Sam Altman warns: AI has already broken common authentication methods – and banks aren’t responding.

“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 — you say a challenge phrase, and they just do it,” said OpenAI CEO Sam Altman at a Federal Reserve event. “That is a crazy thing to still be doing… AI has fully defeated most of the ways that people authenticate currently, other than passwords.”

Altman spoke of a “significant, impending fraud crisis” and emphasized that AI-driven voice and video spoofing is already a real risk – with potentially dramatic consequences for the financial sector.