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SACRAMENTO The California Department of Financial Protection and Innovation (DFPI) announced today it has issued desist and refrain orders against five entities to stop fraudulent investment schemes tied to artificial intelligence (AI).

Todays enforcement actions continue the DFPIs crack down on investor fraud. Scammers are taking advantage of the recent buzz around artificial intelligence to entice investors into bogus schemes, said DFPI Commissioner Clothilde Hewlett. We will continue our efforts to protect California consumers and investors by going after these unscrupulous actors.

The orders find that the named entities and individuals violated California securities laws by offering and selling unqualified securities and making material misrepresentations and omissions to investors. The entities solicited funds from investors by claiming to offer high yield investment programs (HYIP) that generate incredible returns by using AI to trade crypto assets. As part of their solicitations, they used multi-level marketing schemes that reward investors for recruiting new investors.

The subjects of todays desist and refrain orders are the following entities and individuals:

The Anatomy of the Scams

Taking advantage of the hype around AI, these entities claimed to use AI to conduct the purported crypto trading. The pitch was simple: investors were told that if they invested funds, these entities would use their knowledge, skill, experience, and AI to trade crypto assets and generate incredible profits for investors. In each case, these claims are false.

Each of these entities went to great lengths to appear as if they were legitimate businesses. They created professional websites, maintained social media accounts, and were promoted on social media by influencers and investors that shared stories of the money they were supposedly making.

For investors, these schemes may seem as if they are operating as promised for a certain amount of time. For weeks, months, or even years, investors see their account balances steadily increase. In the early stages, HYIPs will process investors withdrawal requests to gain investors trust and encourage them to recruit others. However, a time will come when the scheme stops processing withdrawals and then the website goes dark, leaving investors without a way to access their funds. By then its too late and the scammers have disappeared with investors money.

DFPIs Crackdown on High Yield Investment Programs

These orders continue the DFPIs crackdown on HYIPs. These programs use social media and influencers to quickly raise hype about the promised returns and low risk of the investment, then the operators quickly disappear leaving investors with no recourse to retrieve their money. Learn more about HYIPs:

The DFPI expects any person offering securities, lending, or other financial services in California to comply with our financial laws. Investors may file a complaint directly with the DFPI if they suspect a company of using unlawful, unfair, deceptive, or abusive practice online (dfpi.ca.gov/file-a-complaint) or call toll-free at (866) 275-2677.

About DFPI

The DFPI protects consumers, regulates financial services, and fosters responsible innovation. The DFPI protects consumers by establishing and enforcing financial regulations that promote transparency and accountability. We empower all Californians to access a fair and equitable financial marketplace through education and preventing potential risks, fraud, and abuse. Learn more atdfpi.ca.gov.

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DFPI Launches Sweep of Investment Fraud Claiming Ties to ... - California Department of Financial Protection and Innovation

SUMMARY

Illinois and other jurisdictions have adopted, or are considering, laws establishing parameters for employer use of AI during the hiring process.

The current attention being given to ChatGPT and other technologies using artificial intelligence (AI) is prompting companies to consider (or take another look) at how AI can and/or should play a role in their operations. From an employment law perspective, employers in Illinois and elsewhere should be aware of existing laws and guidance, and also should keep an eye out for the additional restrictions that will undoubtedly come as the use of AI becomes more prevalent.

In 2020, Illinois adopted the Artificial Intelligence Video Interview Act (820 ILCS 42/1), which establishes parameters for employer use of AI during the hiring process. If an employer intends to ask applicants to record video interviews so that it can use an AI analysis of such videos as part of the evaluation process, the employer must:

Sharing of such videos is limited to those with the expertise or technology necessary to evaluate the applicants fitness for a position. The videos (including all copies) must be destroyed within 30 days of a request by the applicant. These restrictions presumably apply to both new hires and employees who are seeking new positions within a company.

Illinois is not the only jurisdiction with AI restrictions on the books or under consideration. Bryan Cave Leighton Paisners Data Privacy group has prepared a summary of current and pending AI legislation around the United States.

California is among the jurisdictions currently reviewing proposed laws and regulations on the subject of the use of AI when making employment decisions, while Maryland enacted a law similar to Illinois in 2020, placing restrictions on the use of facial recognition services during pre-employment interviews until the applicant provides consent.

A more extensive law will be enforced in New York City beginning July 5, 2023: The New York City Automated Employment Decision Tools Law (AEDTL) which, among other things, requires employers to (a) conduct an audit for potential bias before using any artificial intelligence tools that screen candidates for hire or promotion, (b) give advance notice to candidates concerning the use of such tools, and (c) provide information on their websites about the tools and data collected. More information on the AEDTL is available here.

The potential for bias in the use of artificial intelligence tools is a key concern of the federal Equal Employment Opportunity Commission (EEOC) as well. The EEOC launched an agency-wide initiative on the subject in 2021, with a goal of ensuring that, the use of software, including artificial intelligence (AI), machine learning, and other emerging technologies used in hiring and other employment decisions comply with the federal civil rights laws that the EEOC enforces.

In May 2022, the EEOC issued guidance on the subject of, The Americans with Disabilities Act and the Use of Software, Algorithms, and Artificial Intelligence to Assess Job Applicants and Employees. This guidance provides definitions of key terms and explains how the use of algorithmic decision-making tools may violate the Americans with Disabilities Act (ADA), and notes that the use of a third-party vendor to develop and/or administer such a tool is not likely to insulate the employer from liability in connection with the results of using that tool. The EEOC held a public hearing on the issue of employment discrimination and the use of AI in January 2023, and is likely to continue its focus on this developing area.

As the use of AI in the hiring and selection process continues to evolve, employers should: (1) become familiar with artificial intelligence concepts; (2) examine, understand, be able to explain, and monitor their automated recruiting tools and practices; and (3) take steps to avoid bias and comply with applicable law.

Original post:
Reminder For Illinois (And Other) Employers: Restrictions Apply ... - JD Supra

Hi there! Im TaxGPT, a friendly AI tax adviser.

Well, thanks anyway, but I had a human file my tax return for me this year.

But of course, we know the world is changing as Artificial Intelligence or AI dominates the planet.

AI is now a hot topic as almost 77 per cent of devices today use AI technology. There are more AI assistants today, a figure which will eventually surpass the number of people on this Earth.

According to carbon60global.com the AI market is expected to reach $407 billion by 2027. By 2057, robots could replace or displace 2.7 million jobs in construction and engineering alone.

How many times have you said, Hey Google, where is the nearest Italian restaurant?

Hey Siri, what is the population of Nunavut?

Alexa, play me my favourite Lionel Richie songs from the 80s.

AI is software meant to mimic a human mind and model human intelligence.

According to Reference.com, the general benefit of AI is that it replicates decisions and actions of humans without human shortcomings such as fatigue, emotion and limited time.

I am thinking of adding a shortcoming such as stupidity to the list, which would mean we could replace the average politician with artificial intelligence.

Machines driven by AI technology are being used to replace humans as they are able to perform consistent repetitious actions without getting tired.

They dont need work breaks or work-life balance or time off due to sickness. They are available 24/7 and reduce the need for human personnel.

Theres a reduction in human error.

Those are some of the advantages.

However, currently, the disadvantages are that machines are neither flexible nor creative, as robots cant think outside the box. It stifles critical thinking as AI cant be improved with experience like we can. Costs are high and it leads to unemployment and the risk of making humans lazy.

Is Artificial Intelligence improving the lives of seniors today?

Absolutely.

During the pandemic, research studies were done in Sweden and the U.K. where a chatbot, an interactive computer program using AI voice technology, was used to interact with isolated seniors.

The researchers used a chatbot called ChatGPT (Generative Pre-Trained Transformer) as a cure for loneliness. It replicated human conversation, covering a wide array of topics. It can create human-like responses when prompted.

As visitors werent allowed to visit their elderly loved ones during the lockdown, ChatGPT could also help the isolated seniors answer questions, problem-solve as well as compose letters to their family.

Thats a good thing, but on the downside, chatbots could easily replace human interactions with all of their emotional baggage and drama.

At Drexel University in Pennsylvania, (drexel.edu) researchers say that using similar voice technology helps with early detection of dementia and Alzheimers disease. The chatbox program used was 80 per cent accurate in predicting early signs of dementia because language impairment affects between 60 and 80 per cent of dementia patients. The program can detect subtle clues such as grammar and pronunciation mistakes, hesitation and forgetting the meaning of words.

As the AI creators strive to produce a machine with a humans intellectual capacities, its billionaire executives such as Sam Altman fear that superhuman machine intelligence is probably the greatest threat to the continuous existence of humanity. Even Elon Musk is asking for a six-month moratorium on the development of advanced AI systems, including the latest version of ChatGPT.

But fellas, before you take a hiatus, could you develop me an interactive chatbot, who well call George, to be at my beck and call?

Hey George, rub my tired feet. While youre at it, peel me a grape!

April Lewis writes monthly on seniors issues for Peace Arch News.

AI technologyColumnSeniors

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SAVVY SENIORS: Artificial Intelligence will be a genuine game ... - Peace Arch News

Retailers and brands are tapping new tools to build better connections with their customers and make their lives easier

Theres good old-fashioned customer service and then theres artificial intelligence chatbots that can answer customers questions, create their grocery lists, make their travel plans, and let them see how theyll look in a new outfit.

As humans appetite for AI-based tools grows, retailers and brands are using language-based tools like ChatGPT, created by OpenAI, to build better customer connections and enhance their shopping experiences.

This month, Expedia launched a new travel-planning tool integrating ChatGPT. It gives members the ability to build their perfect itinerary including where to stay, what to do and how to get around just by starting a conversation in the app. In Europe, French grocery giant Carrefour has been testing videos on its website created with ChatGPT and generative AI (the umbrella term for AI that can produce content on demand) that use human-like avatars to answer customers questions about purchasing healthier foods for less. Consumer packaged goods brands like Hellmanns are getting in on the chatbot action, too.

Todays AI technology is revolutionizing the relationship between brands and their consumers, says Kristen Denega, Canada Hellmanns market lead & North American innovations at Unilever.

During the holidays in 2022, Denega saw an opportunity to marry AI and the Hellmanns brand to help Canadians save on groceries. In exchange for inputting their fridge and pantry ingredients (including Hellmanns mayonnaise) into ChatGPT, consumers received a tasty recipe they may not have considered otherwise.

We collaborated with TikTok creators to show how they transformed their holiday leftovers into a delicious meal using ChatGPT and Hellmanns mayo, says Denega. This allowed us to connect with everyday Canadians and inspire them to save and repurpose their leftovers during one of the most wasteful times of the year.

She says Hellmanns is always looking for creative ways to communicate with consumers about food waste and how to think differently about the value of foods in their fridge. ChatGPT provided us with a culturally relevant opportunity to do just that by tapping into a moment in time when everyone was experimenting with this platform, she says.

With the evolution of AI capabilities over the last decade, analysts say were finally at a point where AI applications like ChatGPT have the potential to significantly improve retailer-shopper connections. Research shows that shoppers are becoming more receptive to this technology, too. According to a 2023 U.S. survey commissioned by software provider Redpoint Global, almost half of respondents (48 per cent) said they would interact with AI more frequently if it would make their customer experience with a brand more seamless, consistent and convenient.

Generative AI is giving us opportunities for interaction from a virtual perspective that brings in much more of an emotional connection with customers, says Krish Banerjee, Canada managing director (partner), data, analytics & applied intelligence at Accenture.

Rather than just focusing on transactions, he says retailers can start to better understand customers behaviours to personalize marketing efforts and provide useful recommendations. Understanding the language of their interactions and understanding their expectations is all part of what generative AI is providing us with which wasnt here before, he says.

In addition to powering intuitive customer service bots, Banerjee says retailers are experimenting with virtual try-ons that allow customers to see how products would look on them before they buy. We can also expect to see future AI applications around collaborative product design where retailers work with their customers from initial concept to finished item.

Going forward, Banerjee says a key part in evolving and improving AI applications will rely on giving consumers better control of the data theyre willing to share with retailers, which will allow for a more tailored use of their information. Now its based on what websites Im browsing and cookies that go away in a couple of years and the information Ive provided in social media, he says.

Accentures recently released Technology Vision 2023 report points to transparency becoming a companys most precious resource as we start a new era of business. The report notes 87 per cent of Canadian executives say data transparency is becoming a competitive differentiator for their organizations.

Marrying all that customer information now collected from various sources will be challenging for retailers, says Stewart Samuel, director of retail futures at IGD, a research organization focused on the grocery sector. Its not just a matter of turning on ChatGPT and expecting good results, he says. Theres a lot of work to be done ahead of that, including figuring out how to protect customer data and [adhere] to regulatory frameworks.

That said, Samuel believes retailers have much to gain from being early adopters of AI technologies that can enhance shopping experiences, especially because these tools can be refined and improved once implemented.

AI is an area where you can create an advantage early on and then continue to grow that advantage, he says. The sooner you get into it, the sooner you can make incremental improvements to your business, and these tools can learn and adapt from that.

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AI goes shopping: How artificial intelligence will reshape the ... - Pique Newsmagazine

DUBLIN, April 18, 2023 /PRNewswire/ -- The "Artificial Intelligence in Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.

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The artificial intelligence in the healthcare market is expected to register a CAGR of 42.2% during the forecast period.

Companies Mentioned

Key Market Trends

Medical Imaging & Diagnostics To Hold Significant Share in the Market

In diagnostics, AI enables healthcare providers to make the most appropriate treatment decisions for their patients. AI can be used to identify cancer, triage crucial discoveries in medical imaging, flag acute abnormalities, assist radiologists in prioritizing life-threatening patients, diagnose cardiac arrhythmias, forecast stroke outcomes, and assist with chronic disease management.

The rise in the prevalence of chronic diseases, along with product launches by market players, drives the segment. For instance, the Cancer Facts and Figures 2022, published in January 2022 by the American Cancer Society, predicted approximately 1.9 million new cancer cases in 2022, estimating 186,670 prostate cancer cases, followed by 169,870 cases of lung cancer and 144,490 cases of female breast cancer.

The increased prevalence of cancer and the high burden of other chronic diseases are, in turn, increasing the demand for accurate diagnosis and treatment. This is likely to increase the adoption of AI for early diagnosis purposes, ultimately boosting the market growth.

Incorporating AI into imaging devices may improve diagnosis, which is expected to aid market growth during the forecast period. For instance, in December 2021, Roche introduced three artificial intelligence (AI) based, deep learning image analysis Research Use Only (RUO) algorithms developed for breast cancer.

Story continues

Additionally, in April 2022, Arterys, the vendor-neutral AI platform, launched several new modules to its robust Cardio AI clinical application and an additional (eighth) Food and Drug Administration (FDA) AI clearance based on deep learning.

Additionally, various strategies adopted by the market players are expected to propel the segment's growth. For instance, in November 2021, LifeVoxel, based in San Diego, raised USD 5 million in a seed round to improve the data intelligence of its AI diagnostic visualization platform for faster and more accurate prognosis. Healthcare facilities employ the Software-as-a-Service (SaaS) platform for remote diagnostics in various medical specialties, including radiology, cardiology, and orthopedics.

Thus, all the aforementioned factors, such as the growing prevalence of chronic diseases and key strategies adopted by market players, are expected to boost the segment's growth over the forecast period.

North America Expected to Hold a Significant Market Share

The use of artificial intelligence in the North American healthcare market is being driven by the increasing use of advanced technology in healthcare systems, the growth in funding of AI-based startups, the rising burden of chronic diseases in the country, the growing need to reduce healthcare costs, and the implementation of big data in healthcare.

The increased adoption of big data in healthcare in the region is expected to propel the market's growth. For instance, in August 2022, the Children's Hospital of Philadelphia (CHOP) and the University of Pennsylvania School of Medicine (Penn Medicine) launched the big data-driven Penn-CHOP Kidney Innovation Center, which will support research to improve patient care for adults and children with kidney disease.

Moreover, the Association of American Medical Colleges reported in August 2022 that the United States spends USD 4 trillion per year on health care. Thus, the region is facing the need to minimize healthcare costs, which can be accomplished by applying AI in healthcare, thereby enhancing market growth.

Furthermore, introducing technologically advanced products into the market is expected to propel the market's growth. For instance, in December 2021, Crawford & Company introduced Crawford Intelligent Fraud Detection.

It combined human expertise and forensic analysis, joining DXC Luxoft's Financial Crimes Intelligence platform with IBM, improvising how it recognizes and manages fraudulent claims for its clients. Additionally, in June 2022, My Intelligent Machines (MIMs) launched software with artificial intelligence that has the potential to transform the way organizations prepare for oncology clinical trials or drug development.

Strategic activities of the market players are also expected to support the market's expansion. For instance, in June 2022, Insilico Medicine opened a fully automated, artificial intelligence-driven robotics lab for drug research.

Thus, all the factors mentioned above, such as the growing demand for big data in healthcare and technologically advanced product launches, are expected to boost the market over the forecast period.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS4.1 Market Overview4.2 Market Drivers4.2.1 Growing Need to Reduce Increasing Healthcare Costs4.2.2 Big Data in Healthcare4.2.3 Ability of AI to Improve Patient Outcomes and Growing Importance of AI-assisted Robot Surgery4.3 Market Restraints4.3.1 Reluctance Among Traditional Practitioners to Adopt AI-based Technologies4.4 Industry Attractiveness - Porter's Five Forces Analysis

5 MARKET SEGMENTATION (Market Size by Value - USD million)5.1 By Technology5.1.1 Natural Language Processing (NLP)5.1.2 Deep Learning5.1.3 Context Aware Processing5.1.4 Querying Method5.1.5 Other Technology Types5.2 By Application5.2.1 Robot-assisted Surgery5.2.2 Virtual Nursing Assistants5.2.3 Fraud Detection5.2.4 Drug Discovery and Research5.2.5 Dosage Error Reduction5.2.6 Medical Imaging and Diagnostics5.2.7 Wearables5.2.8 Other Application Types5.3 By Offering5.3.1 Hardware5.3.2 Software5.3.3 Services5.4 By End-user5.4.1 Healthcare Payers5.4.2 Healthcare Providers5.4.3 Pharmaceutical and Biotechnology Companies5.4.4 Patients5.4.5 Other End-user Types5.5 By Geography

6 COMPETITIVE LANDSCAPE6.1 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/z2i953

About ResearchAndMarkets.comResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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