A recent investigation by 404 Media has introduced a rising concern within the crypto community: the use of Artificial intelligence ( AI) technology to produce highly realistic fake IDs.Â
A website named OnlyFake has been spotted for offering such services, using neural networks to craft convincing documents, including passports and driving licenses, for as low as $15. This development could raise crypto exchanges’ challenges in reducing scams and illicit activities.
The report, led by Joseph Cox of 404 Media, explores how OnlyFake claims to generate up to 20,000 documents daily. The investigation found no concrete evidence of generative AI tools in the document creation.
However, the service’s capability to bypass verification processes of major platforms like Binance, Revolut, and Coinbase has been demonstrated, raising security concerns.
Cybersecurity experts and lawmakers are taking note of these advancements. Abhishek Mathew highlighted the service’s popularity among online criminals for carding and creating fake bank accounts.
Meanwhile, Senator Ron Wyden has called attention to the urgent need for secure, authenticated IDs to fight the fraud risk posed by AI-generated fake IDs and deepfakes. This situation emphasizes the pressing need for tighter security measures and regulations to protect against online fraud and identity theft.
Also Read: Coinbase Unveils AI-Generated NFT Creation Feature for Users
