CRIMINALS AND BOTS: OpenAI’s Sam Altman Warns Financial Sector That Artificial Intelligence Is About to Unleash ‘Significant Fraud Crisis’

The rise of the Artificial Intelligence technology carries a lot of promise but also a lot of risk.

When it comes to the perils of the AI technology, we’ve heard multiple experts alerting to the ‘macrocosmic’ problems that it can pose to the very survival of humankind, with the alarmism hitting overdrive with provocateur Eliezer Yudkowsky saying ‘I think we’re all gonna die!’

But there’s also the ‘microcosmic’ problems that AI is already unleashing on humanity, in the sense that it quickly became another tool used by criminals – and a powerful one, too!

Sometimes there are terrible stories that seem a ‘one-off’ destined to the folklore, as in the case of the French woman scammed out of $850k by con-man posing as ‘Brad Pitt in the hospital’ with AI-Generated images and Chatbot.

But now, we seem to be heading to a more systemic danger, as OpenAI CEO Sam Altman warns the financial sector of a ‘significant impending fraud crisis’ because of artificial intelligence.

Altman detailed AI’s increasing capability to ‘impersonate human voices’, allowing criminals to bypass security protocols and even illicitly transfer funds.

The Independent reported:

“Speaking at a Federal Reserve conference in Washington, Mr. Altman expressed particular alarm over outdated authentication methods. ‘A thing that terrifies me is apparently there are still some financial institutions that will accept the voiceprint as authentication’, he stated. ‘That is a crazy thing to still be doing. AI has fully defeated that’.”

Sam Altman says it’s insane that banks still accept voice prints for authentication.

AI has already broken most of the systems we use to prove who we are, and we’re sleepwalking into a synthetic fraud crisis.

“Right now it’s a voice call. Soon it’s gonna be video. It’ll be… pic.twitter.com/iqMaCjQpKG

— vitrupo (@vitrupo) July 23, 2025

“Voiceprinting, which involves customers uttering a challenge phrase to access accounts, gained popularity over a decade ago, particularly among wealthy bank clients. However, Mr. Altman cautioned that AI-generated voice clones, and eventually video clones, are becoming increasingly ‘indistinguishable from reality’, necessitating entirely new verification systems.”

Sitting beside him was Michelle Bowman, the Fed’s Vice Chair for Supervision and top financial regulator.

She seemed willing to collaborate on solutions, saying that this ‘might be something we can think about partnering on’.

Read more:

‘Humanity Wins! – for Now’: Polish Programmer Beats AI Model in 10-Hour Coding Competition

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