Thread

AML/CFT laws make you less safe. Not more. In 2022, 78% of European banks experienced a data breach. Yet AML/CFT laws continue to attempt to mandate increasing amounts of data collection, from IP Addresses to social media activities. This data is routinely targeted, exploited, and sold on dark markets. In honor of gigabrain takes like "We NeEd SuRrVeiLlAnCe To FiGhT CrImE", this Rage Weekly I compiled a list of 40+ recent data breaches involving the leak of personal data – just in case anyone tries to tell you that increased surveillance leads to an increase in security. Full list 👉
The Rage
Rage Weekly Data Breach Special
Rage Weekly is a weekly linkdump bringing the best content on financial surveillance and beyond directly to your inbox. Subscribe for free or read ...

Replies (16)

Amen #FreeSamourai
L0la L33tz's avatar L0la L33tz
AML/CFT laws make you less safe. Not more. In 2022, 78% of European banks experienced a data breach. Yet AML/CFT laws continue to attempt to mandate increasing amounts of data collection, from IP Addresses to social media activities. This data is routinely targeted, exploited, and sold on dark markets. In honor of gigabrain takes like "We NeEd SuRrVeiLlAnCe To FiGhT CrImE", this Rage Weekly I compiled a list of 40+ recent data breaches involving the leak of personal data – just in case anyone tries to tell you that increased surveillance leads to an increase in security. Full list 👉
The Rage
Rage Weekly Data Breach Special
Rage Weekly is a weekly linkdump bringing the best content on financial surveillance and beyond directly to your inbox. Subscribe for free or read ...
View quoted note →
Having become more aware of these issues, and especially with the recent financial data leak of Evolve, one question persists... Where are the victims? Why does it stop at data leak? And I don't mean bitcoin/crypto related, I mean general consumer harm en masse. Without that follow up, data leaks appear to be routine but harmless, something that gets resolved easily. If insurance claims cover it up, then it likely leads to inflation, maybe that is worth reporting on? If it is only bitcoiners that get targeted, it only helps to enrage us, which is fine, but it keeps the normies at distance from bitcoin instead of leaning away from KYC.
Totally agree. And just as importantly, it's actually illegal to delete the data they collect. Depending on the jurisdiction, records must be kept for years and sometimes indefinitely. This is exactly why I live almost entirely out of the fiat system. None of this is about terrorism etc, the only they're interested in is tax collection.
just showed this to my wife and after reading she was like "huh that's funny because I heard that after those credit score companies got hacked they offered a year of free monitoring" my emediate thought is that "free monitoring" sounds like extra data collection.
🛡️
Are there any research into how much of estimated amount of money laundering the banks actually uncover with their insane KYC policies? Probably hard to get specific numbers but there must be some research into this?