ASIC chairman Joe Longo says he is concerned about the high risks associated with AI and financial services, and he is unconvinced current rules will be enough to prevent unfair practices.
Risks from data poisoning, model manipulation and generative AI making up answers (so-called hallucinations) were warnings for firms not to become over-reliant on AI models that can’t be understood, examined or explained, Mr Longo warned.
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Tom Burton has held senior editorial and publishing roles with The Mandarin, The Sydney Morning Herald and as Canberra bureau chief for The Australian Financial Review. He has won three Walkley awards. Connect with Tom on Twitter. Email Tom at tom.burton@afr.com
James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
