AI Tool ProKYC Bypasses Exchange KYC Checks, Warns Cato Networks

Oct 11, 2024, 07:40 AM

A new AI-powered deepfake tool called ProKYC is enabling users to bypass Know Your Customer (KYC) verification processes on cryptocurrency exchanges. According to cybersecurity firm Cato Networks, the tool allows fraudsters to circumvent rigorous identity checks by generating realistic fake identities, posing a significant challenge to exchange security measures. Previously, fraudsters relied on forged ID documents purchased on the dark web, but ProKYC is revolutionizing the crypto fraud landscape by streamlining the creation of new identities.