A new service called OnlyFake is reportedly leveraging AI “neural networks” to create fake driver’s licenses and passports, successfully passing Know Your Customer (KYC) verifications on multiple crypto exchanges. Priced at $15 each, the service offers realistic IDs from 26 countries and accepts payment in various cryptocurrencies through Coinbase’s commercial payments service. Users have claimed to bypass KYC checks on exchanges like OKX, Binance, Kraken, Bybit, Huobi, and financial service providers like PayPal, raising concerns about the potential for crypto scammers and hackers to exploit these fake documents for illicit activities.
While OnlyFake’s owner claims the IDs can bypass KYC checks at several exchanges, OKX denies any endorsement of fraudulent conduct and is investigating the reports. Despite the site’s disclaimer that it doesn’t manufacture forged documents, its ease of use and ability to spoof image metadata raise alarms about the potential misuse of AI technology for fraudulent purposes. As the crypto industry faces evolving challenges in combating fraud, the accessibility of AI deep fake tools underscores the urgency for robust identity verification measures to safeguard against exploitation by malicious actors.
