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OpenAI CEO Sam Altman warned Wall Avenue executives that dangerous actors might exploit digital voice ID authentication to defraud shoppers by enabling giant cash transfers, creating what he describes as an imminent fraud disaster.
“I am very nervous that we have an impending, significant fraud crisis,” Altman mentioned throughout a banking regulatory convention hosted by the Federal Reserve on Tuesday.
Throughout a panel that was moderated by Michelle Bowman, the Federal Reserve’s vice chair for supervision, Altman mentioned that one in every of his greatest considerations is that some monetary establishments settle for digital voice ID as authentication for somebody to maneuver some huge cash.
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He careworn considerations concerning pretend authentication, saying “some bad actor is going to release it – this is not a super difficult thing to do. This is coming very, very soon.”
Federal Reserve Chairman Jerome Powell (R) greets OpenAI CEO Sam Altman (L) after he speaks on the Built-in Overview of the Capital Framework for Massive Banks Convention on the Federal Reserve on July 22, 2025, in Washington, D.C. (Andrew Harnik/Getty Photos / Getty Photos)
This is not a brand new concern, both – specialists within the business have been elevating alarms about it for years.
In June 2024, the Affiliation of Licensed Fraud Examiners (ACFE), the world’s largest anti-fraud group, mentioned how synthetic intelligence can be utilized to duplicate somebody’s voice “with astonishing accuracy.”
“This technology employs sophisticated algorithms and neural networks to analyze and mimic the speech patterns, tone and cadence of a target individual. While deepfakes started with visual content, such as fake videos of celebrities or politicians, the advancement in audio deepfakes is now a pressing concern,” the ACFE wrote, noting that the misuse of AI-generated voices can result in extreme implications, together with unauthorized monetary transactions.
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On the 2025 RSA Convention in San Francisco earlier this yr, tens of 1000’s of cybersecurity and know-how professionals gathered to debate how AI is quickly reshaping the cybersecurity panorama.
Sam Altman, CEO of OpenAI, delivers remarks on the Built-in Overview of the Capital Framework for Massive Banks Convention on the Federal Reserve on July 22, 2025, in Washington, D.C. (Andrew Harnik/Getty Photos / Getty Photos)
Throughout the convention, discussions included how the know-how is just not solely accelerating the velocity of cyberattacks, with hackers usually breaking into programs in underneath an hour, however it’s providing criminals new methods to create extremely convincing and personalised assaults at “an unprecedented scale”, in accordance with consulting agency McKinsey.
Sam Altman, CEO of OpenAI, participates in a dialogue with Vice Chair for Supervision on the Federal Reserve Michelle Bowman on the Built-in Overview of the Capital Framework for Massive Banks Convention on the Federal Reserve on July 22, 2025 in Was ( Andrew Harnik/Getty Photos) / Getty Photos)
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To detect, deter, and halt AI-related impersonation, the Federal Commerce Fee (FTC) mentioned it has taken a number of preventative measures, akin to finalizing a rule in 2024 to fight impersonation of governments and companies. It additionally launched a voice cloning problem geared toward creating concepts to guard shoppers by detecting and halting the misuse of voice cloning software program by unauthorized customers, in accordance with the FTC.
