Senate Banking Committee Chair Brown Urges CFPB to Protect Consumers from AI "Voice Cloning" Fraud

Senate Banking Committee Chair Sherrod Brown (D-OH), et. al. urged the CFPB to address the risks associated with artificial intelligence "voice cloning."

In a Letter to the CFPB, Senators Sherrod Brown (D-OH), Bob Menendez (D-NJ), Jack Reed (D-RI) and Tina Smith (D-MN) stated that fraudsters use AI to generate voice clips (i.e. "voice cloning") to impersonate family members, financial advisors and bank employees, which "amplifies the risks of consumers falling victim to scams." The Senators expressed concern about financial institutions’ vulnerability to AI-related breaches. Based on responses to letters sent to six of the largest banks that offer voice authentication services, the Senators stated that the largest financial institutions lack a uniform approach to addressing these vulnerabilities. The Senators asked that the CFPB assess the associated risks as soon as practicable and take appropriate action.