Is e-KYC becoming obsolete with the evolving era and emerging tech tools? Some tools, like 'IP-Adapter,' are now performing tasks similar to e-KYC.
The e-KYC, designed for user verification through automated processes, is essential for companies to digitally verify customer identities.
However, AI tools such as 'IP-Adapter' introduce a level of complexity in generating desired images from text prompts.
Platforms nowadays often integrate e-KYC verification, where users need to showcase their face along with a signature or complete assigned tasks for login or account creation.
For instance, in stock and cryptocurrency applications, users are required to take a selfie with their authentic ID card, sign on paper, and rotate their head for platform registration.
AI tools are raising concerns as they can replicate these actions, leading to fears of face cloning and the potential misuse of the system.
Social media has become a platform for people to express their worries about the future implications of such high-tech tools.
Varun Mayya, an AI content creator on the 'X' platform, posted about the potential "End of KYC," sparking a lively comment section.
End of kyc https://t.co/q9YG1oWYzd— Varun Mayya (@waitin4agi_) January 4, 2024
Some users suggest that KYC processes may revert to black-and-white pictures with additional authentication parameters, while others propose holding today's newspaper along with a photo as a possible future authentication method.
These discussions highlight the concerns of many individuals in the AI era.