The Financial Sector Conduct Authority of South Africa hasissued a public warning as deepfake technology and AI-driven voice cloningincrease, prompting concerns among regulators and industry stakeholders aboutgrowing financial scams.OpenAI CEO Warns of AI-Driven Fraud CrisisSam Altman, CEO of OpenAI, recently addressed the financialsector at a Federal Reserve conference. He warned of a growing fraud crisisfueled by AI’s ability to mimic human voices and bypass existing securitymeasures. Altman criticized voiceprint authentication systems as outdated andineffective against current AI technology. He stressed the urgent need for newverification methods to counter the rise of realistic AI-generated voice andvideo clones.The Federal Reserve expressed interest in working withindustry 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, 2025Deepfakes Used to Impersonate Trusted Public FiguresThe regulator highlighted concerns about AI-generated videosand audio clips being used to impersonate trusted individuals, includingwell-known public figures such as Siya Kolisi and Connie Ferguson, to deceiveconsumers.Meanwhile, the FSCA advised the public to remain cautiousand to verify the legitimacy of any financial service provider through officialFSCA channels before conducting any business.You may find it interesting at FinanceMagnates.com: Nearly50% of Companies Targeted by AI Deepfakes, Mastercard Report Reveals.FSCA Advises Public to Verify Financial ProvidersThe FSCA also advises the public: “Be cautious whenconsidering investment or trading offers on social media platforms or anyunsolicited offers. If something feels off or seems too good to be true, it isrecommended to pause and verify with the FSCA whether the entity is authorizedto provide financial services.”This article was written by Tareq Sikder at www.financemagnates.com.