AI in the hands of fraudsters could plague crypto industry
Cryptocurrency users' wallets could be affected by a new threat from artificial intelligence (AI) technology used for illicit purposes.
According to a statement by Sam Altman, artificial intelligence technology has reached new heights. AI is now capable of creating hyper-realistic videos.
Crypto industry experts are concerned, as these impressive advancements could lead to increased risks for cryptocurrency holders. The potential use of AI in various fraudulent videos threatens users of various platforms with losing large amounts of money. We are talking about millions, if not billions, of dollars, writes U.today.
Artificial intelligence in the hands of fraudsters can generate fake data about important decisions in the crypto sector, such as endorsements from financial regulators, public figures, or practical guidance on cryptocurrency investments from famous people.
AI can create convincing videos filled with fine details that only a trained eye can detect as fakes. As the number of such realistic images grows, it will become increasingly difficult to distinguish real data from fraud.
However, users and the community at large can protect themselves from AI-generated fraud by taking certain precautions. First and foremost, crypto investors should be informed about the potential for AI video fraud. Awareness of this technology as a method of sophisticated fraud has the potential to increase the vigilance of participants in the crypto community.
Cryptocurrency companies, wallet owners, and crypto experts can initiate campaigns to raise awareness of fraud methods, types of fraud, and signs that indicate AI-created video.
In addition, multi-factor authentication (MFA) for transactions remains one of the most effective methods of protection. Your platform or wallet should have enabled MFA. This means that even if fraudsters convince someone to take action, the security layers of the transaction can provide an opportunity for data review and verification.
The development of blockchain-based content verification systems can also be included, where messages from official sources are registered and verified. A user will be able to check if a video from legitimate crypto organizations is listed and verify it. If there is no such entry in the blockchain, it can confirm fraud.
Read also: New contest from OctaFX will start on March 11
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