OpenAI CEO Sam Altman has expressed concerns about the growing threat of artificial intelligence in financial systems, warning that companies need to stay ahead of the technology or risk losing customers’ money. During a speech at an event hosted by the Federal Reserve, Altman stated that many financial institutions still rely on outdated voice authentication methods, making them vulnerable to AI-driven fraud.
Altman stressed that AI has already defeated most current authentication methods, leaving only passwords as a barrier. He warned of a “significant impending fraud crisis” and emphasized the need for companies to adapt their verification processes to protect against AI-powered threats.
The OpenAI CEO also shared his fears about large-scale financial attacks, where adversaries could exploit powerful AI to break into financial systems and steal money. With the adversary’s AI being smarter than ours, it would be challenging to defend against such attacks.
Accenture’s survey of 600 bank cybersecurity leaders found that 80% believe generative AI is empowering hackers faster than their banks can respond. Altman’s warnings come as a reminder for financial institutions to prioritize security and invest in the necessary technologies to protect themselves from the evolving threat of AI-driven fraud.
Source: https://www.businessinsider.com/sam-altman-federal-reserve-financial-institutions-voice-prompt-authentication-2025-7