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<p>Crypto hackers and fraudsters have long employed methods to fake information and gain access to crypto exchanges while concealing their true identities. However, word has recently surfaced of an entirely new way to bypass verification procedures: enter artificial intelligence.</p><p>Related: <em><a href="https://hodl.fm/3d-adult-content-apple-vision-pro" rel="noopener noreferrer nofollow">Exploring the Boundaries: 3D Adult Content vs. Apple Vision Pro</a></em></p><p>Fake IDs, priced at a mere $15 and generated by AI, are being used to fool identity checks on cryptocurrency exchanges, potentially granting crypto hackers and scammers a new advantage.</p><p>An underground service OnlyFake utilizes &#34;neural networks&#34; to craft high-quality counterfeit identity documents, and <a href="https://www.404media.co/inside-the-underground-site-where-ai-neural-networks-churns-out-fake-ids-onlyfake/" rel="noopener noreferrer nofollow">according to a report by 404 Media</a>, anyone can obtain instantly generated fake IDs with astonishing realism, potentially facilitating a whole range of illegal activities.</p><h2 id="header-0">About OnlyFake</h2><p>The <a href="https://onlyfakes.app/" rel="noopener noreferrer nofollow">OnlyFake website generates realistic</a> fake driver&#39;s licenses and passports from 26 countries, including the USA, Canada, UK, Australia, and a bunch of EU nations, all while accepting payments in multiple cryptocurrencies through the commercial payment service Coinbase.</p><p>Crafting a counterfeit document on the site takes less than a minute. Users can upload their own photo or opt for a randomly selected one from the &#34;personal drop library, without using a neural network,&#34; <a href="https://cointelegraph.com/news/ai-generated-fake-ids-pass-crypto-exchange-kyc-onlyfake" rel="noopener noreferrer nofollow">as per Cointelegraph</a>.</p><p>The corresponding Telegram channel has posted dozens of examples of fake driver&#39;s licenses and passports, seemingly laid out on kitchen countertops, bedsheets, rugs, and desks, just as someone might perceive them if used for an online check.</p><p>OnlyFake also offers metadata manipulation for images, allowing users to fake GPS location, date, time, and device where the supposed photo was taken, as some identity verification services check such data to determine authenticity.</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/42caa2bf5035432cbf83970e72ab44a4.png" />Source: <a href="https://cointelegraph.com/news/ai-generated-fake-ids-pass-crypto-exchange-kyc-onlyfake" rel="noopener noreferrer nofollow">CoinTelegraph</a></p><p>The original OnlyFake Telegram account, the main hub for client dealings, got the boot. But the new account announces the end of the Photoshop era, boasting the ability to mass-produce documents using cutting-edge &#34;generators.&#34; The site owner, going by the nickname John Wick, declared that the service can generate hundreds of documents in batch mode from an Excel dataset.</p><h2 id="header-1">The Service has already Deceived the OKX Crypto Exchange</h2><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/1ee9e85285f340b8957e735113684ae7.png" />Source: <a href="https://decrypt.co/216188/ai-generated-fake-id-bypass-kyc-aml-banks-crypto-onlyfakes" rel="noopener noreferrer nofollow">Decrypt</a></p><p>The images are so top-notch that 404 Media managed to sidestep OKX&#39;s KYC measures, a crypto exchange that uses the third-party verification service Jumio to authenticate its clients&#39; documents. A cybersecurity researcher told the news outlet, revealing that users were submitting OnlyFake IDs to open bank accounts and unlock their crypto accounts.</p><p><a href="https://cointelegraph.com/news/ai-generated-fake-ids-pass-crypto-exchange-kyc-onlyfake" rel="noopener noreferrer nofollow">An OKX representative told</a> Cointelegraph that the company denies any accusations or hints that it &#34;approves, accepts, or turns a blind eye to fraudulent behavior&#34; and is working with its teams and external partners to investigate the report.</p><blockquote>We&#39;re actively combatting fraudulent activities on our platform and striving for the highest compliance standards. Abusing artificial intelligence for fraudulent activities is a growing problem across the industry, one that OKX is tackling comprehensively.</blockquote><h2 id="header-2">Criminals Won&#39;t go Unnoticed</h2><p>In late 2022, blockchain <a href="https://www.certik.com/" rel="noopener noreferrer nofollow">security firm CertiK</a> discovered a dark online market where individuals were selling their personal data for $8, agreeing to act as verified faces for fraudulent crypto projects, and opening bank and exchange accounts on behalf of attackers.</p><p>For those looking to avoid the need to use their real identity, OnlyFake might seem enticing. But using this service comes with ethical and legal dilemmas. Under the mask of anonymity and the allure of easy access, these operations stand on very shaky ground.</p><h3 id="more-info">More Info:</h3><ul><li><a href="https://hodl.fm/mauritius-metaverse-financial-services" rel="noopener noreferrer nofollow">Mauritius Pioneers the Metaverse in Financial Services</a></li><li><a href="https://hodl.fm/where-crypto-can-grow" rel="noopener noreferrer nofollow">Where Crypto Can Grow – Digital Asset Regulations Around the World</a></li><li><a href="https://hodl.fm/crypto-security-november-2023" rel="noopener noreferrer nofollow">November Crypto Incidents: Users Bear Heavy Losses of $356 Million Due to Hacks, Phishing, and Rug Pulls</a></li></ul><p>As it distributes fake identity credentials from multiple countries, including the USA, Italy, China, Argentina, Czech Republic, and Canada, this openly criminal enterprise has undoubtedly caught the attention of law enforcement agencies worldwide.</p><p>Disclaimer: <em>All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL.FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL.FM strongly recommends contacting a qualified industry professional.</em></p>

Artificial Intelligence Now Helps Scammers Pass KYC on Crypto Exchanges

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