Yes, there are several risks involved with using KMS Activator. Firstly, it can expose your computer to malware or viruses, as many downloads of the activator come from untrusted sources. Additionally, using such activators can lead to unstable system performance, as the activation might not be permanent. Lastly, there’s a risk of being flagged by Microsoft, which could result in your software being deactivated or your computer facing restrictions in updates and support.