Sam Altman, the CEO of $300 billion AI startup OpenAI, is asking finance trade 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 instructed a crowd of monetary regulators and trade consultants that “a factor that terrifies” him is banks that also settle for voices to authenticate identification. AI voice cloning hoaxes can copy an individual’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 stated on the occasion, per Enterprise Insider.
Associated: I Referred to as Klarna’s New AI Hotline to Speak to the Firm’s ‘CEO’ — Here is What Occurred
Altman stated voice authentication was “a loopy factor to nonetheless be doing” and that AI has “totally defeated” some ways monetary establishments at present verify 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 best way they confirm identification in response.
“Persons are going to have to vary the best way they work together,” Altman stated. “They’ll have to vary the best way they confirm. This can be a enormous deal.”
OpenAI CEO Sam Altman speaks on the Federal Reserve’s Regulatory Capital Framework Convention on Tuesday. Picture by Andrew Harnik/Getty Photographs
Throughout a Q&A session on the Federal Reserve occasion, Altman was additionally requested about what retains him up at night time. He stated 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 techniques and take everybody’s cash,” and there can be little we may do about it, Altman stated. It could be tough to uphold protecting measures towards an adversary with smarter AI, Altman defined.
Associated: Almost Half of Individuals Assume They Might Be Duped By AI. Here is What They’re Nervous About.
Altman’s fears that AI may very well be misused within the improper fingers are echoed by monetary leaders. In keeping 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 quicker than banks can reply. In different phrases, the leaders cannot sustain with the fast tempo of AI scams focusing on private financial institution accounts.
Customers reported shedding greater than $12.5 billion to scams in 2024, a 25% improve from the earlier 12 months, in accordance with the Federal Commerce Fee. Extra individuals fell for scams and misplaced cash to them final 12 months, with $2.95 billion misplaced to imposter scams.
Nonetheless, some prime executives at OpenAI are satisfied it has the facility to do numerous good, from eradicating illnesses to serving to help equal pay initiatives.
Be part of prime CEOs, founders and operators on the Degree Up convention to unlock methods for scaling what you are promoting, boosting income and constructing sustainable success.
Sam Altman, the CEO of $300 billion AI startup OpenAI, is asking finance trade 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 instructed a crowd of monetary regulators and trade consultants that “a factor that terrifies” him is banks that also settle for voices to authenticate identification. AI voice cloning hoaxes can copy an individual’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 stated on the occasion, per Enterprise Insider.
The remainder of this text is locked.
Be part of Entrepreneur+ immediately for entry.
