---
title: "To Do: Ban Financial Institutions From Relying Solely on Voice Authentication"
summary: |-
  Financial regulatory agencies should address threats from AI voice clones by updating security guidelines to ban financial institutions from relying solely on voice authentication to protect customers’ accounts.
date: "2024-05-20"
issues: ["Artificial Intelligence", "Data Innovation", "Cybersecurity"]
content_type: "Knowledge Base Articles"
canonical_url: "https://itif.org/publications/2024/05/20/to-do-ban-financial-institutions-from-relying-solely-on-voice-authentication/"
---

# To Do: Ban Financial Institutions From Relying Solely on Voice Authentication

# Recommendation

Financial regulatory agencies should address threats from AI voice clones by updating security guidelines to ban financial institutions from relying solely on voice authentication to protect customers’ accounts.

# Details

Some banks use voice recognition for customer authentication when accessing accounts or conducting transactions over the phone. Given the novel threat vectors of AI voice-cloning, regulators should update these guidelines to incorporate robust multi-factor authentication protocols that do not use only voice recognition to authenticate consumers.

**Keep reading:**

- Hodan Omaar and Daniel Castro, “Picking the Right Policy Solutions for AI Concerns,” (ITIF Center for Data Innovation, May 2024), [https://itif.org/publications/2024/05/20/picking-the-right-policy-solutions-for-ai-concerns/](https://itif.org/publications/2024/05/20/picking-the-right-policy-solutions-for-ai-concerns/).

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*Source: Information Technology & Innovation Foundation (ITIF)*
*URL: https://itif.org/publications/2024/05/20/to-do-ban-financial-institutions-from-relying-solely-on-voice-authentication/*