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Industry witnesses tell House committee AI can fight fraud and strengthen markets — but require governance
Summary
Witnesses from Google Cloud, Nasdaq, Zillow and Palo Alto Networks told the House Financial Services Committee AI already improves AML, fraud detection, market surveillance and cybersecurity, while urging explainability, human oversight, and information sharing to manage new risks.
Industry witnesses told the House Financial Services Committee that AI is delivering measurable improvements in fraud detection, market surveillance and cybersecurity — but they said the benefits depend on governance, transparency and public‑private information sharing.
Janette Manfra of Google Cloud said Google’s AI tools have improved detection and reduced false positives in financial‑sector fraud investigations and highlighted the company’s Agent Payments…
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