Amid mounting global AI concerns, OpenAI CEO Sam Altman has issued a chilling alert about an impending “fraud crisis,” warning that artificial intelligence is already capable of mimicking voices and faces so convincingly that it could destabilize financial systems and public trust.
Speaking at a Federal Reserve event on Tuesday, Altman addressed an audience of policymakers and financial industry leaders in Washington, DC, where he laid out the escalating risks of AI-enhanced fraud and the urgent need for better safeguards in both the private and public sectors.
“A thing that terrifies me,” Altman said, “is that there are still financial institutions accepting voice authentication, you say a phrase, and they just move money. That’s a crazy thing to still be doing. AI has fully defeated most of the ways that people authenticate today.”
The CEO’s comments come at a pivotal moment for the global AI conversation. The White House is preparing to release its long-anticipated “AI Action Plan,” aiming to balance regulation with technological leadership. OpenAI has actively participated in shaping the policy, even as it has cautioned against overly restrictive rules that could hinder innovation.
Altman’s warnings add fuel to an already growing body of concern. The FBI has previously flagged the rise in AI-powered voice and video scams, including cases where cloned voices have been used to deceive parents into believing their children were in danger. Just this month, U.S. officials reported AI-generated impersonations of Secretary of State Marco Rubio targeting foreign diplomats and lawmakers.
“What we’re seeing now with voice cloning is just the beginning,” Altman warned. “Soon, it will be FaceTime or video calls that are indistinguishable from reality.”
Altman’s remarks coincide with OpenAI’s announcement to open its first Washington, DC, office in early 2026. Led by Chan Park and Joe Larson, the office will serve as a hub for AI research, training, and policy engagement. The company says the space will support efforts to understand AI’s impact on jobs, education, and national security.
Despite his strong concern about fraud and misuse, Altman urged balance in policymaking, highlighting that while risks are real, AI offers substantial economic promise. In a newly released report authored by OpenAI’s Chief Economist Ronnie Chatterji, ChatGPT’s adoption is credited with productivity gains among 500 million global users, 20% of whom in the U.S. use the tool for learning or professional development.
Chatterji likened AI’s potential to that of electricity and the transistor. “The tools we are seeing now,” he wrote, “are only the beginning of a transformative shift in how people work and live.”
Still, Altman remains uneasy about the future. “I’m deeply nervous about bad actors creating AI superintelligence before the world is ready,” he admitted, citing concerns about misuse in cyberattacks or biological warfare.
Reflecting on AI’s impact on the labor force, Altman was more philosophical than prescriptive. “Entire classes of jobs will go away,” he said, “but no one really knows what comes next.”
Looking to the future, he added, “We may reach a point where people have everything they need, and jobs as we know them may no longer be necessary. That’s both an opportunity and a challenge we must prepare for.”
As AI’s power grows, so too does the call for vigilance. Altman’s message is clear: the future is coming fast, and it may not wait for us to catch up.
Read also: Trump Administration Unveils Controversial AI Action Plan to Cement U.S. Global Leadership.
