NFT BUILDS INC

You have not selected any currencies to display

AI Generated Fake IDs for Just $15 Raise Threat to Crypto Exchange Security

AI Reports indicate that AI-generated fake IDs priced at $15 are being utilized to deceive identity verification procedures on cryptocurrency exchanges, potentially granting crypto hackers and scammers an advantage.A recently surfaced service claims to employ artificial intelligence (AI) "neural networks" and "generators" to fabricate counterfeit driver's licenses and passports, purportedly succeeding in passing Know Your
AI Generated Fake IDs for Just $15 Raise Threat to Crypto Exchange Security
Reports indicate that AI-generated fake IDs priced at $15 are being utilized to deceive identity verification procedures on cryptocurrency exchanges, potentially granting crypto hackers and scammers an advantage.

A recently surfaced service claims to employ artificial intelligence (AI) “neural networks” and “generators” to fabricate counterfeit driver’s licenses and passports, purportedly succeeding in passing Know Your Customer (KYC) checks on numerous crypto platforms.

The website, OnlyFake, boasts the capability to produce authentic-looking fake driver’s licenses and passports from 26 countries, including the United States, Canada, Britain, Australia, and various European Union nations. Transactions are facilitated through multiple cryptocurrencies via Coinbase’s commercial payments service.

Reportedly, 404 Media successfully circumvented KYC verification on the OKX crypto exchange by submitting a photo of a British passport generated from the site. The ID appeared to be positioned on a bedsheet, mimicking a typical photograph.

A fake Australian passport using the details of former U.S. president Donald Trump.

The pseudonymous proprietor of OnlyFake, identified as “John Wick,” asserted to 404 Media that their IDs could pass KYC checks on exchanges like Binance, Kraken, Bybit, Huobi, Coinbase, OKX, and the crypto-accepting neobank Revolut.

In response to these allegations, an OKX spokesperson stated the platform’s commitment to combatting fraudulent activities and emphasized ongoing investigations into the matter.

OnlyFake’s website explicitly disavows involvement in the production of forged documents, citing legal implications, and specifies that its templates are intended for use in media productions only.

Generating a fake document on the site reportedly takes less than a minute, with users able to upload their own photo or select one randomly from a provided library. An associated Telegram channel showcases various examples of counterfeit IDs arranged on different surfaces, mimicking real-world scenarios.

Furthermore, OnlyFake offers image metadata spoofing, enabling users to manipulate GPS location, date, time, and device information, which some verification services use to ascertain authenticity.

The accessibility of AI deep fake tools has long raised concerns within the crypto industry, particularly regarding video verification methods. Industry executives warn of scammers employing deep fakes to deceive KYC checks, potentially deceiving human operators as the technology becomes increasingly convincing.

Coinbase was contacted for comment on the usage of its commerce product but did not provide an immediate response. Similarly, other exchanges such as Binance, Kraken, Bybit, Bitget, Revolut, Huobi, and PayPal did not respond immediately to inquiries regarding the reported bypassing of their identity verification processes.

Wasif Shakir

Subscribe to the Markets Outlook newsletter
Weekly newsletter that covers the main factors influencing Bitcoin’s price and the week ahead. Delivered every Monday

Related Post