The Head of the Financial Conduct Authority has said that artificial intelligence could disrupt the financial services sector in “ways and at a scale not seen before”, warning that the regulator would be forced to take action against AI-based fraud.
Nikhil Rathi, the Chief Executive of the Financial Conduct Authority (FCA), said that there are risks of 'cyber fraud, cyber-attacks, and identity fraud increasing in scale and sophistication and effectiveness' as artificial intelligence (AI) becomes more widespread, in a speech delivered to executives in London, United Kingdom (UK).
