Public is skeptical of AI's financial advice

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META IN LAWSUIT WITH AI INVESTIGATION COMPANY 👀

Watch what you post on social media, because AI is watching! 🤖

What’s up? Voyager Labs, a tech company that uses AI to predict and prevent crime, finds itself entangled in a privacy lawsuit with Meta.

What does the company do? Voyager Labs’ approach involves sifting through vast troves of online data—including social media and the dark web—to identify potential threats and forecast criminal activities. Among its clients are major law enforcement agencies such as the New York City and Los Angeles police departments, who've turned to Voyager Labs for AI-based crime prediction services. William Colston, a spokesperson for Voyager Labs said, "It's very important to note that our software is designed to analyze only publicly available data that has been affirmatively placed in the public sphere—or data that has been obtained through a warrant or other legal process."

What’s the issue? Meta alleges that Voyager Labs deployed over 55,000 fake accounts on Facebook and Instagram to amass personal data for profiling and behavioral analysis. Meta contends that this constitutes a significant privacy breach, as it infringes on users' rights and privacy. Voyager Labs denies this claim and does not understand Meta’s concern. As Colston remarked, "If Meta is truly committed to protecting its users and acting in the public interest, then the use of analytical software by those trying to stop malicious actors should be embraced and encouraged."

COKE’S NEW AI-DESIGNED “FUTURISTIC” FLAVOR 🥤

There’s nothing better than cracking open a cold Coke to wash down some salty French fries, especially when the Coke tastes like the future! 🍟

What’s up? Coca-Cola’s newest mystery flavor, Y3000, was designed partially by AI. And yes, it comes in zero sugar as well.

How was AI used? By gathering insights from people about flavors associated with the future, they used AI to craft unique flavor pairings and profiles. The result is a beverage that predominantly tastes like classic Coke but with an intriguing twist. Not only did AI influence the flavor, but it also played a role in the packaging. The Y2K-inspired design which features funky bubbles, pink and blue coloring, and a pixelated logo, was created with the assistance of AI-generated images.

What does it taste like? The idea is that this drink will look and taste “like the future,” whatever that means. One of the senior strategists at Coca-Cola said, it’s “more interesting, demonstrably, than a flavor, a Coke with vanilla or something … It’s a way of testing the boundaries.”

PUBLIC REMAINS SKEPTICAL OF AI’S FINANCIAL ADVICE 🤨

If AI is so great, why are people not trusting it with their wallets? When we look at the money, it seems the public opinion might be more skeptical than we think. 💰

What’s the scoop? A recent CFB survey discovered that over half of adults “have little or no trust” in financial advice given from AI tools. A survey from CNBC confirmed similar results.

What else was found? Some of the results include:

• 31% are comfortable implementing financial advice from an AI-powered tool without verifying it with a human source. (CFB)

• 37% reported “some” interest in using AI tools to help them manage their money. (CNBC)

• 11% reported being “very interested” in using AI tools to help them manage their money. (CNBC)

• 4% currently use AI to help them manage their money. (CNBC)

Why is this significant? If there is one thing people do not play around with, it is their money. The old adage, “Put your money where your mouth is” reigns true, as a true test of trust is what people are willing to invest their money in. With that in mind, the fact that only 4% of surveyed adults are using AI to help manage their money speaks volumes to the public skepticism towards AI’s ability to be relied upon. 🤔

“WATCH THIS” WEDNESDAY 👀

Our FryAI team sat down with the founder of SalesGPT, a project that can automate sales conversations using AI!

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