AI Scams on the Rise, Consumers Urged to Use Caution
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AI tools like "deep fakes" and chatbots can defraud consumers through sophisticated spoofing techniques. Scams often target older people.
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Government agencies are slow to address the threat of AI scams. More legislation is needed to protect consumers.
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Chatbots used by banks and financial institutions have technical limitations that can cause consumer harm through inaccurate information or extra fees.
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Companies that deploy chatbots risk violating consumer protection laws if the bots fail to comply with regulations.
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Consumers should be vigilant about AI scams and try to speak to a real person when resolving complex issues.