OpenAI CEO Sam Altman has warned the financial sector about a looming fraud crisis driven by advanced AI capabilities, particularly regarding voice cloning technology. Speaking at a Federal Reserve conference, he highlighted that many financial institutions still rely on voiceprint authentication, a method that is now vulnerable to AI-generated impersonations. Altman pointed out that AI can create voice and potentially video clones indistinguishable from the real person, making it perilous for banks to continue using outdated security measures. He criticized the persistence of voiceprint verification, emphasizing that AI has rendered this method ineffective. The need for new verification methods is urgent, as financial fraud becomes easier with these technologies. Fed Vice Chair for Supervision Michelle Bowman acknowledged this point, suggesting potential partnerships to enhance security in the financial domain. The discussions underscore the importance of adapting security protocols to combat the rising threat of AI-driven fraud.
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