South Africa’s Financial Sector Conduct Authority issued a public warning as deep-hit technology and AI-powered voice clones have increased, which has attracted attention from regulators and industry stakeholders about the growing financial scam.

Openai CEO warns of AI-driven fraud crisis

OpenAI CEO Sam Altman recently addressed the financial sector at a Fed meeting. He warned that AI’s ability to mimic human voices and bypass existing security measures has contributed to a growing fraud crisis. Altman criticizes the outdated and invalidity of voice texture authentication systems for current AI technology. He stressed the need for new verification methods to cope with the rise of realistic AI-generated voice and video clones.

The Fed expressed interest in working with industry stakeholders to develop solutions to this emerging threat.

Sam Altman said it was crazy that banks still accept voice-printed authentication. EAI has broken most of the systems we use to prove who we are, and we are in a comprehensive fraud crisis. pic.twitter.com/iqmacjqpkg

-Vitrupo (@vitrupo) July 23, 2025

Deep cakes used to imitate trustworthy public figures

Regulators highlight concerns about AI-generated video and audio clips used to mimic trusted individuals, including well-known public figures such as Siya Kolisi and Connie Ferguson, to deceive consumers.

Meanwhile, FSCA recommends that the public be cautious and verify the legitimacy of any financial service provider through the official FSCA channel before conducting any business.

You might find it interesting on FinanceMagnates.com: Mastercard report shows.

FSCA recommends public verification financial providers

this FSCA It is also advised by the public: “Be cautious when considering investment or transaction quotes on social media platforms or on any unsolicited quotes. If something doesn’t feel or looks too good to achieve, it is recommended that you pause and verify that FSCA has the right to provide financial services.”

This article was written by Tareq Sikder on www.financemagnates.com. (tagstotranslate)FSCA (T)DeepFake (T)OpenAi CEO



Source link