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What the hell is Coinbase doing? (self.Bitcoin)

fredititorstonecryptredditor for 2 months が 投稿

Just tried to help a friend register an account and they're demanding access to her webcam?!?!

"we will require you to take a photo of yourself with your webcam"

I understand they need to deal with KYC/AML laws, but no law or regulation requires this. I have accounts with 3 brokerage firms, 2 banks, and Gemini, and none have ever demanded access to my computer's hardware.

Coinbase, what are you trying to pull here? Accessing our computer's hardware is not required by KYC or AML laws/regulations. What's your true endgame?

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[–]specialenmity 6 ポイント7 ポイント  (2子コメント)

I believe they outsourced their identity verification somewhat to Jumio. Check out their website.

[–]Next_5000redditor for 1 month 3 ポイント4 ポイント  (1子コメント)

This link verifies this.

Jumio’s Netverify® solution enables Coinbase to verify user ID cards/documents and then ensure the person holding the ID matches the identity on the card prior to approving increased buy/sell limits within the marketplace. This added level of security is enabled through the Jumio Face Match technology, which allows users to take a live webcam video of their face and compares it to a photo of their photo ID. During the Face Match video stage, the technology detects even the slightest facial movement, ensuring that the user is a real person, not a photo, and that they are a match to the ID being presented.

“Jumio is the best way for us to verify physical IDs and give our customers a frictionless experience to access and scale with our services, while ensuring we prevent ID theft-driven fraud, as well as meet regulatory requirements and KYC for safe and secure transactions,” said Soups Ranjan, director of data science at Coinbase.

[–]specialenmity 1 ポイント2 ポイント  (0子コメント)

But how much does coinbase pay jumio I wonder

[–]baileyaye 2 ポイント3 ポイント  (0子コメント)

I don't have a webcam

[–]sreaka 2 ポイント3 ポイント  (0子コメント)

Sign up for Gemini, I used to defend Coinbase, but fuck that.

[–]YoSoElInredditor for 1 month 28 ポイント29 ポイント  (13子コメント)

"we will require you to take a photo of yourself with your webcam"

Calm down with the hyperbole, they are not asking for "access to her webcam or hardware". They ask for you to take a pic for ID, but there are other ways to prove ID if you don't want to send a pic. Blame the government, not Coinbase.

[–]fredititorstonecryptredditor for 2 months[S] 0 ポイント1 ポイント  (7子コメント)

Blame the government, not Coinbase.

Nope. No other institution that I'm aware of does this. Gemini has to follow just as strict New York regulatory rules, but doesn't do this. This has nothing to do with the government.

They ask for you to take a pic for ID

Nope. A pic is insufficient. They used to ask for a pic. Now they demand your webcam.

[–]fronti1 3 ポイント4 ポイント  (4子コメント)

n that I'm aware of does this.

so you are not aware of all. for example "ING DiBa" an online bank in Germany also provide this (beside other ways) to authenticate you the first time..

[–]ssfantus1 0 ポイント1 ポイント  (0子コメント)

Look man ... whenever people bring Germany as an example all they manage to prove is how shit Germany is.

[–]fredititorstonecryptredditor for 2 months[S] -1 ポイント0 ポイント  (2子コメント)

Are you confusing Germany for the US? The claim that I'm debunking is that US based financial institutions do this regularly, or that it is in any way related to US laws and regulations.

I can name a dozen US financial institutions, as well as US bitcoin exchanges and brokers that specifically do not demand access to your webcam.

I never claimed that no institution any where does it. That's why I specifically wrote, "that I'm aware of."

[–]undystains 0 ポイント1 ポイント  (1子コメント)

A US company abiding by US laws. Who'da thunk it? Gemini requires your SSN. These are not decentralized exchanges. Quit being an idiot.

[–]fredititorstonecryptredditor for 2 months[S] [スコア非表示]  (0子コメント)

There's no law or regulation in the US that requires webcam access; that's why Gemini and almost all other financial institutions don't.

[–]moolochslapper420redditor for 2 hours 0 ポイント1 ポイント  (1子コメント)

lol if you don;t like the ride don't buy the ticket

[–]fredititorstonecryptredditor for 2 months[S] [スコア非表示]  (0子コメント)

And warn other people about the dangers of the ride.

[–]coastermonger 5 ポイント6 ポイント  (5子コメント)

This would be related to fraud prevention.

If you walk into most bank they would ask for your ID to open an account. Being that Coinbase is not able to ask for your physical ID, a picture can help prove you are who you say you are.

This is why you can trade large amounts at lower prices at Coinbase

[–]fredititorstonecryptredditor for 2 months[S] 1 ポイント2 ポイント  (4子コメント)

No, all exchanges and financial institutions require ID. Coinbase used to be like the rest and require that you provide a picture of the front and back of your ID. They can then run it through a database of state IDs to confirm its valid. Coinbase is the only financial institution I'm aware of that won't accept a picture of your ID.

[–]greed_is_badredditor for 1 month 5 ポイント6 ポイント  (3子コメント)

I just created a Coinbase account 2 days ago. All I had to do was provide a picture of my drivers license front and back. It was approved within 2 minutes.

Never did it ask me to take a picture of myself with the webcam or anything else

[–]fredititorstonecryptredditor for 2 months[S] 0 ポイント1 ポイント  (1子コメント)

weird. maybe my friend is being singled out for extra scrutiny for some reason. Maybe they're like, "a woman trying to buy cryptocurrency? Impossible!"

[–]severact 1 ポイント2 ポイント  (0子コメント)

Maybe they are just trying out different methods of getting a user to submit their picture, presumably so someone can look at the results at some point to figure out which method caused the least amount of users to abandon the process.

[–]OfSquidAndSteel -1 ポイント0 ポイント  (0子コメント)

I helped a friend set up a CB account over the weekend and she went through the same process. It was quick and easy!

[–]Whitey4rd 2 ポイント3 ポイント  (2子コメント)

Same thing happened to me. I've had an account for 3 months and all of a sudden when I went to but more Bitcoin I was taken to a page to verify my identity again. I had already done that by uploading my license. This time they made me use my webcam and it took me 8 tries because they kept saying it was too blurry.

[–]eclecticuniversalasredditor for 12 days 0 ポイント1 ポイント  (0子コメント)

I just traded with coinbase an hour ago,. They haven't done that to me yet, but maybe that's because I have already done the 100 selfie thing with Uber

[–]niggerbrianarmstrongredditor for 7 days -3 ポイント-2 ポイント  (0子コメント)

I would give em a picture of my anus, /u/gdax-rosie would be able to positively identify me based on that alone.

[–]n1nj4_v5_p1r4t3 7 ポイント8 ポイント  (2子コメント)

at least they are telling you that they are taking the picture. go back to the main coinbase web site. Does it look professional and spam free? Its not a scam they work great, I dare say the best at the moment, and have been for 3 years.

Also know that these extra layers of security prevent people from stealing your id info elsewhere as it really is readily available to anyone that wants to get it, and then creating an account under your name.

[–]fredititorstonecryptredditor for 2 months[S] -2 ポイント-1 ポイント  (1子コメント)

It's not terribly difficult to create a professional looking website.

Aside from that, these "extra layers of security" are not used by firms that manage far greater sums than Coinbase. I work as a customer, employee, and service provider to 20+ financial firms and don't know of a single one that has ever required access to a user's webcam. Collectively they manage hundreds of billions of dollars and millions of user accounts. All without webcam access...

Lastly, okay, let's say someone creates an account in your name. Then what? That happens every day in far more damaging contexts with home and car loans and credit cards. If someone borrows money in my name, I'm much more likely to be hurt than if someone creates cryptocurrency exchange account in my name.

[–]n1nj4_v5_p1r4t3 1 ポイント2 ポイント  (0子コメント)

I didn't give them web cam access, but I did give them my online fiat banking credentials so they could log in as me. I really do not have alot of money and its insured so i was like sure why not. I have not had any issues.

[–]2112xanadu 3 ポイント4 ポイント  (0子コメント)

Fuck everything about that.

[–]TheNazruddin 1 ポイント2 ポイント  (0子コメント)

Sounds like a phishing scam/fake site. I set up an account last week and I didn't have to do any of that webcam/pic stuff.

[–]mertel_tertelredditor for 3 months 1 ポイント2 ポイント  (0子コメント)

Is she hot and/or promiscuous? Because that's probably why they want access to her webcam. I'd advise against it

[–]OompaLoompaFarts 1 ポイント2 ポイント  (0子コメント)

sounds suspect...

Coinbase user for years - no issues.

No asking for pictures.

Multiple buys

[–]qs-btc 1 ポイント2 ポイント  (0子コメント)

They are trying to reduce fraud by being more sure that the person behind the computer is actually the person whose ID is being provided.

This will ultimately reduce the amount of money that Coinbase looses due to ID theft related fraud. BTW, these losses ultimately need to be passed along to the customer via higher fees, so this will mean that fees might be lowered in the future because of this, or fees might not get raised when they otherwise might need to get raised.

[–]m301888 1 ポイント2 ポイント  (0子コメント)

Send 'em a dick pic.

[–]gta0012 1 ポイント2 ポイント  (0子コメント)

Next week,

Yeaaa we're going to need some dick picks with your username and grandmothers signature.

[–]spottedmarley 4 ポイント5 ポイント  (12子コメント)

https://localbitcoins.com

[–]fredititorstonecryptredditor for 2 months[S] 8 ポイント9 ポイント  (11子コメント)

Nah, don't feel like being mugged or having to arrange dozens of meet-ups to deal with substantial transfers.

[–]spottedmarley 18 ポイント19 ポイント  (3子コメント)

then smile nice and bigly for the camera please

[–]SpaceDuckTech 6 ポイント7 ポイント  (1子コメント)

When taking the picture say, "Mexico is paying for the wall".

[–]Idiocracyis4realredditor for 1 month [スコア非表示]  (0子コメント)

Or "You can keep your doctor" ;)

[–]zongk 6 ポイント7 ポイント  (0子コメント)

Say cheese!

[–]emceenoesis 7 ポイント8 ポイント  (1子コメント)

Okay, then use your fucking webcam or sign up with Gemini or something. Jesus.

[–]fredititorstonecryptredditor for 2 months[S] -2 ポイント-1 ポイント  (0子コメント)

Yes indeed. Why are you angry?

[–]midget_dealerredditor for 2 months 2 ポイント3 ポイント  (0子コメント)

Then you do the mugging, duh

[–]UKcoin 0 ポイント1 ポイント  (0子コメント)

99% of localbitcoins is online, you dont meet people unless you really want to, it's all online bank transfers

[–]winthezipredditor for 2 months 0 ポイント1 ポイント  (0子コメント)

Local bitcoins is legit. Large transactions are done professionally- in a public place, no shady stuff, just show up, pay the fiat, get your coin. Don't part ways until several confirmations roll through - that is something any half-decent seller on localbitcoins already understands.

Just choose a well respected seller, someone with a good reputation. The only realistic issue might be the closest such person being far from your location.

[–]qtdev 0 ポイント1 ポイント  (0子コメント)

I have done this as a freelancer for elance.com

Its pretty humiliating tbh, to "verify" yourself to some skype bot. But one's gotta do what they want if you need their service.

[–]nashguitar1 0 ポイント1 ポイント  (0子コメント)

Coinbase might be trying out new functionality to verify identity. Developers refer to this as a "feature flag" - where only a certain percentage of users see the new feature.

[–]Silversaving 0 ポイント1 ポイント  (0子コメント)

I've bought a few bitcoins off coinbase now, and they still haven't asked for any ID or picture of me.... Last time was just 2 days ago. No idea why they have different rules for different people

[–]Ser_NSFW 0 ポイント1 ポイント  (3子コメント)

I don't know why people keep saying Coinbase is "the best". It may be the most convenient, but look what you have to sacrifice for it. It doesn't hurt to look up any nearby bitcoin atms, or explore alternatives like Gemini or Bitsquare. Be smart with your financial security, people.

[–]fredititorstonecryptredditor for 2 months[S] 1 ポイント2 ポイント  (2子コメント)

I used Coinbase extensively and exclusively until about 6 months ago. From a "trust" perspective, I thought it was best in the sense that they were least likely to abscond with your funds.

Now Gemini offers a similar level of trust, but with less hassle and much lower fees.

[–]Ser_NSFW 0 ポイント1 ポイント  (0子コメント)

Yea I doubt any place would simply MtGox it up again, but Coinbase does regularly and seemingly randomly close accounts and cancel buy orders without giving any reason to those affected. That alone sketches me out, but I've dealt with Butterfly Labs so I'm extremely wary now haha.

[–]CTRL_ALT_DELTRON3030 0 ポイント1 ポイント  (0子コメント)

I use coinbase to buy btc then transfer to a wallet self-hosted (exodus)

[–]hanakookie 0 ポイント1 ポイント  (2子コメント)

I bet you got a Facebook page too. Letting the whole world know about you. So basically CB is doing nothing different. You can't drive privacy from one aspect and not on another.

[–]fredititorstonecryptredditor for 2 months[S] 1 ポイント2 ポイント  (1子コメント)

Surely you understand the difference between a user posting an image to a website and a website being granted control over their hardware?

[–]OfSquidAndSteel 0 ポイント1 ポイント  (0子コメント)

Access and control are two different things, though. Most browsers request access each time.

[–]Steve132 -1 ポイント0 ポイント  (6子コメント)

Yes, unfortunately, the law does require this.

[–]fredititorstonecryptredditor for 2 months[S] 4 ポイント5 ポイント  (2子コメント)

This is simply incorrect. There is absolutely no law or regulation that requires this, which is why every other New York based financial company I work with does not do it.

[–]Steve132 -1 ポイント0 ポイント  (1子コメント)

Knowing your customer requires actually knowing that the person who you are dealing with is the person that they are claiming to be. This requires being able to demonstrate that you had reasonable cause to believe that the person who owned the account matched the documentation they sent you. The regulations for this are even stricter for money transmitters. This is why Paypal, for example, requires such strict laws for linking your bank account and your home address, because to get a bank account you have to go in person and present ID which matches your home address.

I guarantee you that whatever money transmitter you are working with that does not have this requirement has some other method of verification, such as linking directly to a bank with a verified account, or some kind of face-to-face interaction or encounter.

[–]fredititorstonecryptredditor for 2 months[S] 3 ポイント4 ポイント  (0子コメント)

Knowing your customer requires actually knowing that the person who you are dealing with is the person that they are claiming to be.

Not quite. you correct this in the next sentence:

This requires being able to demonstrate that you had reasonable cause to believe that the person who owned the account matched the documentation they sent you.

Bingo, exactly.

The regulations for this are even stricter for money transmitters. This is why Paypal, for example, requires such strict laws for linking your bank account and your home address, because to get a bank account you have to go in person and present ID which matches your home address.

Also true.

I guarantee you that whatever money transmitter you are working with that does not have this requirement has some other method of verification, such as linking directly to a bank with a verified account, or some kind of face-to-face interaction or encounter.

Incorrect. Gemini Exchange for example, the New York based brainchild of the Winklevii brothers follows all applicable KYC and NYL laws in the toughest state in the country and do not require anything face to face. They simply require the same exhaustive list of ID as almost all other money transmitters and financial institutions: pictures/scans of ID, proof of address, and information that can be used to conduct a background check.

[–]deptofgreatjustice 3 ポイント4 ポイント  (2子コメント)

Where does the written US LEGAL CODE mention webcam hardware?

[–]Steve132 -1 ポイント0 ポイント  (1子コメント)

Where does the written US LEGAL CODE mention webcam hardware?

It says that you have to demonstrate that you are taking steps to become reasonably certain that the person who is operating the account is the person whose documentation is associated with the account...which is why you have to go in person to a bank and go on camera to open a bank account, and why paypal requires that you link a bank account with your home address on it to the account.

[–]niggerbrianarmstrongredditor for 7 days 1 ポイント2 ポイント  (0子コメント)

This is false, I just opened a capital one 360 checking account online and never went into the bank or took any photos to do so. I even set up the account using my VPN so they don't even know my real IP.

How do online banks work without physical locations then if you have to go into the bank to set up an account? There isnt even a brick and mortar capital one location in my state!

[–]DarkestChaos -1 ポイント0 ポイント  (1子コメント)

Besides the ability to scan your license, it also allows you to scan barcodes. They need access to your cam for this.

[–]fredititorstonecryptredditor for 2 months[S] 1 ポイント2 ポイント  (0子コメント)

Why do they need it if Gemini and almost all other New York based financial institutions don't?

[–]knircky -1 ポイント0 ポイント  (0子コメント)

Just do it man.