OpenAI CEO Sam Altman Is Terrified About AI Bank | Global Market News
Sam Altman, the CEO of $300 billion AI startup OpenAI, is asking finance industry leaders to remain forward of AI trends — and to keep away from voice authentication in any respect prices.At the Federal Reserve’s Regulatory Capital Framework Conference on Tuesday in Washington, D.C., Altman instructed a crowd of financial regulators and industry consultants that “a thing that terrifies” him is banks that also settle for voices to authenticate identification. AI voice cloning hoaxes can copy a individual’s voice in three seconds and use the cloned voice to empty bank accounts.”A thing that terrifies me is apparently there are still some financial institutions that will accept a voice print as authentication for you to move a lot of money or do something else,” Altman stated on the occasion, per Business Insider.
Related: I Called Klarna’s New AI Hotline to Talk to the Company’s ‘CEO’ — Here’s What OccurredAltman stated voice authentication was “a crazy thing to still be doing” and that AI has “fully defeated” some ways financial establishments at the moment verify identification.
He additionally warned that AI has the potential to trigger a “significant impending fraud crisis,” and predicted that establishments are going to have to rework the way in which they confirm identification in response.”People are going to have to change the way they interact,” Altman stated. “They’re going to have to change the way they verify. This is a huge deal.”OpenAI CEO Sam Altman speaks on the Federal Reserve’s Regulatory Capital Framework Conference on Tuesday. Photo by Andrew Harnik/Getty ImagesDuring a Q&A session on the Federal Reserve occasion, Altman was additionally requested about what retains him up at evening. He stated a widespread financial disaster the place an adversary makes use of AI to launch an assault on the U.S. The dangerous actor may “break into financial systems and take everyone’s money,” and there could be little we may do about it, Altman stated. It could be troublesome to uphold protecting measures in opposition to an adversary with smarter AI, Altman defined.
Related: Nearly Half of Americans Think They Could Be Duped By AI. Here’s What They’re Worried About.Altman’s fears that AI could possibly be misused within the improper palms are echoed by financial leaders. According to a survey launched in March by consulting firm Accenture, 80% of bank cybersecurity leaders state that AI permits dangerous actors to launch assaults quicker than banks can reply. In different phrases, the leaders cannot keep up with the fast tempo of AI scams concentrating on personal bank accounts.Consumers reported shedding more than $12.5 billion to scams in 2024, a 25% increase from the earlier 12 months, based on the Federal Trade Commission. More people fell for scams and misplaced money to them final 12 months, with $2.95 billion misplaced to imposter scams.Still, some prime executives at OpenAI are satisfied it has the facility to do a lot of good, from eradicating illnesses to serving to help equal pay initiatives.Join prime CEOs, founders and operators on the Level Up convention to unlock methods for scaling your business, boosting income and building sustainable success.
Sam Altman, the CEO of $300 billion AI startup OpenAI, is asking finance industry leaders to remain forward of AI trends — and to keep away from voice authentication in any respect prices.At the Federal Reserve’s Regulatory Capital Framework Conference on Tuesday in Washington, D.C., Altman instructed a crowd of financial regulators and industry consultants that “a thing that terrifies” him is banks that also settle for voices to authenticate identification. AI voice cloning hoaxes can copy a individual’s voice in three seconds and use the cloned voice to empty bank accounts.”A thing that terrifies me is apparently there are still some financial institutions that will accept a voice print as authentication for you to move a lot of money or do something else,” Altman stated on the occasion, per Business Insider.
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