Shareholder identity forgery in decentralized stock voting on Polymath poses significant risks. Malicious actors could exploit weak identity verification to create fake accounts, manipulate votes, and undermine governance integrity. Polymesh, Polymath’s blockchain, emphasizes identity validation, but vulnerabilities in decentralized systems, like phishing or stolen credentials, could enable unauthorized access. Such fraud risks diluting legitimate shareholder influence, skewing corporate decisions, and eroding trust. The lack of centralized oversight complicates fraud detection, while regulatory gaps may delay recourse. To mitigate, Polymath must enhance cryptographic protections, enforce robust KYC protocols, and ensure transparent audit trails. Without these, decentralized voting could become a target for sophisticated attacks, threatening the platform’s credibility and shareholder democracy.