Sam Altman, the CEO of $300 billion AI startup OpenAI, is asking finance business leaders to remain forward of AI tendencies — and to keep away from voice authentication in any respect prices.
On the Federal Reserve’s Regulatory Capital Framework Convention on Tuesday in Washington, D.C., Altman instructed a crowd of economic regulators and business specialists that “a factor that terrifies” him is banks that also settle for voices to authenticate identification. AI voice cloning hoaxes can copy a person’s voice in three seconds and use the cloned voice to empty financial institution accounts.
“A factor that terrifies me is seemingly there are nonetheless some monetary establishments that may settle for a voice print as authentication so that you can transfer some huge cash or do one thing else,” Altman mentioned on the occasion, per Business Insider.
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Altman mentioned voice authentication was “a loopy factor to nonetheless be doing” and that AI has “totally defeated” many ways monetary establishments at present affirm identification.
He additionally warned that AI has the potential to trigger a “important impending fraud disaster,” and predicted that establishments are going to have to remodel the way in which they verify identity in response.
“Individuals are going to have to alter the way in which they work together,” Altman mentioned. “They are going to have to alter the way in which they confirm. It is a large deal.”
OpenAI CEO Sam Altman speaks on the Federal Reserve’s Regulatory Capital Framework Convention on Tuesday. Photograph by Andrew Harnik/Getty Pictures
Throughout a Q&A session on the Federal Reserve occasion, Altman was additionally requested about what retains him up at night time. He mentioned a widespread monetary disaster the place an adversary makes use of AI to launch an assault on the U.S. The dangerous actor might “break into monetary programs and take everybody’s cash,” and there can be little we might do about it, Altman mentioned. It could be troublesome to uphold protecting measures towards an adversary with smarter AI, Altman defined.
Associated: Nearly Half of Americans Think They Could Be Duped By AI. Here’s What They’re Worried About.
Altman’s fears that AI may very well be misused within the fallacious fingers are echoed by monetary leaders. In accordance with a survey launched in March by consulting agency Accenture, 80% of financial institution cybersecurity leaders state that AI permits dangerous actors to launch assaults quicker than banks can reply. In different phrases, the leaders can’t keep up with the fast tempo of AI scams focusing on private financial institution accounts.
Customers reported dropping greater than $12.5 billion to scams in 2024, a 25% enhance from the earlier 12 months, in keeping with the Federal Trade Commission. Extra individuals fell for scams and misplaced cash to them final 12 months, with $2.95 billion misplaced to imposter scams.
Nonetheless, some high executives at OpenAI are satisfied it has the ability to do loads of good, from eradicating diseases to serving to support equal pay initiatives.
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Sam Altman, the CEO of $300 billion AI startup OpenAI, is asking finance business leaders to remain forward of AI tendencies — and to keep away from voice authentication in any respect prices.
On the Federal Reserve’s Regulatory Capital Framework Convention on Tuesday in Washington, D.C., Altman instructed a crowd of economic regulators and business specialists that “a factor that terrifies” him is banks that also settle for voices to authenticate identification. AI voice cloning hoaxes can copy a person’s voice in three seconds and use the cloned voice to empty financial institution accounts.
“A factor that terrifies me is seemingly there are nonetheless some monetary establishments that may settle for a voice print as authentication so that you can transfer some huge cash or do one thing else,” Altman mentioned on the occasion, per Business Insider.
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