- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2023-12-08T21:42:00
Use of generative artificial intelligence by businesses will ramp up in 2024, as will risk of AI-driven cyberattacks and fraud, according to experts.
“AI will become more useful in compliance (in 2024),” said Jag Lamba, chief executive officer at third-party risk management software provider Certa. “It will become more sophisticated, so it can read regulations, spot areas of noncompliance at a business, and make recommended changes to an organization’s processes.”
But as legitimate use of AI grows, so, too, will crimes committed using the technology.
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Microsoft published a public report covering its artificial intelligence endeavors and steps it is taking to make the controversial technology safe.
On the heels of a warning by the deputy attorney general that the agency will seek stiffer penalties in cases involving the misuse of artificial intelligence, the Department of Justice announced Jonathan Mayer as its first chief AI officer.
The Department of Justice will seek stiffer penalties in cases where the threat of misconduct was greater because of misuse of artificial intelligence, according to Deputy Attorney General Lisa Monaco.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued an alert to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
A nationwide rental outlet affiliated with Rent-a-Center and its chief executive have been sued by the Consumer Financial Protection Bureau for allegedly deceiving five million consumers about the terms of credit agreements.
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
