A group of U.S. senators are urging the Consumer Financial Protection Bureau (CFPB) to take action to protect consumers from scams and fraud caused by artificial intelligence (AI) and machine learning in consumer financial products.
Specifically, the lawmakers cited concerns over AI voice cloning technology which can allow scammers to fraudulently access consumers’ finances and bank accounts.
“Voice cloning adds a new, threatening dimension to these scams, allowing fraudsters to generate voice clips to convincingly impersonate friends, family, or potentially even financial advisors and bank employees. Hearing trusted voices amplifies the risks of consumers falling victim to scams,” the lawmakers wrote in a letter to CFPB Director Rohit Chopra. “The risks posed by voice cloning in the realm of financial scams demand immediate attention and action. To effectively address this emerging threat, we respectfully request that the CFPB review the risks posed by this new technology as soon as practicable and take action under the CFPB’s existing authorities to protect consumers.”
The letter was signed by U.S. Sens. Sherrod Brown (D-OH), Bob Menendez (D-NJ), Jack Reed (D-RI), and Tina Smith (D-MN).
Brown, chair of the Senate, Banking, Housing and Urban Affairs Committee, raised similar concerns about voice authentication technology to the CEOs of six major banks recently. He asked these banks to provide the committee with details as to how they will protect consumers from scams generated by AI.