OpenAI CEO Sam Altman Is Terrified About AI Bank Fraud

Sam Altman, the CEO of $300 billion AI startup OpenAI, is asking finance trade leaders to remain forward of AI traits — 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 advised a crowd of monetary regulators and trade specialists 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 mentioned on the occasion, per Enterprise Insider.

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Altman mentioned voice authentication was “a loopy factor to nonetheless be doing” and that AI has “absolutely defeated” some ways monetary establishments presently affirm 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 rework the best way they confirm identification in response.

“Persons are going to have to alter the best way they work together,” Altman mentioned. “They will have to alter the best way they confirm. It is a big deal.”

^{OpenAI CEO Sam Altman speaks on the Federal Reserve’s Regulatory Capital Framework Convention on Tuesday. Photograph by Andrew Harnik/Getty Pictures}

Throughout a Q&A session on the Federal Reserve occasion, Altman was additionally requested about what retains him up at night time. 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 techniques and take everybody’s cash,” and there can be little we may do about it, Altman mentioned. 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. Based on 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% enhance from the earlier yr, in line 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 prime executives at OpenAI are satisfied it has the ability to do numerous good, from eradicating illnesses to serving to assist equal pay initiatives.

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