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Bank of England says AI software could create market crisis for profit
Concern grows over programs deployed to act with autonomy that may ‘exploit weaknesses’
Artificial intelligence’s ability to “exploit profit-making opportunities” was among a wide range of risks cited in a report by the Bank of England’s financial policy committee (FPC), which has been monitoring the City’s growing use of the technology. The FPC said it was concerned about the potential for advanced AI models – which are deployed to act with more autonomy – to learn that periods of extreme volatility were beneficial for the firms they were trained to serve. AI is increasingly being used by a range of financial companies hoping to develop new investment strategies, cut down on run-of-the mill administrative tasks, or even automate decision making around loans.
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