Is your money at risk? AI could trigger a massive bank fraud crisis, warns tech expert
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Artificial intelligence (AI) is changing the world at a dizzying pace, and while it’s brought us everything from talking fridges to clever chatbots, it’s also opening the door to a new era of bank fraud that could leave everyday Aussies more vulnerable than ever.
If you’ve ever worried about scammers getting their hands on your hard-earned savings, you’re not alone—some of the world’s top tech minds are sounding the alarm, and the message is clear: the old ways of keeping your money safe might not cut it anymore.
At a recent event in Washington, DC, OpenAI CEO Sam Altman (the brains behind ChatGPT) didn’t mince words. He warned that AI-powered scams are already so advanced, banks are facing what he called an 'impending fraud crisis.'
According to Altman, AI can now mimic people’s voices so convincingly that verifying customers over the phone is 'a crazy thing to still be doing.' In other words, if you think you can spot a scammer by the sound of their voice, think again—AI can now clone voices with frightening accuracy.
And it’s not just voices. Altman predicts that soon, scammers will be able to create video deepfakes—realistic, AI-generated videos that are 'indistinguishable from reality.'
Imagine getting a FaceTime call from someone who looks and sounds exactly like your bank manager, but is actually a scammer using AI. It’s a chilling thought, and it’s coming 'very, very soon,' according to Altman.
You might be wondering: if the technology is so advanced, why aren’t banks doing more to protect us?
The truth is, banks are massive organisations, and changing their systems is a bit like turning a cruise ship—it takes time.
Many banks have only just started using their mountains of data to spot fraud and block dodgy payments. They’ve also been rolling out biometric security measures, like voice recognition and selfie ID checks, which were supposed to make things safer and easier for customers.
But here’s the catch: AI is already outsmarting these systems. Scammers are using AI to create fake identities, tricking people into handing over verification selfies, and even generating deepfake voices to bypass security checks.
In one recent case, a criminal group allegedly used voice deepfakes to breach Qantas’ data, showing just how sophisticated these scams have become.
It’s not all doom and gloom, though. Banks and tech companies are fighting back with their own AI tools.
For example, the Commonwealth Bank of Australia (CBA) has deployed an army of AI-powered bots that sound like real Aussies. Their job? To waste scammers’ time by keeping them on the phone with endless, meaningless conversations.
Meanwhile, companies like Mastercard are moving towards 'passkey' authentication—using facial scans instead of passwords—to make it harder for scammers to break in. But even these new methods aren’t foolproof.
Security experts warn that AI-generated deepfakes can create synthetic identities that are almost impossible to tell apart from the real thing.
With all these new threats, you might expect the government to step in with tough new rules.
But according to Australia’s top financial regulators, that’s not the answer. Joe Longo, chair of the Australian Securities and Investments Commission (ASIC), told a recent banking conference that banks need to rely on their own innovation, not wait for new regulations.
'Adding new regulations becomes a burden borne by everyone and a handbrake on innovation,' he said.
Instead, regulators are urging banks to be bold and imaginative, using their existing expertise and technology to stay one step ahead of the scammers.
The laws we already have are 'technology-neutral,' meaning they can be applied to new threats as they arise—but only if banks are proactive about using them.
Read more: Free money? Not quite—here’s why a random $350 deposit could be a red flag
Have you or someone you know been targeted by a scam that used AI or other new technology? What steps do you take to keep your money safe? Share your stories and tips in the comments below!
If you’ve ever worried about scammers getting their hands on your hard-earned savings, you’re not alone—some of the world’s top tech minds are sounding the alarm, and the message is clear: the old ways of keeping your money safe might not cut it anymore.
At a recent event in Washington, DC, OpenAI CEO Sam Altman (the brains behind ChatGPT) didn’t mince words. He warned that AI-powered scams are already so advanced, banks are facing what he called an 'impending fraud crisis.'
According to Altman, AI can now mimic people’s voices so convincingly that verifying customers over the phone is 'a crazy thing to still be doing.' In other words, if you think you can spot a scammer by the sound of their voice, think again—AI can now clone voices with frightening accuracy.
And it’s not just voices. Altman predicts that soon, scammers will be able to create video deepfakes—realistic, AI-generated videos that are 'indistinguishable from reality.'
Imagine getting a FaceTime call from someone who looks and sounds exactly like your bank manager, but is actually a scammer using AI. It’s a chilling thought, and it’s coming 'very, very soon,' according to Altman.
Australian banks are facing an escalating fraud crisis fuelled by advanced AI-powered techniques. Image source: Solen Feyissa / Unsplash. Disclaimer: This is a stock image used for illustrative purposes only and does not depict the actual person, item, or event described.
You might be wondering: if the technology is so advanced, why aren’t banks doing more to protect us?
The truth is, banks are massive organisations, and changing their systems is a bit like turning a cruise ship—it takes time.
Many banks have only just started using their mountains of data to spot fraud and block dodgy payments. They’ve also been rolling out biometric security measures, like voice recognition and selfie ID checks, which were supposed to make things safer and easier for customers.
But here’s the catch: AI is already outsmarting these systems. Scammers are using AI to create fake identities, tricking people into handing over verification selfies, and even generating deepfake voices to bypass security checks.
In one recent case, a criminal group allegedly used voice deepfakes to breach Qantas’ data, showing just how sophisticated these scams have become.
It’s not all doom and gloom, though. Banks and tech companies are fighting back with their own AI tools.
For example, the Commonwealth Bank of Australia (CBA) has deployed an army of AI-powered bots that sound like real Aussies. Their job? To waste scammers’ time by keeping them on the phone with endless, meaningless conversations.
Meanwhile, companies like Mastercard are moving towards 'passkey' authentication—using facial scans instead of passwords—to make it harder for scammers to break in. But even these new methods aren’t foolproof.
Security experts warn that AI-generated deepfakes can create synthetic identities that are almost impossible to tell apart from the real thing.
With all these new threats, you might expect the government to step in with tough new rules.
But according to Australia’s top financial regulators, that’s not the answer. Joe Longo, chair of the Australian Securities and Investments Commission (ASIC), told a recent banking conference that banks need to rely on their own innovation, not wait for new regulations.
'Adding new regulations becomes a burden borne by everyone and a handbrake on innovation,' he said.
Instead, regulators are urging banks to be bold and imaginative, using their existing expertise and technology to stay one step ahead of the scammers.
The laws we already have are 'technology-neutral,' meaning they can be applied to new threats as they arise—but only if banks are proactive about using them.
Read more: Free money? Not quite—here’s why a random $350 deposit could be a red flag
Have you or someone you know been targeted by a scam that used AI or other new technology? What steps do you take to keep your money safe? Share your stories and tips in the comments below!
