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 economic 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 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 stated on the occasion, per Enterprise Insider.
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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 “vital 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 alter the best way they work together,” Altman stated. “They will have to alter the best way they confirm. It is 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 dangerous actor might “break into monetary programs and take everybody’s cash,” and there can be little we might do about it, Altman stated. It could be tough to uphold protecting measures in opposition to an adversary with smarter AI, Altman defined.
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Altman’s fears that AI might be misused within the unsuitable fingers are echoed by monetary leaders. In response to a survey launched in March by consulting agency Accenture, 80% of financial institution cybersecurity leaders state that AI permits dangerous actors to launch assaults sooner than banks can reply. In different phrases, the leaders cannot sustain with the speedy 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 individuals 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 facility to do lots of good, from eradicating ailments to serving to help equal pay initiatives.
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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 economic 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 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 stated on the occasion, per Enterprise Insider.
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