AI is being used to create deepfakes and synthetic identities that can potentially fool traditional KYC (Know Your Customer) and KYB (Know Your Business) checks

The claim that AI is being used to create deepfakes and synthetic identities that can potentially fool traditional KYC (Know Your Customer) and KYB (Know Your Business) checks is supported by multiple sources. AI-generated deepfakes and synthetic identities are indeed being used to bypass these checks, posing significant challenges to financial institutions and businesses. Efforts are underway to enhance detection technologies, including advanced machine learning algorithms and biometric authentication, to combat these threats TechUK, Middesk.