Electronic KYC or e-KYC is becoming obsolete with the evolving age and emerging technological tools. Some tools, like ‘IP-Adapter’ are now performing tasks similar to e-KYC. The e-KYC tool, designed for user verification through automated processes, is essential for companies to digitally verify customer identities. However, Artificial Intelligence tools such as ‘IP-Adapter’ introduced a level of complexity in generating desired images from text prompts in the digital era.
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 Crypto currency applications, users are required to take a selfie with their Authentic ID card, sign on paper and rotate their head for platform registration. These discussions highlight the concerns of many individuals in the AI Era.
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. 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.
