To ask His Majesty's Government what plans they have to introduce new (1) legislation, or (2) regulatory guidelines, addressing AI-driven fraud in the financial sector.
Answered on
21 July 2023
The Government is aware of the fraud risks posed to the public from technologies such as Artificial Intelligence, including deepfakes. The Government is engaging with leading tech companies through its upcoming Online Fraud Charter to agree voluntary commitments from the sector to prevent fraud and keep their users and customers safe. This includes assessing the current and future risks and opportunities around AI.
Tackling fraud requires a unified and co-ordinated response from government, law enforcement and the private sector to better protect the public and businesses from fraud, reduce the impact of fraud on victims, and increase the disruption and prosecution of fraudsters. This is why the Government recently published a new strategy to address the threat of fraud.
We will work with industry to remove the vulnerabilities that fraudsters exploit, with intelligence agencies to shut down fraudulent infrastructure, with law enforcement to identify and bring the most harmful offenders to justice, and with all partners to ensure that the public have the advice and support they need.