Large language models could ‘revolutionise the finance sector within two years’

Large Language Models (LLMs) have the potential to improve efficiency and safety in the finance sector by detecting fraud, generating financial insights and automating customer service, according to research by The Alan Turing Institute.

Because LLMs have an ability to analyse large amounts of data quickly and generate coherent text, there is growing understanding of the potential to improve services across a range of sectors including healthcare, law, education and in financial...

27 March 2024 | Artificial Intelligence

Biden issues executive order to ensure responsible AI development

President Biden has issued an executive order aimed at positioning the US at the forefront of AI while ensuring the technology's safe and responsible use.

The order establishes stringent standards for AI safety and security, safeguards Americans' privacy, promotes equity and civil rights, protects consumers and workers, fosters innovation and competition, and enhances American leadership on the global stage.

Key actions outlined in the order:

New standards for AI...

30 October 2023 | Artificial Intelligence

Wozniak warns AI will power next-gen scams

steve wozniak ai scams artificial intelligence fraud

Apple co-founder Steve Wozniak has raised concerns over the potential misuse of AI-powered tools by cybercriminals to create convincing online scams. 

Wozniak fears that AI will fall into the wrong hands and lead to increased scams and more difficult-to-spot online fraud.

The renowned engineer has called for the regulation of AI technology to limit its use by bad players who are willing to trick people about their identity and deceive them to obtain sensitive...

9 May 2023 | Artificial Intelligence

AI targets cryptocurrency ‘pump-and-dump’ schemes

Pump-and-dump schemes result in serious penalties in regulated markets, but in the wild west of cryptocurrencies, they’re a regular occurrence. For those unaware, a pump-and-dump is typically a group of individuals who use their combined buying power to artificially inflate the price of an asset before selling off near its peak. Outsiders believe the price is a sign of increased interest and end up buying high. Anonymous messaging app Telegram is often used for organising these groups,...

6 December 2018 | Artificial Intelligence