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| 1 | | What happened: The U.S. consumer protection watchdog has cautioned that AI-powered chatbots used by banks could generate false information and ultimately harm consumers. Why it matters: In a warning on Tuesday, the Consumer Financial Protection Bureau (CFPB) said it's now closely monitoring the use of chatbots in banking and financial services. "Poorly deployed" AI systems raise banks' risk of noncompliance with consumer financial protection laws, as well as undermine trust and harm consumers when they give out wrong information, it said. The agency notes that chatbots can restrict consumers' ability to speak to a human representative, leading to some unhelpful interactions. What the numbers say: Banks and financial institutions are leading adopters of chatbot technology. Around 37% of the U.S. population interacted with a bank's chatbot in 2022, and all the top 10 commercial banks use chatbots of varying complexity. (Specifically, two chatbots, Capital One's Eno and Bank of America's Erica, were mentioned as examples by the CFPB.) By 2030, EY predicts it could be difficult for bank customers to tell if they're communicating with a human agent or a bot as the technology advances rapidly. 
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| 2 | | U.S. Senator Josh Hawley (R-Mo.) has unveiled a framework for AI legislation focused on corporate regulations. According to Hawley, any AI regulations will need to move through the Judiciary Subcommittee on Privacy, Technology, and the Law, of which he is a ranking member. More: - According to Axios, the five principles in the framework seek to:
- Require licenses to build generative AI models.
- Create a legal way for people to sue companies due to any harm from their AI models.
- Enact stiff fines for AI models that collect sensitive personal data without user consent.
- Limit companies from making AI tech available to children or advertising it to them.
- Ban the AI technology imports from China and bar U.S. companies from aiding in China's development of AI.
- Hawley said he plans to collaborate further with Senator Richard Blumenthal (D-Conn.), the committee's chair, on additional bipartisan action on AI legislation.
Zoom out: - Other lawmakers, including Senate Majority Leader Chuck Schumer and several House members, are also exploring ideas behind possible AI regulatory legislation.
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| 3 | | Google is partnering with Mayo Clinic and other healthcare systems to integrate its generative AI technology into computer systems. The partnership involves a new search tool powered by Google Cloud's Generative AI software, which allows clinicians to find patient data such as medical history, imaging records, genomics, and labs through simple queries. More: - The technology, called Enterprise Search in Generative AI App Builder, acts as an advanced search tool for health records, allowing hospitals and clinics to locate and connect patient information.
- Organizations can use the tool to build customized chatbots and search programs.
- To safeguard patient privacy, Google said it has ensured that its generative AI tools comply with HIPAA regulations.
- Mayo Clinic, already known for its AI adoption, also plans to leverage generative AI to create personalized interactions and optimize productivity.
- Google's other initiatives in the medical field include AI-powered tools for insurance claims processing and AI-enabled breast cancer screenings.
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| 4 | | Instagram's algorithms actively facilitate a network that promotes underage sexual content, connecting pedophiles with content sellers, according to a Wall Street Journal investigation. The research, done in partnership with Stanford University and the University of Massachusetts Amherst, found that Instagram not only hosts the illegal content but actively promotes it through its AI-assisted recommendation systems. More: - Unlike Snapchat and TikTok, Instagram was found to actively promote such activities through its recommendation systems.
- Twitter, although having a smaller number of accounts related to child sexual abuse, takes faster action in removing them, according to the research.
- Meta, the parent company of Instagram, has acknowledged the issue and established an internal task force to address it.
- The company says it has taken steps to improve content review processes, removing 27 pedophile networks between 2020 and 2022 and deleting 490,000 accounts in January for violating child safety policies.
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| 5 | | AI tool of the week: Jetpack AI for Wordpress. What it is: Launched on Tuesday, Jetpack is an AI writing assistant and chat interface built within Wordpress.com, the blogging and content management platform. The new plugin integrates OpenAI content generation directly into the WordPress editor. Who's behind it: Jetpack comes from Automattic, the company that owns WordPress.com and is actively involved in the open-source WordPress platform development. Highlights: The tool can summarize blog posts, adjust the tone of text (options include "formal," "sarcastic," and "humorous"), and create full blog posts from single text prompts. It also does quick translations of articles into 12 languages, including Spanish, French, and Korean. Cost: Jetpack is now available to WordPress.com users "for a limited time." The first 20 requests are free, after which users will have to pay $10 a month to access the feature. 
Credit: Automattic | | | |
| 6 | | 🍋 FRESH FUNDING 🍋 - CoreWeave, a startup specializing in simplified access to Nvidia's high-performance GPUs, recently secured $200M in funding from hedge fund Magnetar Capital following its valuation of $2B just over a month ago.
- Indian AI and data analytics-based digital transformation solutions startup Course5 Intelligence held the second close of its latest funding round with $53M in funding led by Nuvama.
- San Francisco-based business services startup Instabase nabbed $45M in funding led by Tribe Capital, with participation from NEA, Andreessen Horowitz, and Spark Capital. The firm doubled its valuation to $2B at the recent funding.
- Real estate sector-focused conversational AI platform EliseAI raised a Series C round worth $35M. Point72 Private Investments led the funding round with participation from Koch Real Estate Investments, Golden Seeds, Navitas Capital, and others.
For the latest on AI startup funding and more in the VC community, subscribe to our Inside Venture Capital newsletter. | | | |
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- A man named Mark Walters has filed a libel lawsuit against OpenAI, claiming that its ChatGPT bot generated false information that wrongly implicated him in an embezzlement case.
- Researchers at the University of Kansas developed an AI detector that can accurately identify AI-generated content in academic papers with a 99% accuracy rate, according to a study.
- A Google executive and former FDA official, Bakul Patel, suggested that regulators could use AI to oversee AI when it's used to assist patients in the healthcare field.
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 | AI and technology writer | | Beth is a writer and editor at Inside.com covering artificial intelligence and daily technology news. She has written the Inside AI newsletter since 2019. You can reach her at Beth.Duckett@inside.com. | | This newsletter was edited by Aaron Crutchfield | |
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