The advancement in AI has been celebrated over the last couple of months in the technology ecosystem. The Blockchain industry was not left out as some innovators in the space have been leveraging AI to advance the adoption of Blockchain.
However, there are fears some unscrupulous characters have been using AI in an unethical way. Earlier this year, Geoffrey Hilton, the Google AI researcher resigned over his fears that the technology poses some dangers.
Aligning with this sentiment is one of the executives at Binance. Jimmy Su, Binance’s Chief Security Officer, stated that the technology is advancing to such an extent that deepfakes could soon become undetectable by a human verifier.
Binance’s chief security officer warns that crypto fraudsters are utilizing deepfake technology to surpass know-your-customer (KYC) verification on crypto exchanges like Binance, and he emphasizes that it will continue to advance further.
Deepfakes, which employ artificial intelligence tools and machine learning, generate authentic-looking audio, images, or videos resembling a specific individual. While the technology does have legitimate applications, it is also prone to exploitation for scams and hoaxes.
Earlier this year a Twitter user posted a deep fake video of Binance CEO, Changpeng Zhao talking about how to contact a customer service representative on Telegram. The Username in question has no affiliation with the largest crypto exchange in the world in terms of trading volume.
In a largely unregulated industry and a lot of phony projects coming up daily, acts like this can lead to more scams.
Scammers can use the video of popular and trustworthy people in the industry to shill their projects and will have unsuspecting crypto enthusiasts rugged.
In August 2022, Binance’s chief communications officer, Patrick Hillmann, issued a warning regarding the actions of a “sophisticated hacking team” that utilized his previous news interviews and TV appearances to fabricate a “deepfake” version of himself. Subsequently, this deepfake impersonator of Hillmann was employed to engage in Zoom meetings with multiple crypto project teams, deceitfully offering them a chance to have their assets listed on Binance in exchange for a fee.
Looking at the advancement in AI, as regards most videos, with due diligence it is easy to detect when a video is fake, there’s always something that doesn’t seem right. This can be the movement of the lips, head or the voice being faster than normal.
It is crucial to educate users about the risks linked to AI-based fraud in the crypto space. By promoting awareness about the implications of deepfakes and emphasizing the need for caution when engaging with online platforms, users can become more vigilant and less susceptible to scams. Educators and industry stakeholders should actively disseminate information about these risks, ensuring that users are equipped with the knowledge to recognize and mitigate potential AI-based fraud. Empowering users through education creates a proactive approach to safeguarding their investments and personal information, fostering a more secure and resilient crypto ecosystem.
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