AI-created disinformation could bring down banks

A new report by UK analyst firm Say No to Disinfo and communications firm Fenimore Harper indicates a high risk that AI-generated disinformation could create bank runs that could bring down financial institutions, according to Reuters.

In an experiment, a number of UK customers were shown AI-generated rumors about their bank. Afterwards, a third said they were “very likely” to withdraw their money, with 27% saying they were “quite likely” to do so.

According to the report, spending as little as £10 (about $12.60) on a fake AI message would be enough to persuade customers to withdraw more than $1 million from the bank in question.

Two years ago, false rumors that spread on social media sites about Silicon Valley Bank led customers to withdraw $42 billion in one day. The bank ended up being closed down.