The UK’s financial services regulator has warned banks that it will be watching closely what steps they put in place to mitigate the growing risk of AI-powered fraud. Financial Conduct Authority (FCA) CEO, Nikhil Rathi, said in a speech delivered at the offices of The Economist this week, “We will remain super vigilant on how firms mitigate cyber-risks and fraud given the likelihood that these will rise.” He cited the case of finance campaigner Martin Lewis, who last week warned his followers on social media about a viral deepfake video generated by AI technology in which a likeness of him was used to promote an investment fraud scheme.

Source: Infosecurity