60% of Britons ready to withdraw money from banks due to AI fakes

British research has shown that disinformation created by artificial intelligence and spread on social media significantly increases the risks of bank runs. The study, conducted by Say No to Disinfo and Fenimore Harper companies, revealed a concerning trend of AI-generated content influencing bank customers’ behavior.

According to the study results, generative AI can be used to create fake news about the insecurity of client funds or memes mocking bank security issues. Such content can be effectively distributed through social media using paid advertising.

Of particular concern are the results of a survey of British bank customers: a third of respondents said they would “very likely” withdraw their money after viewing such content, while another 27% consider such a scenario “likely.”

Banks and regulators are increasingly concerned about the risks of bank runs triggered by social media, especially after the collapse of Silicon Valley Bank in 2023, when depositors withdrew $42 billion in just 24 hours.

The G20 Financial Stability Board warned in November that generative AI “could enable bad actors to create and spread disinformation causing acute crises,” including sharp market crashes and bank runs.

“As AI makes disinformation campaigns simpler, cheaper, faster, and more effective than ever before, the emerging risk to the financial sector is growing rapidly but is often underestimated,” the report notes. The study’s authors emphasize that the situation is exacerbated by the development of online and mobile banking, allowing customers to transfer funds within seconds.