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Senate committee hears banking officials on AI risks and rising elder financial fraud
Summary
Arkansas banking and securities officials told the Senate Children and Youth Committee that artificial intelligence is increasingly used in financial services for fraud detection and personalization, but also raises cybersecurity, bias and consumer‑protection risks; panelists urged prevention, consumer education and coordination with federal regulators.
Susanna Marshall, Arkansas bank commissioner and Arkansas securities commissioner, told the Senate Children and Youth Committee that artificial intelligence already touches everyday banking products and will grow in use for cost savings, fraud detection and faster delivery of services. "We want to encourage that, and we want them to do it in a safe and sound manner," Marshall said, adding that institutions should build strong risk‑management frameworks and prioritize cybersecurity and consumer protections.
Campbell McLaren, deputy commissioner of the Arkansas Securities Department, said the division is tracking two rising threats: elder financial abuse and technology‑enabled frauds. Citing a report from the FBI’s Internet Crime…
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