Using AI for loans and mortgages is big risk

In a report on the BBC News website 14 Jun 23, the EU’s competition chief stated that discrimination is a more pressing concern from advancing artificial intelligence than human extinction.

Margrethe Vestager told the BBC “guardrails” were needed to counter the technology’s biggest risks.

She said this was key where AI is being used to help make decisions that can affect someone’s livelihood, such as whether they can apply for a mortgage.

The European Parliament will vote on its proposed AI rules on Wednesday. The AI Act is being considered by politicians amid warnings over developing the tech too quickly.

“If it’s a bank using it to decide whether I can get a mortgage or not, or if it’s social services on your municipality, then you want to make sure that you’re not being discriminated [against] because of your gender or your colour or your postal code,” she said.

Ms Vestager is spearheading EU efforts to create a voluntary code of conduct with the US government, which would see companies using or developing AI sign up to a set of standards that are not legally binding.

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