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A new AI-powered tool, ProKYC, has raised concerns over its ability to bypass high-level Know Your Customer (KYC) protocols on cryptocurrency exchanges. A <a href="https://www.catonetworks.com/blog/prokyc-selling-deepfake-tool-for-account-fraud-attacks/" rel="noopener noreferrer nofollow">report</a> from Cato Networks on October 9 revealed that this tool represents a major advancement in crypto fraud. Using artificial intelligence, ProKYC enables criminals to create fake identities, posing a serious threat to KYC systems.<h2 id="header-0">ProKYC Targets Crypto Exchanges</h2>Traditional identity fraud often involved buying forged documents on the dark web. However, ProKYC takes a different approach. The tool allows fraudsters to create entirely new identities. According to Cato Networks, the <a href="https://cryptotale.org/abc-conclave-2024-pioneering-the-future-of-web3-ai-gaming-and-blockchain-innovation/" rel="noopener noreferrer nofollow">AI tool</a> is designed to target crypto exchanges and financial institutions. These organizations use facial recognition technology to verify the identity of new users. This process requires uploading a government-issued ID, such as a passport or driver’s license, and matching it with a live webcam image.ProKYC manages to bypass these checks by generating both a fake identity and a deepfake video. This allows criminals to get around the facial recognition software. Cato Networks stressed that this method introduces a new level of sophistication to crypto fraud.<a href="https://cryptotale.org/ai-deepfake-tool-raises-concerns-over-crypto-kyc-protocols/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

AI Deepfake Tool Raises Concerns Over Crypto KYC Protocols

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