In a recent report, accounting firm KPMG highlighted that fraudsters are increasingly turning to forgeries in the business sector, further underscoring the need to address this emerging risk.
The accounting company KPMG highlighted that fraudsters are increasingly turning to AI fakes in the business sector
Gary Genslerthe president of the US Securities and Exchange Commission (SEC), issued a warning about the potential impact of counterfeits generated by the artificial intelligence in the financial markets.
In a hearing before the Senate Banking CommitteeGensler highlighted that the artificial intelligence represents a “real risk“for the stability of the markets.
The SEC chairman raised concerns about how these new technologies could challenge and undermine the laws and regulations established to protect investors and guarantee the integrity of the markets. He warned of the danger of individuals or entities attempting to manipulate stock quotes or cryptocurrency prices. using AI techniques.
Markets: the SEC’s response to the challenge
Gensler stressed the importance of addressing this growing problem and noted that the SEC is already using artificial intelligence in its own efforts supervision and law enforcement in financial markets. He highlighted that AI is being used to identify suspicious patterns and behavior in the market.
In a recent report, the accounting firm KPMG highlighted that fraudsters are increasingly turning to AI-enabled counterfeits in the business sector, further underscoring the need to address this emerging risk.
To address this growing threat, Gensler announced that the SEC is working on rules that regulate the use of artificial intelligence on trading platforms. These regulations are intended to address possible conflicts of interest and ensuring transparency and confidence in financial markets amid the growing influence of AI.
Additionally, he requested an increase in the SEC’s technology budget to strengthen its capabilities in this area and stay ahead in supervision and regulation of financial markets in the era of artificial intelligence.
Source: Ambito
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