Tag: ai fraud
SEC fines companies $400k for over-hyping AI
Ever since the launch of the deeply flawed Microsoft-backed public-facing artificial intelligence (AI) service ChatGPT at the end of 2022, AI has been used to power a whole range of services. But the days of marketing and PR departments simply attaching the words “AI-driven” to over-hype any digital offering in the hope of attracting investors and customers are now hopefully coming to an end. Earlier this week, the US Securities and Exchange Commission (SEC) fined two investment advisers, Delphia (USA) Inc. and Global Predictions Inc., a total of US$400,000 between them. The SEC’s order against Global Predictions alleged that the San Francisco-based firm made false and misleading claims in 2023 on its website and on social media about its purported use of AI. The order against Toronto-based Delphia alleged that the firm had made false and misleading statements in its SEC filings, in a press release, and on its website regarding its purported use of AI and machine learning.
Employee mistrust of workplace AI is growing
Amid widespread speculation that artificial intelligence (AI) will make most of today’s jobs redundant and even replace humanity itself, the UK’s Institute for the Future of Work has taken a more pragmatic approach. Its study on the impact of modern technologies on almost 5,000 workers highlights employee concerns about the adverse effect AI is already having on their day-to-day work lives. While the majority of those surveyed believed that older technologies such as laptops and smartphones generally improve their quality of life, the same is not true of AI.