WASHINGTON — Experts are concerned about your money and privacy as the banking industry relies on artificial intelligence. They see new challenges for AI in the financial sector.
The Consumer Financial Protection Bureau helps protect your finances as technology continues to evolve.
“We must focus on how big technology and AI will transform banking,” said director Rohit Chopra.
He recently told a group of parliamentarians that the country needs to strike a balance while using artificial intelligence.
“Are we going to use technology to sustain and enhance relationship banking, foster competition and protect privacy, or will we continue to move towards a system that features surveillance,” Chopra asked.
Senators agree there are concerns based on the stories voters are pouring in.
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Alabama Senator Katie Britt (Republican) said, “We’re seeing it all over the state.” “Many people have been targeted by the use of AI.”
Some believe that fraud is not the only problem here. There are privacy and discrimination concerns around information and AI.
“They are already ingesting huge amounts of data to feed some of these artificial intelligence models,” Chopra explained.
“These algorithms have the ability to literally discriminate against consumers in the financial services sector,” Senator Mark Warner, a Democrat of Virginia, said.
Chopra believes that as the industry evolves, so should consumer protection.
“In the age of AI, pamphlets will not solve the problem,” he added. “We are looking at digital literacy tools, how consumers can protect themselves, how they can detect fraud. We are also looking at how we can target specific populations.”
The CFPB said it was also working to bring more technical talent into the CFPB.
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