CFTC Announces Technology and Fraud Virtual Event to Explore Social Media Investment Fraud and AI

The U.S. Commodity Futures Trading Commission has published a press statement to inform that its Office of Customer Education and Outreach (OCEO) and Office of Technology Innovation (OTI) will be hosting a virtual event called „Technology and Fraud: Stopping Scams in a Digital World“ on October 4, 2023 as part of the upcoming World Investor Week. The event is now open for registration via this link.
The event will feature two panels:
(1) „Exploring Effective Social Media Investment Scam Interventions“ – beginning at noon Eastern Time – will discuss the prevalence of fraud on social media and explore current fraud trends, including romance scams and digital commodity-related frauds. It will also reflect on mechanisms on social media that enable fraud targeting. Some of the key questions addressed during the session will include the following (as quoted):
– What makes social media an effective platform for fraud?
– How do social connections, algorithms, and human biases play a role?
– What would effective interventions look like?
– How could educators, policy makers, and industry stem the tide?
(2) „Is AI for Investors Road-Ready?“ – beginning at 13:30 Eastern Time – will involve financial regulators and experts discussing the role of artificial intelligence (AI) in financial services. They will address questions about AI’s readiness, what investors should watch out for, and how to avoid falling victim to scams related to AI-powered financial services.
The key goal of the two panels is to shed light on the scale of social media investment fraud and provide insights on effective interventions. Additionally, the event will educate participants about the promises and potential pitfalls of AI technology in financial services.
A full agenda may be found here.