Susie on Nostr: KYC requirements keep expanding while the systems holding our personal data ...

KYC requirements keep expanding while the systems holding our personal data repeatedly fail to protect it.

A few recent incidents:

- Revolut: ID and account histories sent after fake official requests.
- Swiss Bitcoin Pay: emails, IBANs and transaction data accessed
- Pocket Bitcoin: data on 5,411 people exposed
- SafePal: almost 40,000 customers affected

Global context:

- 43% of UK businesses hit by a cyber breach or attack last year.
- Average data breach cost: $4.44m globally
- FATF effectiveness scores ~28% globally

The policy response remains more KYC, more collection and more sharing.

We are building ever-larger stores of identity and financial data without clear evidence that this level of surveillance is delivering proportionate results, while the systems holding that data continue to fail.

You can check whether your data has been caught up in a breach at Have I Been Pwned:

haveibeenpwned.com

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We should be careful about expanding surveillance in the name of safety. Decades of extra data collection have not eliminated financial crime.

With Bitcoin, 'more data' can mean permanently linking people to visible stores of value on a public ledger.

That is a different risk from banking, and it is hard to unwind once it is done.

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