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NAB chief executive officer, Ross McEwan, has stressed Australia’s desperate need for greater AI understanding and protection for consumers from scams.
Over the last 12 months, both topics have been permanently resting on the tips of Australian tongues. Mr McEwan, speaking at the House of Representatives Standing Committee on Economics on Wednesday, 4 July, said he believes they are two areas that deserve paramount attention from both government and the wider community.
In the executive’s eyes, an emphasis must be placed on establishing a deeper understanding of AI and “how we can combine artificial intelligence with human intelligence for good.”
His desire for a greater understanding of the revolutionary technology airs similar sentiments to those reverberating around the international scene more recently. At the end of March, over 1,000 signatories, including Elon Musk, placed their names on a letter calling for a slowdown in the AI race.
The letter declared “powerful AI systems should be developed only once we are confident their effects will be positive and their risks will be manageable.”
Mr Altman explained AI possesses many benefits, but with them come “serious risks” which needed a unified response, before adding “GPT-4 and tools like it are good at doing tasks, not jobs.”
Mr McEwan said he welcomes the government’s discussion paper on AI “and its recognition of the need for new safeguards.”
Moreover, NAB’s CEO declared “scams, fraud, and cyber attacks are global epidemic. No one and no business is safe.”
He explained the big four bank is “working hard to keep our customers and our bank safe from criminals,” adding “initiatives such as the new National Anti-Scam Centre are an important step.”
Despite cyber security remaining at the forefront of Australian consciences over the past year, including the real estate industry, where 80 per cent of the industry admitted to viewing cyber security as a top priority, Mr McEwan stressed “greater awareness is vital.”
Such a high level of concern towards cyber security and threats within the real estate industry has been born out of an increased proficiency in attacks in recent years. According to some reports, Australian citizens lost over $300 million to scams in 2021 while online rental scams had already cost Victorians $125,000 by the beginning of May 2023.
Mr McEwan stated: “We need to make Australia as difficult as possible for criminals to target. Government, banks, social media companies, and telcos must come together to implement regulatory and other controls to keep criminals out.”
“This is a Team Australia moment,” he concluded.
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