LyreBird is a system that can accurately reproduce the voice of someone, given a large amount of sample inputs. It’s pretty good—listen to the demo here—and will only get better over time.
The applications for recorded-voice forgeries are obvious, but I think the larger security risk will be real-time forgery. Imagine the social engineering implications of an attacker on the telephone being able to impersonate someone the victim knows.
I don’t think we’re ready for this. We use people’s voices to authenticate them all the time, in all sorts of different ways.
EDITED TO ADD (5/11): This is from 2003 on the topic.
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