OpenAI CEO Sam Altman has issued a stark warning to the financial industry about an imminent fraud crisis driven by advancements in artificial intelligence. Speaking at a Federal Reserve conference, he highlighted the vulnerabilities of voiceprint authentication, which some banks still use to verify identity. Altman described it as “crazy” that institutions rely on this outdated method, as AI technology can now create voice and video clones that are nearly indistinguishable from reality. This raises significant security concerns around financial transactions and identity verification. Altman urges the adoption of new verification methods to mitigate potential fraud risks. Fed Vice Chair Michelle Bowman acknowledged the need for collaboration to enhance security measures in light of these advancements. As AI continues to evolve, the financial sector must prioritize robust security solutions to protect clients and their assets effectively.
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