Warren Buffett calls AI scamming “the growth industry of all time”

OMAHA, NEBRASKA - At Berkshire Hathaway's annual meeting, Warren Buffett cautioned about AI's role in online scams. He stated AI could become "the growth industry of all time" for those breaking the law, potentially causing more harm than good to society.

Buffett's concerns stem from personal experience. He described a recent AI-generated video that closely mimicked his appearance and behavior. The fake was so convincing that Buffett admitted it might even deceive him into transferring money overseas. This highlights how advanced AI has become in creating realistic false content.

Buffett's account demonstrates the rapid progress of deepfake technology. These AI videos can now accurately copy a person's looks, voice, and actions. The fact that someone of Buffett's expertise found a fake hard to identify underscores the risks these technologies pose to individuals and organizations.

Buffett's warning extends beyond fake videos. He expressed concern that AI could be used to create more sophisticated scams across various platforms. This might include highly targeted fake emails, voice calls that sound authentic, or AI chatbots capable of real-time conversations to manipulate victims.

Buffett's caution about AI's "enormous potential for harm" aligns with growing concerns in cybersecurity. As AI tools become more advanced and accessible, they may outpace our ability to detect and prevent their misuse. This creates an urgent need for new security measures and increased awareness to combat these emerging threats.

Buffett's comments serve as an alert for investors, businesses, and individuals to be more vigilant against AI-enhanced cyber threats. He suggests that traditional methods of identifying scams may be inadequate in an era where AI can create highly convincing false content across multiple mediums.

VOA News covered this and other comments Buffett made about AI and emerging technology at Berkshire’s 2024 meeting. Read more here.