For just $15, AI-created IDs can now bypass security checks on crypto exchanges, providing criminals with a covert to hide their identities.
Artificial intelligence (AI) is used by OnlyFake to create phony passports and driver’s licenses that look real, fooling KYC checks on a variety of crypto platforms. This service is available in 26 countries and takes crypto payments.
A research showed how a British passport created via OnlyFake was able to get past OKX exchange’s identity verification process. Users of sites like Kraken exchange and PayPal shared similar thoughts, underscoring the possibility of exchange misuse.
Alertness and Reaction OKX disputes any security protocol compromise in light of these breaches and declares a strong anti-fraud position. Conversely, OnlyFake stated that its offerings are intended for amusement rather than fraud.
Because impersonation is made easier by tech like deepfakes, this problem addresses the identity fraud risks already present in the crypto industry. Experts in security note that more advanced techniques for verification are required.