Artificial intelligence in banking

Consumer alert from the Competition Bureau

The rise of AI: Fraud in the digital age

What is artificial intelligence

Artificial intelligence (AI) is where a computer performs a task that typically requires human intelligence, such as reasoning or learning.

AI models can solve problems, learn from experience, understand language and interpret visual scenes.

Many organizations could be using AI with a view to improve processes, help analyze data or improve customer experience.

AI already plays a big role in our everyday lives.

For example, AI provides recommendations and information:

Learn more about artificial intelligence.

Possible risks related to artificial intelligence

AI technology also comes with risks.

Using AI may create risks in areas such as:

Learn how to avoid artificial intelligence voice scams.

Learn what to do if you’re a victim of fraud.

How artificial intelligence may be used in banking

When banking, you may have encountered AI. For example, when interacting with a virtual assistant, also called a chatbot.

This chatbot may have answered your questions or provided personalized recommendations for a product or service.

It may even have helped you with tracking your expenses or checking your account balance.

Other ways banks may use AI include:

Limitations of artificial intelligence protection in Canada

There are currently no AI-specific laws in Canada. The Government of Canada is proposing to regulate the design, development and deployment of AI systems in Canada.

Learn more about the proposed Artificial Intelligence and Data Act.

Various measures that protect your financial rights also apply to certain uses of AI.

For example, banks must offer and sell you products and services that are appropriate for your financial needs.

They must also provide you with information in a manner, and using language, that is clear, simple and not misleading.

The Financial Consumer Agency of Canada (FCAC) supervises federally regulated financial entities.

Learn more about who FCAC supervises.

FCAC supervises their compliance with the consumer protection measures that apply to them.

Learn more about what FCAC supervises.

If you feel that a federally regulated financial entity isn’t respecting your banking rights, you can file a complaint.

Learn how to file a complaint about financial products and services.

Federally regulated financial entities must also follow Canadian privacy laws when collecting and using your personal information.

Learn more about federal privacy laws.

Related links

Protecting your financial information in the event of a data breach

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