A $15 AI-generated fake ID has successfully passed the "Know Your Customer" (KYC) checks of multiple cryptocurrency exchanges. The website OnlyFake can generate realistic fake driver's licenses and passports from 26 countries, including the US, Canada, UK, Australia, and several EU countries, and accepts various cryptocurrencies payments through Coinbase's merchant payment service. According to 404 Media, the company used a photo of a UK passport generated by the website to successfully bypass the KYC verification of cryptocurrency exchange OKX, and the ID on the photo appears to be laid out on a bedsheet, as if a photo was taken.

Verida, cheqd, and FinClusive are set to launch a new digital solution for know-your-customer (KYC) and know-your-business (KYB) after a successful proof-of-concept period in 2022. The app aims to simplify the onboarding process for firms and governments by providing a ready-made system for customer verification, while ensuring compliance and data security. The partnership leverages the expertise of each company to tackle issues such as high costs and time inefficiencies in the KYC process. The solution also gives users greater control over their personal information by storing it on the Verida wallet and its secure decentralized network.