CFTC virtual conference to focus on investment fraud and artificial intelligence

The U.S. Commodity Futures Trading Commission (CFTC) said at a press conference on Monday (September 25) that the event titled "Technology and Fraud: Stopping Fraud in the Digital World" is scheduled to be held on October 4. Registration is now open for the event, which is free and open to the public.

Fraud in the digital age will be the focus of the CFTC’s upcoming event. As part of World Investor Week, a global initiative aimed at promoting investor education and protection, the event will feature two expert panels discussing important topics related to fraud in the digital age.

The first panel, titled “Exploring Effective Social Media Investment Fraud Interventions,” will focus on why social media platforms are increasingly being targeted by fraudsters. The panel will review current fraud trends, including romance scams and digital goods-related fraud, and discuss mechanisms for achieving fraud objectives on social media. “Fraud facilitated by social media is nothing new, but many people may not realize how fraudsters take advantage of it,” Dan Rutherford, deputy director of the CFTC’s Office of Customer Education and Outreach (OCEO), said in the release. Platforms and other methods attract intelligent, rational people to make poor decisions.”

The second panel discussion will be “Is Artificial Intelligence Ready for Investors?” and will delve into the role of artificial intelligence (AI) in the financial services industry. Experts will discuss whether artificial intelligence is ready to take on important financial tasks, what investors should pay attention to, and how to recognize and avoid scams, among other issues.

"As with any rapidly evolving technology, education is critical to understanding what artificial intelligence is capable of, when to use it and how to avoid being tricked," Jorge Herrada, director of the CFTC's Office of Technology Innovation (OTI), said in a press release.

Emerging technologies, cybersecurity and environmental fraud are issues that the CFTC has been paying close attention to. The regulator announced in June that it had established two new working groups composed of lawyers and investigators that would focus on these challenges.

"We must be proactive in protecting derivatives markets from evolving threats," CFTC Chairman Rostin Behnam said in announcing the formation of the task force.