Creating business account with AdvCash: risk of identify theft?

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MFNL

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Oct 25, 2021
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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.
 
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.
 
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.

diatessaron said:
diatessaron said:
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.
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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.

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This is the probably the answer to your question.
 
Sols said:
Sols said:
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.
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Very well laid out. Would you take the risk of uploading your ID with this company?
 
Samman Kaseeb Sleiman said:
Samman Kaseeb Sleiman said:
What's the difference? It's then become the Onfido or jumio who will get his documents
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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.
 
diatessaron said:
diatessaron said:
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.
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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
 
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