On Monday, a fake image of an explosion near the Pentagon in Washington DC sent shockwaves through the internet. Thus, causing a brief market selloff. The image purported to show a large cloud of smoke near the headquarters of the Department of Defense. This fake image generated using AI technology was shared by several Twitter accounts, including that of Russian-state media RT. The use of Generative AI to create this deep fake caused a drop in the US stock market.
Also Read: How to Detect and Handle Deepfakes in the Age of AI?
AI-Generated Fake Explosion Causes Panic and Market Fluctuations
The Arlington Fire Department quickly dismissed the image and claims of an explosion as fake. But this was not before it had caused some panic among social media users. According to Insider, the image had some characteristics of AI-generated images. Hence, it led to speculation that AI technology may have created it.
The @Deltaone Twitter account was among the first to share the fake explosion at 10:06 am ET. Within four minutes, the US stock market had fallen by 0.26 percent before quickly bouncing back. Insiders reported that the account later posted that the explosion picture was fake.
The image was also shared by a fake but verified Twitter account claiming to represent a major news organization. It’s not immediately clear who created the fake, but deep fakes have gone viral recently, including clear images of the Pope wearing a Balenciaga coat.
Risks Associated with Advanced AI Technology
Generative AI techniques have advanced significantly in recent years, but this has led to concerns over the risks associated with the technology. Deep fakes, in particular, are a significant concern. Experts have issued warnings that they could be used to spread propaganda or even launch cyber attacks.
Also Read: Future of AI and Machine Learning in Cybersecurity
As Generative AI technology expands and becomes more sophisticated, AI-generated fake images and videos will only increase. This could seriously affect financial markets, like how this fake image led to a drop in the US stock market, national security, and political stability.
Also Read: US Stock Market Finds Boost From Artificial Intelligence (AI)
Our Say
The incident highlights the need for increased awareness and regulation around AI-generating technologies. As we rely on AI-generated images and videos, developing new techniques for detecting fakes and protecting against potential threats is becoming increasingly important.
In the meantime, social media users should take extra care when sharing news and images online, particularly when they come from unverified sources. Fake news can have severe consequences regarding its impact on financial markets and its potential to sow discord and confusion.
Also Read: Applications of Machine Learning and AI in Banking and Finance in 2023
