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Will a major crypto exchange halt trading due to a celebrity AI deepfake scam by June 2025?
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ProKYC•Know Your Customer•Cato Networks•Mukesh Ambani•Virat Kohli•CloudSEK•Binance•CZ•Ripple•Brad Garlinghouse
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Official statements from crypto exchanges or major news outlets
Story
New AI Deepfake Tool ProKYC Enables Crypto Fraud, Says Cato Networks
Oct 11, 2024, 07:00 PM
The increasing threats of deepfake technologies have led companies to invest in tools to spot deepfake fraud. A new AI-powered deepfake tool, ProKYC, is making waves in crypto fraud by allowing criminals to bypass rigorous Know Your Customer (KYC) measures on exchanges. According to a cybersecurity report from Cato Networks, ProKYC is designed to circumvent KYC protocols on crypto exchanges. Fraudsters are known to purchase forged ID documents on the dark web to use with such tools. Additionally, scammers are using deepfakes of celebrities like Mukesh Ambani and Virat Kohli to promote fraudulent schemes. CloudSEK's new AI tool detects these deceptive videos, empowering users to combat scams effectively. Binance CEO CZ and Ripple's Brad Garlinghouse have also been targeted by AI deepfakes, falsely showing them endorsing unknown coins.
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