WASHINGTON (AP) — OpenAI CEO Sam Altman warned the financial industry of a “significant impending fraud crisis” because of the ability of artificial intelligence tools to impersonate a person’s voice to bypass security checks and move money. Altman spoke at a Federal Reserve conference Tuesday in Washington.

OpenAI Chief Executive Sam Altman said he is concerned that financial firms aren’t adequately dealing with a rise in artificial intelligence-enabled scams against bank customers, highlighting a chief concern of lenders as the emerging technology grows more sophisticated.

Some banks in India are using voice printing for authentication to transfer funds. However, scammers can utilise AI to bypass the system and commit fraud.