Onlyfake, The Danger Of Fake IDs Bypassing KYC For $15

A new service has just been discovered that exploits artificial intelligence to generate extremely realistic fake ID documents. For just $15, this site produces fake driver’s licenses and passports, which fraudsters and hackers then use to bypass the identity checks (KYC) of crypto exchange platforms.

AI-generated fake identities easily pass KYC

The new service called OnlyFake claims to use artificial intelligence to generate ultra-realistic fake identity documents in a matter of seconds. These false documents enable their holders to easily circumvent identity checks (KYC) of crypto exchange platforms and other financial service providers. They also greatly facilitate identity theft.

OnlyFake offers fake driver’s licenses and passports from 26 countries, including the United States and several European Union countries, for only $15 a piece. Payments are made in crypto via the commercial payment service of Coinbase.

According to 404 Media these false papers have managed to pass the controls KYC of major platforms such as OKX, Bybit, BitgetBinance, Huobi as well as services such as PayPal or Revolut.

These borrowed documents facilitate the illicit activities of fraudsters, enabling them to open accounts under false identities. They can thus operate anonymously on exchange platforms or financial services, greatly complicating their traceability and investigations against them.

AlthoughOnlyFake claims that its forged papers are only intended for the cinema, their ease of access is worrying the crypto sector.

An ultra-simple and dangerous service for the crypto sector

To generate fake papers, users simply upload their photo or select one at random from a library.

The associated Telegram channel shows dozens of stunning examples of forged documents presented on kitchen or office backgrounds, as if to simulate an online identity check.

The service also makes it possible to falsify image metadata, such as geolocation or the camera used. This can fool certain authenticity checks that analyze this data.

With OnlyFakeit is possible to generate 100 false papers at a time thanks to a simple Excel spreadsheet….

As a reminder, blockchain security company CertiK had discovered a black market on the darkweb in November 2022. Individuals there were selling their identities for as little as $8To combat this growing threat, crypto platforms will have to tighten their controls and adopt new fraud detection methods.