Latest news with #KünstlicheIntelligenz
CNA
02-06-2025
- Business
- CNA
German financial watchdog: AI is helping to catch market abuse
FRANKFURT :Germany's financial regulator BaFin is using artificial intelligence to help it spot market abuse and suspicious patterns in trading, increasing the chances of catching offenders, a top official warned on Monday. BaFin President Mark Branson said the supervisor had started using artificial intelligence last year in its alert and market analysis system. "We can already see from this that the results of this analysis system have become more accurate," Branson said at a conference. "The chances of being caught in market abuse trading have never been so high, and here in Germany we know that the penalties for this can also be considerably high," he warned. BaFin under Branson has been trying to burnish its reputation after the fall of Wirecard, a former blue-chip hailed as a German success story and once worth $28 billion. The supervisor failed to spot accounting fraud at Wirecard ahead of its collapse in 2020, resulting in an effort to give BaFin "more bite" with a change in top leadership and more powers to spot and investigate wrongdoing.
Reuters
02-06-2025
- Business
- Reuters
German financial watchdog: AI is helping to catch market abuse
FRANKFURT, June 2 (Reuters) - Germany's financial regulator BaFin is using artificial intelligence to help it spot market abuse and suspicious patterns in trading, increasing the chances of catching offenders, a top official warned on Monday. BaFin President Mark Branson said the supervisor had started using artificial intelligence last year in its alert and market analysis system. "We can already see from this that the results of this analysis system have become more accurate," Branson said at a conference. "The chances of being caught in market abuse trading have never been so high, and here in Germany we know that the penalties for this can also be considerably high," he warned. BaFin under Branson has been trying to burnish its reputation after the fall of Wirecard, a former blue-chip hailed as a German success story and once worth $28 billion. The supervisor failed to spot accounting fraud at Wirecard ahead of its collapse in 2020, resulting in an effort to give BaFin "more bite" with a change in top leadership and more powers to spot and investigate wrongdoing.
Asharq Al-Awsat
24-05-2025
- Business
- Asharq Al-Awsat
German Court Says Meta Can Use User Data to Train AI
A German court on Friday dismissed an injunction request brought by consumer protection groups to prevent US tech giant Meta from using user data from Facebook and Instagram to train artificial intelligence systems. The higher regional court in Cologne concluded Meta, which owns both social media platforms, had not violated European Union law. "Meta is pursuing a legitimate end by using the data to train artificial intelligence systems," the court said in a statement. Feeding user data into AI training systems was allowed "even without the consent of those affected", it added. Meta has announced plans to begin training AI models with data from Facebook and Instagram from Tuesday, said AFP. The court said the balance of interests between the parties was in favor of allowing Meta to process user data to develop AI. The training of AI systems "cannot be achieved by other equally effective, less intrusive means", the court said. Among the reasons cited by judges was Facebook's intention to only use publicly available data that could also be found via search. Meta had also "taken effective measures to significantly mitigate the impact" on users, the court said, including communicating the plans via its mobile apps. The North Rhine-Westphalia Consumer Advice Center, which brought the case, said it still found the use of user data "highly problematic". "There are still considerable doubts about the legality," the organization's chief, Wolfgang Schuldzinski, said in a statement. The Vienna-based privacy campaign group Noyb said last week it had sent a cease-and-desist letter to Meta over the plans to use user data for AI training. The letter was the first step ahead of a possible injunction request or class-action lawsuit against Meta, the group said.
Asharq Al-Awsat
23-05-2025
- Business
- Asharq Al-Awsat
German Rights Group Fails in Bid Stop Meta's Data Use for AI
A German consumer rights group on Friday failed to win a court injunction to stop Meta Platforms from training its artificial intelligence models with Facebook and Instagram user posts. The court in the western city of Cologne said it did not grant an injunction sought by state-funded consumer rights group Verbraucherzentrale NRW, Reuters reported. Meta said last month it would train its AI models in the European Union with public posts of adults across its platforms, as well as with interactions that users have with its artificial intelligence. Meta said at the time that its platforms' users in the EU would be notified of the project and that they would be given the opportunity to opt out.
CNA
23-05-2025
- Business
- CNA
German rights group fails in bid stop Meta's data use for AI
A German consumer rights group on Friday failed to win a court injunction to stop Meta Platforms from training its artificial intelligence models with Facebook and Instagram user posts. The court in the western city of Cologne said it did not grant an injunction sought by state-funded consumer rights group Verbraucherzentrale NRW. Meta said last month it would train its AI models in the European Union with public posts of adults across its platforms, as well as with interactions that users have with its artificial intelligence. Meta said at the time that its platforms' users in the EU would be notified of the project and that they would be given the opportunity to opt out.
