Warren Buffett's AI Scam Warning: Its Meaning and Countermeasures
Recently, renowned investor Warren Buffett issued a warning mixed with his outlook that scams exploiting artificial intelligence (AI) technology will become the next growth industry. This is because fraudulent schemes using AI technologies such as deepfakes and voice cloning are becoming increasingly sophisticated. In fact, with the occurrence of fake kidnapping cases utilising AI voice cloning, AI scams are no longer a distant future concern.
In my view, there seem to be several reasons behind Warren Buffett's warning about the dangers of AI scams at this point in time. He is someone who has always paid special attention to investor protection, and in the past, he has defined cryptocurrencies and high-frequency trading (HFT) as 'speculation' and pointed out their risks. This time, too, he seems to be warning about the dangers of AI scams that could create innocent victims. By directly mentioning AI scams, Buffett, who holds enormous influence, appears to be trying to raise awareness.
Furthermore, Buffett's remarks will serve as an opportunity to stimulate discussions on the ethical use of AI and its regulatory measures. Amidst global efforts to proactively respond to potential risks, such as the EU's AI Act, his warning is expected to add momentum to this trend.
So, what is needed to effectively respond to AI scams?
Above all, it is urgent to establish a comprehensive regulatory framework that overcomes the limitations of current laws and reflects the unique characteristics of AI technology. For example, the lack of punishment provisions for the creation and distribution of deepfakes and the absence of separate provisions for new types of AI scams are issues that need to be urgently addressed.
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Referring to the EU's AI Act, it is worth considering strengthening obligations for high-risk AI systems and enacting individual laws for specific technologies such as deepfakes. In this regard, the United States is working to enhance transparency through the 'DEEP FAKES Accountability Act,' which mandates the disclosure of the source of deepfake videos.
In addition, a pan-governmental response system should be established. Relevant ministries such as the Ministry of Science and ICT, the Ministry of Justice, and the Korea Communications Commission should share roles in AI technology, investigation, and blocking illegal information, and strengthen collaboration with the National Police Agency and the Financial Services Commission. In particular, nurturing professional personnel necessary for investigating AI scams is an urgent task.
Efforts for self-regulation in the private sector should also be encouraged. Government-level incentives should be provided, such as supporting IT companies developing deepfake detection technologies and presenting self-regulatory guidelines.
Above all, consumer awareness-raising and media literacy education should be implemented in parallel. Consumer education should be strengthened to cultivate the habit of actively reporting suspicious information, and efforts should be made to develop educational content that fosters the ability to discern fake information.
As Buffett warned, AI scams are emerging as a new risk in future society. It is time for the government, the National Assembly, businesses, and civil society to work together to seek comprehensive countermeasures. The wisdom to create a sustainable AI ecosystem while looking at both the opportunities and risks that technological advancements will bring is more necessary than ever.
Thank you.
SUN LIM