Apps For Transcribing Meetings May Seem Helpful, But They Come With Undesirable Consequences.
Apps and devices that listen to and transcribe meeting minutes are gaining popularity. The apps seem to offer an easy solution to document meeting minutes and increase documentation. However, using the apps may be giving away your institution’s data. As an example, the following is an excerpt from an End User Licensing Agreement (EULA) from one of these apps:
3. By uploading content to this APP and using its services, users grant this APP and our company a worldwide, royalty-free, perpetual, irrevocable, non-exclusive, and fully sub-licensable right and license to use, reproduce, modify, adapt, publish, translate, create derivative works from, distribute, perform, and display such content (in whole or in part), and/or incorporate it into other works, media, or technologies, whether currently known or later developed.
Be sure to check license agreements to understand what you are agreeing to before trusting third-party devices and apps with your data.
Be Aware Of Virtual Meeting Bots And Assistants.
According to recent reports, bots are now actively trying to attend virtual meetings of all types and sizes. (A bot is a software application that runs automated tasks on the Internet, usually intending to imitate human activity.) These bots attempt to join Teams, Zoom, and WebEx meetings to listen and learn data that can be used by nefarious actors. The best combat against this practice is to ensure only invited attendees are in meetings and not to allow unknown visitors into your virtual meetings.
Virtual meeting assistants are also gaining popularity. Microsoft and Google have implemented chatbots that use AI to help with virtual meetings. These tools can transcribe virtual meetings and respond in real time, much like human attendees. However, these bots often allow the tech company behind the software to use the meeting data to further train the AI tools. This means your meeting data is now available to the AI tools. Read the licensing agreements for these chat bots carefully before implementing them in your institution.
15 Seconds Is All It Takes To Clone Your Voice.
A recent article in the Wall Street Journal noted that AI voice tools are improving rapidly. The latest tools can now recreate a person’s voice from only 15 seconds of recorded speaking with surprising effectiveness. This advancement has caused Chase to publicly announce its reconsideration of using voice recognition in its Customer Identification Process. The FTC also recently released an article about countering voice cloning efforts for fraud perpetration.1 Financial Institutions are encouraged to consider all risks before implementing voice recognition as part of the Customer Identification Process.
Draft Federal Rules For Cyber Incident Reporting.
On March 27, 2024, the U.S. Cybersecurity and Infrastructure Security Agency (CISA) published draft rules on how critical infrastructure companies must report cyberattacks to the government. CISA developed the rules after President Biden signed the Cyber Incident Reporting for Critical Infrastructure Act into law on March 15, 2022. Officials hope reports from companies in a range of industries will allow them to spot attack patterns better and determine tactics used by cybercriminals and nation-states to help improve defenses. Under the rules, companies that own and operate critical infrastructure, including financial services (and potentially financial service providers), would need to report significant cyberattacks within 72 hours and report ransom payments within 24 hours. CISA is soliciting public comment for 60 days on the 447-page draft rules.
NIL In Use At Community Banks.
Name, Image, and Likeness (NIL) have changed the face of collegiate athletics. College sports stars are now cashing in and getting paid directly for their athletic performance. According to a recent Wall Street Journal article, community banks are getting into the game by paying these athletes to advertise for their bank.2 Banks see this advertising as a way to attract young college customers and report seeing positive results.
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1 “Fighting back against harmful voice cloning | Consumder Advice (ftc.gov)
2 The Newest College Athlete Endorsement Deal: Being the Face of a Bank (wsj.com)
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