Sam Altman warned the financial industry about a looming fraud crisis due to AI capabilities in voice impersonation. He indicated many financial institutions still use voiceprint authentication, which is no longer secure against AI's advancements. Voiceprinting was once popular for verifying wealthy clients through challenge phrases. However, AI voice and potential video clones can now mimic individuals so convincingly that traditional verification methods are inadequate. There is a need to develop new verification strategies in response to these evolving threats.
A thing that terrifies me is apparently there are still some financial institutions that will accept the voiceprint as authentication. That is a crazy thing to still be doing. AI has fully defeated that.
Voiceprinting as an identification for wealthy bank clients grew popular more than a decade ago, with customers typically asked to utter a challenge phrase into the phone to access their accounts.
AI voice clones, and eventually video clones, can impersonate people in a way that is increasingly indistinguishable from reality and will require new methods for verification.
That might be something we can think about partnering on, said Fed Vice Chair for Supervision Michelle Bowman, the central bank's top financial regulator.
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