A team of researchers has found that biometric tests used by banks and cryptocurrency exchanges to verify users' identities can be fooled by deepfake technology.

In a report published on Wednesday, researchers with Sensity, a security firm focused on deepfake detection, demonstrated how it was able to bypass an automated "liveness test" by using AI-generated faces.

Commonly known as "know your customer" or KYC tests, such verification processes often ask users to provide photographs of their identification as well as their face. A "liveness test" is then used to capture the users' face in real-time in order to match it to their selfie and identification photo with facial recognition.

KYC verification is utilized in a wide array of industries including banking, fintech, insurance, crypto, and gambling. Sensity tweeted out footage of its demonstration a week before it released its report, detailing how 9 of the top 10 KYC vendors were highly vulnerable to deepfake attacks.