Silicon Valley's top institutions are now raising their voices to call for AI regulation amid increasing concerns about its impact on the economic and legal systems of the world.
One of the main themes of this year's World Economic Forum is AI as CEOs, government leaders, and billionaires discuss the true impact of learning machines on society, including its threats to democracy and policy-making.
Top Leaders Raise Concern on AI-Powered Disinformation
Among the main issues raised during the forum was the increasing threat of AI to spread disinformation to the public, The Washington Post reported.
The Financial Industry Regulatory Authority even labeled AI as an "emerging risk" to societal decisions for the future with its ability to spread near-believable false content at a faster rate.
A survey conducted by the WEF to 1,500 policymakers and industry leaders revealed that AI-boosted political propaganda is the "biggest short-term risk" the world faces today.
FINRA's concerns can be reflected in the increase of AI-fueled disinformation over the 12 months with more deepfakes, targeted "fake news," bot accounts, and mass-produced propaganda.
With the election coming in a few months, worries about AI's presence on social media and the internet are heightened.
Politics and government are the most common topics for AI disinformation as it repackages old conspiracy theories thanks to its advanced large language models and spreads it through a host of websites online.
AI Dangers to Economic World
Financial institutions are also at risk with the booming AI industry.
Securities and Exchange Commission head Gary Gensler said earlier that the company's increasing reliance on AI can affect decisions for future financial crises that may lead to another recession.
The Financial Stability Oversight Council also warned the public that AI's presence can result in "direct consumer harm" regarding consumer privacy and security.
Regulators are currently at companies employing AI to collect user information en masse to send more target ads.
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