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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Top Stories

    Posted By Uma Rajagopal

    Posted on April 19, 2023

    Featured image for article about Top Stories

    US FTC leaders will target AI that violates civil rights or is deceptive

    WASHINGTON (Reuters) – Leaders of the U.S. Federal Trade Commission said on Tuesday the agency would pursue companies who misuse artificial intelligence to violate laws against discrimination or be deceptive.

    The sudden popularity of Microsoft-backed OpenAI’s ChatGPT this year has prompted calls for regulation amid concerns around the world about the possible use of the innovation for wrongdoing even as companies are seeking ways to use it to enhance efficiency.

    In a congressional hearing, FTC Chair Lina Khan and Commissioners Rebecca Slaughter and Alvaro Bedoya were asked about concerns that recent innovation in artificial intelligence, which can be used to produce high quality deep fakes, could be used to make more effective scams or otherwise violate laws.

    Bedoya said companies using algorithms or artificial intelligence were not allowed to violate civil rights laws or break rules against unfair and deceptive acts.

    “It’s not okay to say that your algorithm is a black box” and you can’t explain it, he said.

    Khan agreed the newest versions of AI could be used to turbocharge fraud and scams and any wrongdoing would “should put them on the hook for FTC action.”

    Slaughter noted that the agency had throughout its 100 year history had to adapt to changing technologies and indicated that adapting to ChatGPT and other artificial intelligence tools were no different.

    The commission is organized to have five members but currently has three, all of whom are Democrats.

    (Reporting by Diane Bartz; Editing by Marguerita Choy)

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