The Federal Trade Commission aims to address potential risks associated with artificial intelligence by utilizing current regulations, including those related to the potential strengthening of monopolies and increased risk of fraudulent activity.
FTC Chair Lina Khan stated in an opinion piece in the New York Times on Wednesday that despite their novelty, AI tools are still subject to existing rules and regulations, and that the FTC will enforce these laws in all markets.
The increase in usage of ChatGPT, supported by Microsoft through OpenAI, has led to worldwide discussions on the need for regulation due to potential misuse, despite its potential benefits for enhancing efficiency in businesses.
Read more: FTC Monitoring Competition In The Artificial Intelligence Field
She stated that the agency had the necessary resources to successfully complete the task.
One potential concern is that large companies in the cloud services and computing industry may gain increased power by aiding startups and other companies in implementing AI technology. Additionally, AI tools could potentially be utilized to support collusion efforts aimed at increasing prices.
Khan voiced apprehension regarding the potential for generative AI, capable of writing in conversational English, to aid scammers in crafting more targeted and impactful phishing emails.
“When enforcing the law’s prohibition on deceptive practices, we will look not just at the fly-by-night scammers deploying these tools but also at the upstream firms that are enabling them,” she wrote.
