Japan turns to AI in fight against investment fraud

The Consumer Affairs Agency has established a group to use generative artificial intelligence technology to more quickly detect investment scams and other fraudulent schemes. The Consumer Affairs Agency said Tuesday it will step up its fight against investment and other fraud promising lucrative returns by using generative artificial intelligence technology to enhance information analysis. A group established within the agency the same day will utilize the technology to find schemes with similar patterns to past fraud cases and malicious business operators to enable quicker intervention, the agency said, announcing a set of measures against the type of scheme that attracts large amounts of money by promising high returns before eventually collapsing. "Recovery is difficult once the damage (from fraud) is done, so it is important to respond quickly," consumer affairs minister Hitoshi Kikawada told a news conference. The new group will run a generative AI system to analyze cases reported to the National Consumer Affairs Center's information system for consultation, which number about 900,000 annually.