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SEC’s Cybersecurity Unit to Focus on ‘AI Washing’
The use of artificial intelligence (AI) has recently exploded and now impacts all aspects of society. AI is quickly changing how we do business, analyze data and strategically plan. The buzz over AI’s potential uses continues to grow and is reminiscent of the late 1990s when the Internet became mainstream and suddenly every company was a “tech” company with Internet expertise. Like the March 2000 “tech wreck” that crashed the equity markets, we are now seeing a surge of fraud in the capital markets involving companies’ false and misleading claims of AI expertise and specialization.
In response, the SEC recently created the Cybersecurity & Emerging Technologies Unit (CETU), which is responsible for rooting out fraud schemes related to AI, including fake social media sites, and blockchain and crypto fraud. Specifically, the CETU will utilize the commission’s substantial fintech and cyber-related experience and resources to combat misconduct in this space, with an emphasis on AI claims. As a result, SEC whistleblowers will have an opportunity to play a key role in providing the SEC original information leading to investigations and prosecutions of AI cases, commonly known as “AI washing.”
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