort because our preferences for using social networks may be different, or we simply like to keep our identity secret online. The imposition that one should provide his or her personal account may look very invasive, especially if the cause for it is to observe the public opinion. The latter is more needed for modern society where people needs to be protected from cyber threats while remaining open and friendly to users; and having an additional option of authentication will greatly contribute to the latter goal.

[electronicash]

Have you seen the recent development that banks can now demand customers submit their social media handles as part of their KYC requirements? What do you think of this And what do you think of this if exchanges start demanding social media accounts as KYC requirements?

If exchanges would lift off limits with merely social media verification, I'll be glad as I find sharing social media account to be much less sensitive compared to KYC documents.

the social media account requirement is apart from those KYC documents.  this could really be happening one day. so  its not going to be surprising to see a facebook login button on binance.

in my kid's school, they require the parents to participate in the PTA chat using our facebook accounts.  when i tried using one off my dummy accounts, they confronted me to use my real personal account and i said i have none. they asked me to create one. 

they are too worried that parents may say something negative about their school. if there is anything ELSE negative i would say, its their mandatory facebook account.

In fact, the social media requirements are now being demanded for authentication or at least community engaging purposes apart from the necessities of any person. Of course, such policies can cause discomfort because our preferences for using social networks may be different, or we simply like to keep our identity secret online. The imposition that one should provide his or her personal account may look very invasive, especially if the cause for it is to observe the public opinion. The latter is more needed for modern society where people needs to be protected from cyber threats while remaining open and friendly to users; and having an additional option of authentication will greatly contribute to the latter goal.

i'm sure there is something else can be done than we submit to this dystopian rules. we seem to be criticizing China or their social credit and their communist party but here we are just submitting our IDs and maybe if they need our DNA i might also send my blood sample.

since its becoming a regular thing already even in schools, i guess we really are all going to be in the dystopian future and the worse is that even the digital currencies can be used against us.

[21Pilots]

i'm sure there is something else can be done than we submit to this dystopian rules. we seem to be criticizing China or their social credit and their communist party but here we are just submitting our IDs and maybe if they need our DNA i might also send my blood sample.

since its becoming a regular thing already even in schools, i guess we really are all going to be in the dystopian future and the worse is that even the digital currencies can be used against us.

Fears of people regarding collection of their personal data are justified as the world is gradually moving towards a more strict observation of people’s activities. Given that more and more people use digital identities, there is a possibility that the details could be used in the wrong way if there are no tight policies in place. Such centrally controlled and issued digital currencies as, for example, can endanger privacy since with such currencies all transactions can be trailed. A report by Freedom House shows countries with a high level of monitoring in the region reduce digital freedoms by 40% more compared to countries with stringent privacy laws. This data call us to mind that personal data and digital rights should be guarded at all cost particularly in averting incidences where digitization is utilized in directing society. To avoid such issues in the future it takes the best effort to call for balanced regulation and retain control over our own data.

[Agbe]

Have you seen the recent development that banks can now demand customers submit their social media handles as part of their KYC requirements? What do you think of this? And what do you think of this if exchanges start demanding social media accounts as KYC requirements?


source

To me there's nothing wrong with this move as it's part of their know your customers requirements because the fact of the matter is that they're allot of scam going on in the country currently so this move will help to reduce fraud related matters because if your social media accounts is linked to your account it will help to know you better and know your friends circle in so doing if any fraud occur it will be easier to apprehend the person quickly

[Axcel777]

Have you seen the recent development that banks can now demand customers submit their social media handles as part of their KYC requirements? What do you think of this? And what do you think of this if exchanges start demanding social media accounts as KYC requirements?


source

To me there's nothing wrong with this move as it's part of their know your customers requirements because the fact of the matter is that they're allot of scam going on in the country currently so this move will help to reduce fraud related matters because if your social media accounts is linked to your account it will help to know you better and know your friends circle in so doing if any fraud occur it will be easier to apprehend the person quickly

This may also be useful for decreasing the level of fraud, as the verification process will be more refined, and the users’ identities will be more explicit. Connecting accounts there is a safer solution that allows for more efficient tracking of violations as well. This is a way to create trust, so that people would start to feel securer in their exchanges.

[Asiska02]

Have you seen the recent development that banks can now demand customers submit their social media handles as part of their KYC requirements? What do you think of this? And what do you think of this if exchanges start demanding social media accounts as KYC requirements?


source

If there are more to this know your customer stuff that they are asking about that is beneficial to the whole masses is okay. I don’t think knowing about your social media handles can make any more change to what they’ve known before about you, but can help to tackle other things that cannot be gotten by just what they usually ask for KYC. I don’t see anything wrong with that though, that’s what we’ve signed for by using th me governments property, so we have to abide and dance to their tone all time as they wish.

[Cryptsafe]

Have you seen the recent development that banks can now demand customers submit their social media handles as part of their KYC requirements? What do you think of this? And what do you think of this if exchanges start demanding social media accounts as KYC requirements?


source

If there are more to this know your customer stuff that they are asking about that is beneficial to the whole masses is okay. I don’t think knowing about your social media handles can make any more change to what they’ve known before about you, but can help to tackle other things that cannot be gotten by just what they usually ask for KYC. I don’t see anything wrong with that though, that’s what we’ve signed for by using th me governments property, so we have to abide and dance to their tone all time as they wish.

I see such as a demand taken too far though but I wonder why all these demands. If as a customer, you have undergone the necessary KYC procedures  in fulfilment of all requirements to open an account, what point they demanding for one's social media handle if it were to be a criteria for loan procurement, that would have been a bit understandable that they would want to check your activities and possibly get some details of your friends and possibly your relatives through your social media handles but that aside it's too much of a demand for account opening.

Well, since it's a government officially recognised institution, I  believe the government would have given consent to it instructing banks to implement it but so far, I have not seen it made as a compulsory requirements though if I am not mistaken so it is a choice to fill it or by pass it.

[Agbe]

Nothing musa no go see for gate.. See sincerely I don't really support this idea of banks starts requiring our social media details because I see no use to it because when gets to those handles there is every possibility they would start watching over their customers to see those that are living a flamboyant life possibly could report to EFCC to come for questioning, so for me, i think this gets so serious I don't mind deleting all my flashy photos and just leave few, and I won't be updating my social media again in order to keep them in the dark.

I don't personally see any thing wrong with it because this directive is coming from the central bank of Nigeria, it's only people who have skeleton in there curb board that will be crying over this new policy because the rate of fraud related wealth in the country is so much so if monitoring customer's social media accounts will reduce the rate of criminally acquired wealth in the country then it's a good policy that needs to be embraced

[Axcel777]

Nothing musa no go see for gate.. See sincerely I don't really support this idea of banks starts requiring our social media details because I see no use to it because when gets to those handles there is every possibility they would start watching over their customers to see those that are living a flamboyant life possibly could report to EFCC to come for questioning, so for me, i think this gets so serious I don't mind deleting all my flashy photos and just leave few, and I won't be updating my social media again in order to keep them in the dark.

I don't personally see any thing wrong with it because this directive is coming from the central bank of Nigeria, it's only people who have skeleton in there curb board that will be crying over this new policy because the rate of fraud related wealth in the country is so much so if monitoring customer's social media accounts will reduce the rate of criminally acquired wealth in the country then it's a good policy that needs to be embraced

Measures that seek to address financial flow in an attempt to curb economic crime can be noble in their pursuit provided they do not approach aighthouse level. Looking at the current increased cases of fraud and corruption, we all have a duty to back initiatives with the potential of enhancing the elasticity of our nation’s economy. But it also means we should make sure that such policies are not misused, or that they turn into an instrument to infringe privacy of law-abiding citizens. If introduced correctly it is possible to state that such policies will lead to a healthier and fairer economy for all parties.