Artificial intelligence is making it easier for fraudsters to launch more sophisticated attacks on financial companies. Bloomberg reports this with reference to a report by the US Treasury Department.
The agency explained that new advances in AI enable criminals to more realistically imitate voice or video to impersonate financial institution customers and gain access to accounts.
“Artificial intelligence is redefining cybersecurity and fraud in the financial services sector,” Under Secretary for Domestic Finance Nellie Liang said in a statement accompanying the report.
According to her, Joe Biden’s administration will work with financial companies to utilize new technologies while “safeguarding against threats to operational resiliency and financial stability.”
In preparing the report, the U.S. Treasury conducted 42 interviews with representatives of the financial and information technology sectors, data providers, and companies involved in the fight against fraud and money laundering.
The Treasury Department is another institution that has expressed reservations about AI. Key US financial regulators, including the Securities and Exchange Commission and the Consumer Financial Protection Bureau, have also expressed concerns in the past.
By the way, OpenAI and other tech companies recently signed an open letter on collective responsibility for “maximizing the benefits of artificial intelligence and reducing the risks to society.” The letter was another attempt by the tech industry to call for a responsible approach to AI.
Loading comments …