AI’s growing popularity with crooks makes boosting ID theft defenses more critical says House AI Task Force Chair Bill Foster
Artificial intelligence is making improving identity theft protections imperative, House Financial Services Committee AI Task Force Chair Bill Foster warned Wednesday.
The Congressman said AI has become an increasingly popular tool for crooks to swipe assets and sensitive financial information from consumers.
AI is being used to help steal Social Security numbers, credit card numbers and other personal identity factors can be stolen and sold on the dark web, or used by criminals for quick and easy profit gain, Foster explained.
Experts estimate nearly 15 million Americans were victims of ID theft last year costing them billions.
At the same time crooks are profiting from AI, nation’s financial regulators and law enforcement agencies are availing themselves of the technology to detect fraud and money laundering and to improve market surveillance, Foster said.
The Illinois Democrat praised the potential of AI to reduce the 50 million Americans who are unbanked or underbanked in a big way.
He added companies are starting to use AI to execute trades, manage portfolios, and provide personalized services to customers.
At the same time Foster spoke, two floors above House Science and Technology Committee Chair Eddie Bernice Johnson told her panel AI has vast promise to improve healthcare, transportation, and education, to helping to solve poverty and improving climate resilience.
But she cautioned the technology is susceptible to human biases.
Biases in the design and training of algorithms can cause AI to perform worse than clinicians in medical diagnostics, the Texas Democrat said.
Both Johnson and Foster mentioned the concern that AI can be used to deny credit to women and minorities.
“AI systems have evidenced a persistent pattern of gender and race-based discrimination. I have yet to encounter an AI system that was biased against white men,” Meredith Whittaker, co-founder of the AI Now Institute at New York University.
AI Now claims to be the first university research center devoted to studying the social implications of artificial intelligence.