The CEO of the Financial Conduct Authority has cautioned banks, investors, and insurers to bolster the spending against scammers who are using artificial intelligence for fraudulent activity in the financial services industry.
Speaking at The Economist's Transformation Agenda event this morning (12 July), Nikhil Rathi said that risks of "cyber fraud, cyber-attacks and identity fraud [are] increasing in scale and sophistication and effectiveness" as AI has boomed and become more widespread. He continued: "Depending on who you speak to, AI could either lead to the destruction of civilisation, or the cure for cancer or both. It could either displace today's jobs or enable an explosion in future productivity. "The truth probably embraces both scenarios." BoE stress test shows UK banks are 'resilient' to 'sev...
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