AI - AI-Generated Fake IDs Bypass Crypto Exchange KYC Checks OKX Says Industry-Wide Issue | Benzinga
A new online service, OnlyFake, reportedly utilizing advanced artificial intelligence (AI) technologies, was successful creating counterfeit driver's licenses and passports.
These fake IDs were used to pass Know Your Customer (KYC) checks on several cryptocurrency exchanges, raising significant security concerns.
What Happened: Priced at just $15 each, OnlyFake's service generates highly realistic fake IDs from 26 countries, including the U.S., Canada, Britain, Australia and various European Union nations. The site accepts payments in multiple cryptocurrencies through Coinbase's commercial payment service.
On Feb. 5, 404 Media reported a successful attempt to bypass the KYC verification process of the crypto exchange OKX using a British passport photo generated by OnlyFake.
When asked for a comment an OKX spokesperson told Benzinga the industry uses compliance vendors to screen IDs and that using fake IDs to bypass security was an industry-wide issue.
"OKX strongly denies any allegation, ...