Financial Conduct Authority (FCA) News
Financial Conduct Authority (FCA) Warns Financial Services Firms Over AI Fraud
The Head of the Financial Conduct Authority has said that artificial intelligence could disrupt the financial services sector in “ways and at a scale not seen before”, warning that the regulator would be forced to take action against AI-based fraud. Nikhil Rathi, the Chief Executive of the Financial Conduct Authority (FCA), said that there are risks of 'cyber fraud, cyber-attacks, and identity fraud increasing in scale and sophistication and effectiveness' as artificial intelligence...
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