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 informed a crowd of economic regulators and trade specialists that “a factor that terrifies” him is banks that also settle for voices to authenticate id. 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 outwardly 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 mentioned on the occasion, per Enterprise Insider.
Associated: I Referred to as Klarna’s New AI Hotline to Discuss to the Firm’s ‘CEO’ — This is What Occurred
Altman mentioned voice authentication was “a loopy factor to nonetheless be doing” and that AI has “absolutely defeated” some ways monetary establishments at the moment verify id.
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 way in which they confirm id in response.
“Individuals are going to have to vary the way in which they work together,” Altman mentioned. “They will have to vary the way in which they confirm. It is a large 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 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 can be little we may do about it, Altman mentioned. It might be tough to uphold protecting measures in opposition to an adversary with smarter AI, Altman defined.
Associated: Almost Half of Individuals Suppose They Might Be Duped By AI. This is What They’re Anxious About.
Altman’s fears that AI could possibly be misused within the flawed arms 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 quicker than banks can reply. In different phrases, the leaders cannot sustain with the fast tempo of AI scams concentrating on private financial institution accounts.
Customers reported dropping greater than $12.5 billion to scams in 2024, a 25% improve from the earlier yr, in accordance with the Federal Commerce Fee. Extra folks fell for scams and misplaced cash to them final yr, with $2.95 billion misplaced to imposter scams.
Nonetheless, some prime executives at OpenAI are satisfied it has the ability to do numerous good, from eradicating ailments to serving to assist equal pay initiatives.
Be part of prime CEOs, founders and operators on the Degree Up convention to unlock methods for scaling your corporation, 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 informed a crowd of economic regulators and trade specialists that “a factor that terrifies” him is banks that also settle for voices to authenticate id. 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 outwardly 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 mentioned on the occasion, per Enterprise Insider.
The remainder of this text is locked.
Be part of Entrepreneur+ at this time for entry.