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The financial industry is facing a crisis due to AI deepfakes causing significant losses. Standard KYC and digital identity practices are proving inadequate in defending against biometric fraud. Recent incidents, like the deepfake video scam targeting UK engineering collective Arup resulting in a loss of US$25 million, highlight the severity of the issue.
The use of deepfake technology in financial scams is on the rise, with APAC region experiencing a surge in deepfake-related fraud. The Hong Kong Securities and Futures Commission has issued warnings about deepfake video scams, indicating the region's vulnerability to such attacks. Experts like Michael Marcotte warn of an 'acute digital identification and security crisis' in the banking industry due to the sophistication of AI tools like deepfakes.
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Isomorphic Labs, the AI drug discovery platform that was spun out of Google's DeepMind in 2021, has raised external capital for the first time. The $600
How to level up your teaching with AI. Discover how to use clones and GPTs in your classroom—personalized AI teaching is the future.
Trump's Third Term? AI already knows how this can be done. A study shows how OpenAI, Grok, DeepSeek & Google outline ways to dismantle U.S. democracy.
Sam Altman today revealed that OpenAI will release an open weight artificial intelligence model in the coming months. "We are excited to release a powerful new open-weight language model with reasoning in the coming months," Altman wrote on X.
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