Toronto Tech Week, a series of events designed to showcase Toronto as a global hub for technology and AI, is drawing to a close. While the week highlighted the increasing adoption of AI, experts have also raised concerns about the growing risk of AI-related fraud. The Canadian Anti-Fraud Centre and the Canadian Centre for Cyber Security issued a joint warning regarding scammers using AI to impersonate public figures through generated text and voice clones.
AI is beginning to make its mark on Canadian investing behaviour, but widespread trust remains elusive. Nearly nine in ten investors (87 per cent) of all demographics worry about the use of AI, citing data security, misinformation, and ethical concerns like algorithmic bias as top issues. Younger generations are even more cautious than their elder peers with 93 per cent of Gen Zs voicing concerns compared to 85 per cent of Gen Xers. Kirkwood has some advice for those using AI to help with their investment portfolio and says personal information needs to be protected when using AI and the tools and capabilities of AI systems need to have regulatory overlays when using services through technology.
Despite the enthusiasm surrounding AI adoption, the rise in sophisticated fraud techniques poses a significant challenge. Addressing these concerns through robust security measures and public awareness campaigns will be crucial to maintaining trust in AI technologies.
