Report: $15 Platform Enables Fraudulent KYC Targeting Crypto Platforms

Report:  Platform Enables Fraudulent KYC Targeting Crypto Platforms


New Tool Generates Fake IDs to Bypass KYC Checks

A new tool called OnlyFakes has been discovered by cybersecurity reporters, which can generate fake IDs that can bypass KYC providers’ checks. These fake documents can be created with or without a background, making them appear as if they were taken during an ID verification process. It is even possible to produce hundreds of fake documents at once using Excel batches.

OnlyFakes Claims to Be Against Illegal Activity

According to the website, OnlyFakes claims that its services are only intended for use as props in films and similar activities. However, feedback on associated Telegram groups suggests that the platform’s owner is aware of how it is being used. The site’s founder, known as John Wick, has also expressed interest in purchasing scans of real IDs from users to improve the platform.

Remarkably Robust

OnlyFakes is capable of providing access to a wide range of fake documents from low-risk countries. Users can upload their own pictures or choose from a gallery provided by the site, and stock backgrounds are available as well. The tool also removes EXIF data from original photos and replaces them to avoid detection. Users have reported successfully convincing platforms like Airbnb, Revolut, Wise, Payoneer, and various crypto exchanges of the authenticity of these fake documents.

AI Claim May Be False

OnlyFakes claims to use AI to produce the images, but cybersecurity experts dispute this claim. They argue that current AI technology often fails to render text clearly and accurately on documents. Additionally, the generated images show no signs of “hallucinations” or artifacts that typically occur when an AI is uncertain about rendering unfamiliar objects.

Hot Take: Concerns Over Security and Verification

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The discovery of a tool like OnlyFakes raises significant concerns about security and verification processes. It highlights the ongoing challenge of fraudulent actors finding ways to bypass KYC checks and gain access to various platforms. While KYC providers like Jumio aim to employ advanced ID verification processes, tools like OnlyFakes pose a threat to their efforts. This underscores the need for continuous innovation and improvement in security measures to protect users and prevent fraudulent activities in the crypto industry.

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Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.