The Financial Sector Conduct Authority of South Africa has issued a public warning as deepfake technology and AI-driven voice cloning increase, prompting concerns among regulators and industry stakeholders about growing financial scams.

OpenAI CEO Warns of AI-Driven Fraud Crisis

Sam Altman, CEO of OpenAI, recently addressed the financial sector at a Federal Reserve conference. He warned of a growing fraud crisis fueled by AI’s ability to mimic human voices and bypass existing security measures. Altman criticized voiceprint authentication systems as outdated and ineffective against current AI technology. He stressed the urgent need for new verification methods to counter the rise of realistic AI-generated voice and video clones.

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

Sam Altman says it's insane that banks still accept voice prints for authentication.

AI has already broken most of the systems we use to prove who we are, and we're sleepwalking into a synthetic fraud crisis.

“Right now it's a voice call. Soon it's gonna be video. It'll be… pic.twitter.com/iqMaCjQpKG

— vitrupo (@vitrupo) July 23, 2025

Deepfakes Used to Impersonate Trusted Public Figures

The regulator highlighted concerns about AI-generated videos and audio clips being used to impersonate trusted individuals, including well-known public figures such as Siya Kolisi and Connie Ferguson, to deceive consumers.

Meanwhile, the FSCA advised the public to remain cautious and to verify the legitimacy of any financial service provider through official FSCA channels before conducting any business.

You may find it interesting at FinanceMagnates.com: Nearly 50% of Companies Targeted by AI Deepfakes, Mastercard Report Reveals.

FSCA Advises Public to Verify Financial Providers

The FSCA also advises the public: “Be cautious when considering investment or trading offers on social media platforms or any unsolicited offers. If something feels off or seems too good to be true, it is recommended to pause and verify with the FSCA whether the entity is authorized to provide financial services.”