According to the Financial Conduct Authority (FCA) head, financial services are getting prone to AI frauds.
Chief Executive of FCA, Nikhil Rathi, warned of considerable problems in the financial services sector in the wake of AI frauds like the deep fake video of personal finance campaigner Martin Lewis endorsing an investment scheme.
Rathi said that now that the government has made the nation’s AI facilities open to firms looking to test the latest innovations, the responsibility of FCA in financial data protection and prevention of financial frauds had increased.
