AI fraud schemes could cost US taxpayers $1 trillion: expert
Haywood Talcove, the CEO of LexisNexis Risk Solutions' Government division, told Fox News Digital that he believes there will be over $1 trillion in artificial intelligence-assisted fraud if U.S. doesn't act quickly.
The White House said Tuesday it will soon take "decisive actions" to get ahead of the rapid advancement of AI technology.
"The White House Chief of Staff office is overseeing a process to rapidly develop decisive actions we can take over the coming weeks," a White House official said.
"White House principals have met to discuss this issue 2-3 times a week in addition to ongoing daily work being done across the White House and agencies," the official added. "White House officials are also working on securing commitments from leading AI companies to combat challenges from the government and the private sector side."
President Biden is expected to deliver remarks on AI in San Francisco Tuesday afternoon. (Drew Angerer/Getty Images)
The announcement came on the same day President Biden was set to meet with a panel of AI-focused experts in San Francisco to discuss the technology’s opportunities and drawbacks.
It is part of an overall push by the White House to put guardrails up as AI continues to permeate more facets of everyday life, including the 2024 election cycle. A White House official noted that Biden took several recent steps toward regulating AI, including convening a meeting with top artificial intelligence CEOs at the White House and rolling out a blueprint for an AI bill of rights.
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Washington is scrambling to get ahead of the breakneck pace of AI development. (Getty Images)
The official added that the Office of Management and Budget has been tasked with putting together "draft policy guidance for federal agencies to ensure the development, procurement, and use of AI systems is centered around safeguarding the American people’s rights and safety."
Biden is expected to give a speech on his administration’s commitment to "seizing the opportunities and managing the risks" of AI at 4 p.m. ET on Tuesday.
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Participants expected at his AI meeting include Khan Academy founder Sal Khan, Stanford University Human-Centered AI Institute head Fei-Fei Li, and Algorithmic Justice League founder Joy Buolamwin.
The White House tapped Vice President Kamala Harris as its AI czar earlier this year, reportedly in a bid to help refurbish her image in time for the 2024 election. However, guidance for both her and Biden’s schedules released on Monday evening suggests she will not be on-hand for Tuesday’s meeting and speech.
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