ProKYC Tool Allegedly Facilitates Deepfake-Based Account Fraud on Cryptocurrency Exchanges
October 9, 2024
Cato CTRL security researchers reported that the cybercriminal group ProKYC is selling a deepfake tool capable of bypassing biometric and two-factor authentication (2FA) systems on cryptocurrency exchanges. The tool creates synthetic identities using AI-generated videos and forged documents, enabling fraudulent account creation. A demo video from ProKYC shows the tool in action against ByBit, allowing attackers to verify fake accounts for purposes such as money laundering and identity theft.
- Alleged deployer
- prokyc
- Alleged developer
- prokyc
- Alleged harmed parties
- bybit, cryptocurrency-exchanges, cryptocurrency-investors
Source
Data from the AI Incident Database (AIID). Cite this incident: https://incidentdatabase.ai/cite/819
Data source
Incident data is from the AI Incident Database (AIID).
When citing the database as a whole, please use:
McGregor, S. (2021) Preventing Repeated Real World AI Failures by Cataloging Incidents: The AI Incident Database. In Proceedings of the Thirty-Third Annual Conference on Innovative Applications of Artificial Intelligence (IAAI-21). Virtual Conference.
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