AI Voice Cloning poses a serious fraud threat, Openai’s Altman warns
Openai’s top global affairs officer, Chris Lehane, has been involved in the Trump administration’s ‘Varney & Co. We will discuss the AI action plan regarding
Openai CEO Sam Altman He warned Wall Street executives that bad actors could misuse digital voice ID authentication to allow for massive remittances and create what he describes as an imminent fraud crisis.
“We are extremely nervous about an imminent, serious fraud crisis,” Altman said Tuesday at a banking regulation meeting hosted by the Federal Reserve.
In a panel, hosted by Michelle Bowman, vice-chairman of the Federal Reserve oversight, Altman said one of his biggest concerns is that some financial institutions accept digital voice IDs as a verification for someone to move a lot of money.
He highlighted concerns about the false certification, saying, “A bad actor will release it — this is not very difficult. This will come very quickly.”
Federal Reserve Chair Jerome Powell (R) greets Openry CEO Sam Altman (L), after speaking at a comprehensive review of the comprehensive framework of major banking conferences in Washington, DC on July 22, 2025. (Andrew Harnik / Getty Images / Getty Images)
This is not a new concern either. Industry experts have been warning about it for years.
In June 2024, the world’s largest anti-flood organization, the Association of Certified Fraud Examiners (ACFE), discussed how to use artificial intelligence to replicate someone’s voice “with incredible accuracy.”
“The technology employs sophisticated algorithms and neural networks to analyse and mimic the voice patterns, tones and rhythms of targeted individuals. Deepfakes began with visual content such as fake videos of celebrities and politicians, but ACFE writes that ACFE is making the wrong voice by misusing Ai-Generated’s voice. It leads to serious meaning, Includes fraudulent financial transactions.
Artificial Intelligence drives demand for electric grid updates
At the 2025 RSA conference held in San Francisco earlier this year, tens of thousands of people were able to see the issue of RSA meetings in San Francisco. Cybersecurity and technology Experts gathered to discuss how AI is rapidly reshaping the cybersecurity landscape.
Openai CEO Sam Altman will make his remarks in an integrated review of the Capital Framework Conference for Large Bank Conferences in Washington, DC on July 22, 2025. (Andrew Harnik / Getty Images / Getty Images)
During the meeting, the discussion not only shows that technology accelerates the speed of cyberattacks, but also that hackers often break into the system within an hour, but also offers criminals a new way to create highly compelling and personalized attacks on “unprecedented scale.”
“The ability for hackers to use persuasive phishing emails, fake websites, and even AI tools to inject serious prompts and code allows cybercriminals to create personalized, realistic messages and methods that bypass traditional detection mechanisms.”
Openai CEO Sam Altman took part in a discussion with the supervisor vice-chairman at the Federal Reserve Michelle Bowman in an integrated review of the capital framework for the Large Banks Conference held in the Federal Reserve on July 22, 2025. (Andrew Harnik / Getty Images) / Getty Images)
Click here to get your Fox business on the go
The Federal Trade Commission (FTC) said it took several precautions, including finalizing rules to combat government and corporate spoofing in 2024, to detect, block and stop AI-related spoofing. The FTC also launched a voice cloning challenge aimed at developing ideas to protect consumers by detecting and stopping misuse of voice cloning software by unauthorized users.