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Introduction
Binance’s chief security officer, Jimmy Su, issued a warning about the increasing use of deepfake technology by crypto fraudsters to bypass know-your-customer (KYC) verification. With artificial intelligence tools evolving quickly, deepfakes can create convincing audio, images or videos of a person’s likeness, which can lead to hoaxes and scams. Though the deepfake technology has a range of legitimate use cases, it is now being used to circumvent the customer verification processes of crypto exchanges like Binance.
How does deepfake work?
Fraudsters use a normal picture of the victim online and then employ deepfake tools to create videos to bypass the verification. The deepfake videos have become so advanced that they can execute commands like blinking left eye or looking left or right, up or down which were previously used to verify if the applicant is human.
How advanced is the technology?
The deepfake technology has become quite advanced but as per Su, it is not yet at the level where it could fool a human operator. According to him, “When we look at those videos, there are certain parts of it we can detect with the human eye,” for example, when the user is required to turn their head to the side.”
Is there a way to combat these attacks?
Combatting deepfake attacks is challenging, according to Su, because the videos are owned by others rather than them. Binance is focusing on educating its users about risk management as one way of fighting against these attacks.
What is Binance’s plan to educate its users?
Binance is planning to release a blog post series aimed at educating users about risk management. The blog post also features a section on cybersecurity, where Binance uses AI and machine learning algorithms to detect unusual login patterns and transaction patterns and other “abnormal activity on the platform.”
Conclusion
The use of deepfake technology by crypto fraudsters to bypass the KYC verification process of crypto exchanges like Binance is increasing. Although the deepfake technology has a range of applications, it is now being used unethically to create hoaxes and scams. Binance is planning to release a blog post series that will educate users on risk management.
FAQs
What is Deepfake technology?
Deepfake technology is an artificial intelligence tool that uses machine learning to create convincing audio, images or videos featuring a person’s likeness.
How does the Deepfake technology work?
Fraudsters use a normal picture of the victim online and then employ deepfake tools to create videos to bypass the verification. The deepfake videos have become so advanced that they can execute commands like blinking left eye or looking left or right, up or down which were previously used to verify if the applicant is human.
Can Deepfake technology fool a human operator?
While the deepfake technology has become advanced, it is not yet at the level where it can fool a human operator.
How is Binance combating deepfake attacks?
Binance is focusing on educating its users about the risks associated with using its platform and plans to release a blog post series aimed at educating users on risk management.
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