Bad Actors Selling Deepfake Tool To Bypass Crypto Exchange Security Protocols, According to Cybersecurity Firm
A network security firm is warning that criminals have developed an artificial intelligence (AI) tool that targets crypto exchange platforms.
In a new report, Cato Networks says bad actors are selling a deepfake tool in underground markets that allows users to bypass a crypto exchange’s identity authentication tests.
According to the firm, users rely on the tool not to hack into existing accounts but to create fake ones for money laundering purposes.
“Creating verified but synthetic accounts enables money laundering operations, mule accounts, and other forms of fraud. According to AARP (American Association of Retired Persons), new account fraud accounted for more than $5.3 billion in losses in 2023 (up from $3.9 billion…
