AI Technology Poses a Challenge for Crypto Identity Verification Tools

by Aug 9, 2023CryptoNews0 comments

The use of artificial intelligence (AI) in crypto has raised some concerns about the security and reliability of identity verification tools at cryptocurrency exchanges. As AI technology becomes more advanced and accessible, the possibility of creating fake proofs of identity using AI-generated videos or images increases. Some industry leaders have warned about the potential risks of AI in crypto and advised users to be careful when sending or receiving coins.

One of the examples of AI in crypto that has caused some alarm is HeyGen, an AI platform that allows users to create realistic digital avatars and voice clones. The co-founder and CEO of HeyGen, Joshua Xu, demonstrated how he could create a 100% AI-generated video featuring his own avatar and voice clone. He said that HeyGen has been improving its video quality and voice technology to mimic his unique accent and speech patterns. He also said that HeyGen will soon be available to the public, and anyone can create a life-like digital avatar in just two minutes.

This kind of AI tool could pose a serious threat to identity verification tools at cryptocurrency exchanges, such as Binance. Binance is one of the many exchanges that require users to submit video evidence for processing certain transactions, such as withdrawals or KYC procedures. Binance’s video verification policy requires users to show their identity document and mention the date and certain requests on the video. Binance’s CEO and founder, Changpeng Zhao, took to Twitter to express his concern about the use of AI in crypto by bad actors. He said: “This is pretty scary from a video verification perspective. Don’t send people coins even if they send you a video.

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Binance’s chief security officer, Jimmy Su, also previously warned about the risks of AI deepfakes in crypto. He said that AI technology is getting so sophisticated that AI deepfakes may soon become undetectable by a human verifier.

Therefore, users should be cautious when using crypto exchanges that rely on video verification tools, and always do their own research before trusting any faucet. They should also use other security measures, such as multi-factor authentication, encryption, and VPNs, to protect their accounts and funds from hackers and scammers.

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