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 KYC measures on crypto exchanges demonstrates a “new level of sophistication” in crypto fraud, says cybersecurity firm Cato Networks.
In an Oct. 9 report, Cato Network’s chief security strategist Etay Maor said the new AI tool represents a major 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 up brand-new identities out of thin air.
