The Commodity Futures Trading Commission (CFTC) is holding a virtual event on Oct. 4 that is focused on combatting fraud and scams in the digital world.
The event, called Technology and Fraud: Stopping Scams in a Digital World, a virtual event on Wednesday, is sponsored by CFTCʻs Office of Customer Education and Outreach (OCEO) and Office of Technology Innovation (OTI).
One of the panel discussions is on Exploring Effective Social Media Investment Scam Interventions. This session is designed to help participants understand why more people lose money to frauds on social media than all other forms of engagement. The panel will review current fraud trends, including digital commodity-related frauds, and discuss the social media mechanisms that enable fraud targeting.
“Social media enabled fraud is nothing new, but many may not be aware how fraudsters can leverage these platforms and other methods to draw smart, rational people into bad decisions,” OCEO Associate Director Dan Rutherford said. “The social media panel will shed light on the scale of social media investment fraud, discuss the latest scams and the psychology behind them, and provide insights on effective interventions for educators, policymakers, and industry.”
The second panel is entitled Is AI for Investors Road-Ready? This session will feature financial regulators and experts discussing the questions and sharing their insights on AI-fueled financial services. Among the questions it will answer are: Is AI ready to take the wheel? What should I look out for? How do I know if I am being scammed?
“As AI technology emerges, experts and investors agree there is both promise and pitfalls,” OTI Director and panelist Jorge Herrada said. “Like any fast-moving technology, education is critical to understand the capabilities of AI, when it is appropriate to use, and how to avoid being scammed.”
Financial educators, innovators, regulators, and anyone with interest in these issues are encouraged to attend. It is free to attend, and open to the public. The panels begin at 12 noon EDT on Oct. 4. Interested parties can register now at CFTC.gov.
The event is part of World Investor Week, which runs from October 2-9. The week is a global effort to raise awareness about the importance of investor education and protection.