Sam Altman, the CEO of $300 billion AI startup OpenAI, is asking finance business leaders to remain forward of AI developments — 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 advised 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 outwardly there are nonetheless some monetary establishments that can 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 “absolutely defeated” many ways monetary establishments at present verify identification.
He additionally warned that AI has the potential to trigger a “vital impending fraud disaster,” and predicted that establishments are going to have to rework the best way they verify identity in response.
“Persons are going to have to vary the best way they work together,” Altman mentioned. “They are going to have to vary the best way they confirm. It is a big 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 evening. He mentioned a widespread monetary disaster the place an adversary makes use of AI to launch an assault on the U.S. The unhealthy actor may “break into monetary methods and take everybody’s cash,” and there could be little we may do about it, Altman mentioned. It will 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 incorrect 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 unhealthy actors to launch assaults sooner than banks can reply. In different phrases, the leaders can’t keep up with the speedy tempo of AI scams focusing on private financial institution accounts.
Shoppers reported shedding greater than $12.5 billion to scams in 2024, a 25% enhance from the earlier yr, in line with the Federal Trade Commission. Extra folks fell for scams and misplaced cash to them final yr, with $2.95 billion misplaced to imposter scams.
Nonetheless, some high executives at OpenAI are satisfied it has the ability to do quite a lot 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 developments — 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 advised 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 outwardly there are nonetheless some monetary establishments that can 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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