Artificial intelligence and financial fraud go together like PB&J. And like PB&J, Congress isn’t about to crack down on the combination anytime soon.
The House Financial Services Committee recently held a hearing on financial fraud writ large. The role of AI in the phenomenon was an enduring focus. Witnesses and lawmakers spoke at length about the ways AI had made the business of scamming at scale much, much easier.
But Rep. Dan Meuser (R-Pa.), who leads the panel’s subcommittee on oversight, told us later that legislators were a ways off from making any big moves in this space. “I don’t know if there’s honestly enough understanding of where it can go, what it can do, before we could have the government and legislation weigh in,” Meuser said.
