The dependence on AI-generated news could trigger more bank runs, according to a new report.
Financial institutions in Europe are expressing concern about the potential impacts of false news generated by artificial intelligence, according to a recent study.
A study from the United Kingdom has analyzed the risks posed by misinformation campaigns driven by generative artificial intelligence, particularly in the context of potential bank runs. According to research conducted by Say No to Disinfo and the communications company Fenimore Harper, AI systems can be used to create fake news that circulates on social media, suggesting that banks are facing security issues or that their customers' funds are not protected.
The report warns that, with the use of AI, these misinformation campaigns have become more accessible and effective. The ease with which online banking transactions can be conducted, allowing funds to be moved in seconds, heightens the concern. It was revealed that for every approximately $12 spent on social media advertising, scammers could generate up to $1.2 million in fraudulent expenses. This potential risk underscores the need for banking entities to monitor fund withdrawals for behaviors driven by false information.
Woody Malouf, head of financial crimes at Revolut, commented that although such an event is unlikely, it is essential for financial institutions to prepare. On the other hand, banking entities seem optimistic about this emerging technology. UK Finance indicated that banks are working to manage and mitigate the risks associated with AI, and regulatory authorities are reviewing the potential challenges that this technology poses to financial stability.
This report is presented in the context of an AI summit taking place in Paris, where the capabilities and future of artificial intelligence are being discussed on a global scale.
