Creating business account with AdvCash: risk of identify theft?

[MFNL]

Hi all,

I am considering creating a business account with AdvCash. However I am learning they are "located" in Belize (on paper), so no regulation..which makes me wonder to what extend it's risky to upload my ID (which is an requirement). I don't want to become a victim of identity theft.... Perhaps I'm (too) paranoid. Or not.

I would appreciate your thoughts. Thanks.

 

[diatessaron]

They probably use a 3rd party automated tool like Onfido or Jumio, if that's the case then ADVCash never gets to see your documents.

 

[MFNL]

They probably use a 3rd party automated tool like Onfido or Jumio, if that's the case then ADVCash never gets to see your documents.

Thanks for sharing your thoughts. I didn't think about this. I'll ask them!

 

[Sols]

The risk of identity theft always exists when you open accounts with financial institutions and undergo KYC.

That risk is exacerbated when dealing with unregulated or poorly regulated financial institutions. They are not subject to the same data protection and record keeping requirements of a financial institution regulated in a reputable jurisdiction. You also have to consider what kind of people set up an unregulated or poorly regulated financial institution, and whether they are more, less, or equally trustworthy as their peers in reputable jurisdictions.

They probably use a 3rd party automated tool like Onfido or Jumio, if that's the case then ADVCash never gets to see your documents.

Financial institutions using third-party tools like those still have access to the documents. They have to, in order to be able to comply with requests for information from regulators.

 

[MFNL]

The risk of identity theft always exists when you open accounts with financial institutions and undergo KYC.

That risk is exacerbated when dealing with unregulated or poorly regulated financial institutions. They are not subject to the same data protection and record keeping requirements of a financial institution regulated in a reputable jurisdiction. You also have to consider what kind of people set up an unregulated or poorly regulated financial institution, and whether they are more, less, or equally trustworthy as their peers in reputable jurisdictions.


Financial institutions using third-party tools like those still have access to the documents. They have to, in order to be able to comply with requests for information from regulators.

Very well laid out. Would you take the risk of uploading your ID with this company?

 

[Jerry1911]

Very well laid out. Would you take the risk of uploading your ID with this company?

AdvCash is fine IMHO.

 

[Sols]

Very well laid out. Would you take the risk of uploading your ID with this company?

That's a personal choice, up to you. I have never been in a position to seriously consider AdvCash as an option.

 

[rkadius]

If you’re smart listen to Martin Everson advice.

 

[MFNL]

If you’re smart listen to Martin Everson advice.

Sorry, I didn´t get that part. Which advice are you refering to?

 

[Samman Kaseeb Sleiman]

They probably use a 3rd party automated tool like Onfido or Jumio, if that's the case then ADVCash never gets to see your documents.

What's the difference? It's then become the Onfido or jumio who will get his documents

 

[diatessaron]

What's the difference? It's then become the Onfido or jumio who will get his documents

I don't know, what's the difference Samman? Might it be that both Onfido and Jumio will not sell his documents to scammers or use those same documents to steal his identity? With that level of paranoia you'd feel better hiding in a forest and never coming out.

 

[Sols]

As mentioned, anyone using Onfido, Jumio, or any such tools have access to the documents.

 

[Samman Kaseeb Sleiman]

I don't know, what's the difference Samman? Might it be that both Onfido and Jumio will not sell his documents to scammers or use those same documents to steal his identity? With that level of paranoia you'd feel better hiding in a forest and never coming out.

You've asked me whether or not you don't know. I don't know whether or not you know.

You can never be sure that "Onfido and Jumio will not sell documents to scammers". You're not them - may not promise on behalf on them