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.

O penAI 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.

Sam Altman, the founder and CEO of OpenAI, said the rapidly growing capabilities of AI are rendering many of banks' fraud prevention measures useless and warned of an "impending fraud crisis" if banks don't update their processes.