Sam Altman Warns Of 'Impending Fraud Crisis' As Banks Still Use Voiceprints For Big Transactions: 'A Thing That Terrifies Me Is...'
Sam Altman, the CEO of OpenAI, expressed concerns about the potential threats artificial intelligence (AI) poses to financial security, urging them to stay ahead of the technology.
What Happened: During a recent event hosted by the Federal Reserve in Washington, D.C., Altman cautioned financial leaders about the dangers of AI outsmarting current authentication methods. He specifically highlighted the use of voice prints for high-value transactions.
“A thing that terrifies me is apparently there are still some financial institutions that will accept a voice print as authentication for you to move a lot of money or do something else,” Altman told Fed’s Michelle Bowman.
“That is a crazy thing to still be doing. AI has fully defeated most of the ways that people authenticate currently — other than passwords,” he added.
He also warned of a “significant impending fraud crisis” due to AI, and stressed the need for a change in the way customer interactions and verifications are handled.
Sam Altman warns that as AI-generated content becomes indistinguishable from reality, like hyper-realistic video calls—people will need to change how they interact and verify identities. He emphasizes the urgency of teaching society how to authenticate communications and understand the risks of fraud in this new digital landscape.
Altman’s concerns extend beyond customer authentication. During the Q&A session, he also highlighted the potential threat of a large-scale financial attack, possibly orchestrated by a foreign adversary using advanced AI to breach U.S. financial systems.
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Why It Matters: The warning from Altman comes at a time when AI is increasingly being integrated into the financial sector, with companies like Wysh using AI to rebuild trust and emotional connections with customers. However, Altman’s warning suggests that this reliance on AI could also pose significant risks.
Altman’s concerns echo those of other AI experts. AI pioneer Geoffrey Hinton warned of the potential dangers of super-intelligent AI, urging caution in the development and deployment of AI technologies.
Meanwhile, AI safety researchers from OpenAI and Anthropic are openly criticizing Elon Musk's startup xAI, calling its safety practices "completely irresponsible" — a rebuke that could fuel regulatory scrutiny and impact enterprise adoption of the billion-dollar venture.
As AI continues to advance, Altman’s warning serves as a reminder of the need for careful consideration and regulation in its use, particularly in critical sectors like finance.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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