Reported by MARTIN YOUNG

The new AI-powered tool, customized specifically to target crypto exchanges and financial platforms represents “a new level of sophistication” in fraud, says cybersecurity firm Cato.  

A new AI-powered deepfake tool called ProKYC that allows nefarious actors to bypass high-level Know Your Customer (KYC) measures on crypto exchanges demonstrates a “new level of sophistication” in crypto fraud, cybersecurity firm Cato Networks said.

In an Oct. 9 report, Cato Networks’ chief security strategist Etay Maor said the new AItool represents a significant step up from the old-fashioned methods cybercriminals used to beat two-factor authentication and KYC. 

Instead of purchasing forged ID documents on the dark web, AI-powered tools allow fraudsters to spin brand-new identities out of thin air. 

Cato said the new AI tool had been customized specifically to target crypto exchanges and financial firms whose KYC protocols include matching webcam pictures of a new user’s face to their government-issued ID document such as a passport and or a driver’s license. 

Read full report: https://cointelegraph.com/news/ai-deepfake-tool-crypto-exchange-kyc-cato-networks

Read report from Cato Networks: https://www.catonetworks.com/blog/prokyc-selling-deepfake-tool-for-account-fraud-attacks/