Fake news reports and disinformation campaigns driven by generative AI pose a significant risk to causing bank runs, according to a new study out of the U.K.
Per the research firm, Say No to Disinfo, and communications company Fenimore Harper, generative AI systems can easily be leveraged to create fake stories appearing on social media that suggest banks suffer from specific security deficiencies or that their depositors’ money is not safe.
“As AI is making disinformation campaigns easier, cheaper, quicker and more effective than ever before, the emerging risk to the financial sector is rapidly growing but often overlooked,” the report said. It also notes that web-based and mobile banking transactions can transfer an account’s funds in seconds. Specifically, the study found that for every ~$12 worth of social media advertising spent, scammers could pull in as much as $1.2 million in fraudulent spending.
This potential danger demands that banks and other financial institutions monitor account withdrawals to identify when false information instigates their customer behavior, according to the study. “Whilst we believe an industry event like this is unlikely, it is still possible, so it’s essential that financial institutions are prepared,” Woody Malouf, Revolut’s head of financial crime, told Reuters.
However, the financial institutions reportedly remain bullish on the emerging technology. “Banks are working hard to manage and mitigate risks around AI and the regulatory authorities are looking at the potential financial stability challenges the technology poses,” UK Finance told Reuters. This news comes as AI companies and advocates meet in Paris as part of the AI Summit in France occurring this week where JD Vance previously argued that the U.S. can, and must, produce “the most powerful” artificial intelligence processors in the world.
Meta has been playing the AI game for a while now, but unlike ChatGPT, its models are usually integrated into existing platforms rather than standalon
When you think of AI, names like Google, Microsoft, and OpenAI pop up in your mind. Netflix, the world’s biggest streaming platform, doesn’t quite sou
The AI industry has blossomed quickly in recent years, and several companies have been in steep competition with one another. Two brands that have esp
A Chat-GPT screenless phone could be on the horizon and it should be something Apple is worried about when it comes to iPhone.Apple is already struggl
Microsoft is late to the party, but it is finally bringing a deep research tool of its own to the Microsoft 365 Copilot platform across the web, mobil
Opera One browser has lately won a lot of plaudits for its slick implementation of useful AI features, a clean design, and a healthy bunch of chat int
OpenAI is inconsistent in a lot of things — is it a non-profit or a for-profit? Is Sam Altman fit to be CEO or not? But one thing the company has alwa
Today, Microsoft announced its first World and Human Action Model, or WHAM, a generative AI capable of generating game visuals and controller actions.
We are a comprehensive and trusted information platform dedicated to delivering high-quality content across a wide range of topics, including society, technology, business, health, culture, and entertainment.
From breaking news to in-depth reports, we adhere to the principles of accuracy and diverse perspectives, helping readers find clarity and reliability in today’s fast-paced information landscape.
Our goal is to be a dependable source of knowledge for every reader—making information not only accessible but truly trustworthy. Looking ahead, we will continue to enhance our content and services, connecting the world and delivering value.
