A new UK study highlights the growing danger of AI-generated fake news causing bank runs. Researchers from Say No to Disinfo and Fenimore Harper found that AI can easily create convincing false stories and memes about banks, which can then be rapidly spread through social media. This is especially concerning given the speed at which people can now move their money through online and mobile banking.
The study’s findings are particularly relevant after the 2023 collapse of Silicon Valley Bank, where social media played a role in a rapid withdrawal of funds. Experts, including the G20’s Financial Stability Board, have warned about the potential of AI-driven disinformation to trigger financial crises. The Say No to Disinfo study revealed that a significant portion of bank customers surveyed said they would likely withdraw their money after seeing AI-generated fake news about their bank.
The researchers estimate that even small investments in social media advertising to promote these fake stories could lead to massive withdrawals. They emphasize the need for banks to actively monitor both traditional and social media, integrating this monitoring with their withdrawal tracking systems to quickly identify and respond to disinformation campaigns that might be influencing customer behavior.
While some banks, like Revolut, already conduct real-time threat monitoring, the study argues that the increasing sophistication and speed of AI-generated disinformation require a more comprehensive and proactive approach. They also suggest that social media platforms need to take greater responsibility in preventing the spread of such harmful content.
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