A new online service, OnlyFake, has emerged offering AI-generated documents for KYC verification for $15, according to 404 Media.
The platform generates fake driver’s licenses and passports from 26 countries, including the US, Canada, the UK, Australia, and several EU nations, accepting cryptocurrencies as payment.
OnlyFake produces realistic images of IDs against backgrounds like wallpapers and countertops. Metadata can also be forged.
Using these fake documents, 404 Media successfully verified on OKX. Other users bypassed KYC on Binance, Kraken, Bybit, HTX, Coinbase, Bitget, Revolut, and PayPal.
According to OnlyFake’s creators, the service can generate hundreds of high-quality fake IDs in minutes using Excel.
“The era of Photoshop-edited documents is ending,” states the description.
The project team claims their actions are legal, as the resource is intended for creating props for shows and films.
AI-generated identification data could undermine financial institutions’ and crypto businesses’ KYC verification efforts. The ease of fraud could lead to increased money laundering, tax evasion, and regulatory circumvention, journalists noted.
404 Media suggested implementing multi-factor and behavioral authentication, liveness checks, forensic document requests, and enhanced due diligence of funding sources.
Recently, ForkLog reported an incident involving an employee of a multinational company in Hong Kong who transferred $25 million to fraudsters after a call with “colleagues” who turned out to be deepfakes.
Earlier, the CFTC warned about the use of AI for criminal purposes.