The rapid advancement in artificial intelligence (AI) technology by platforms like HeyGen has sent ripples of concern across the cryptocurrency industry, particularly with respect to identity verification measures.
HeyGen, a leading AI-driven video platform, offers users the capability to create incredibly lifelike videos with customizable AI avatars. While this technology can revolutionize the video content industry, it poses potential identity verification challenges for platforms like cryptocurrency exchanges like Binance, Coinbase and also normal fintechs which are using similar tech.
Changpeng Zhao, CEO of the global crypto giant Binance, recently sounded the alarm regarding the implications of such AI tools. He highlighted the risk of "deepfake" identity proofs, making it difficult for platforms to discern genuine videos from AI-generated ones.
This is pretty scary from a video verification perspective. Don't send people coins even if they send you a video… 🤷♂️ https://t.co/jvjZGHihku
— CZ 🔶 Binance (@cz_binance) August 9, 2023
Such concerns are grounded in HeyGen's recent showcase, where Joshua Xu, co-founder and CEO of HeyGen, displayed an AI-generated video featuring his own avatar and voice clone. The video mimicked Xu's unique accent, facial expressions, voice, and speech patterns. This level of detail can potentially blur lines between genuine identity verifications and fabricated AI representations.
Binance, like many other cryptocurrency exchanges, heavily relies on video-based Know Your Customer (KYC) processes. Their users submit video proofs alongside identification documents, making the system potentially vulnerable to AI-generated deepfakes.
Binance’s chief security officer, Jimmy Su, had also expressed concerns earlier this year about the indistinguishable nature of advanced AI deepfakes, suggesting that they might soon become undetectable by human verifiers. While the crypto community is wary, HeyGen's advancements, and also from similar AI Tools, is deemed a game-changer in the video production realm. "It's a game changer for creating videos without being on camera," emphasizing the platform's convenience for busy professionals. In addition the platform also allows Real-Time Avatars through an API to integrate into applications.
As the debate about AI-generated content's implications in the crypto sphere intensifies, platforms like Binance will need to recalibrate their verification tools and strategies to stay ahead of potential security threats.