The Financial Stability Board of the G20 issued a warning in November, stating that generative AI “could enable malicious actors to generate and spread disinformation that causes acute crises,” potentially leading to flash crashes and large-scale withdrawals from banks.
Public Reaction to AI-Generated Fake News
To gauge the impact of AI-generated misinformation, Say No to Disinfo presented sample content to UK bank customers. The results were alarming:
- One-third of participants were “extremely likely” to move their money after seeing the false information.
- An additional 27% were “somewhat likely” to transfer their funds elsewhere.
“As AI is making disinformation campaigns easier, cheaper, quicker, and more effective than ever before, the emerging risk to the financial sector is rapidly growing but often overlooked,” the report stated.
Researchers also noted that the widespread use of online and mobile banking allows customers to transfer funds instantly, heightening the risk of panic-driven withdrawals.
