Experts have weighed in on the privacy concerns of sharing spending and banking data and account information with AI firms, which are currently calling for users to do so to engage in their new financial advice services.
Over the weekend, OpenAI launched a new finance service that provides users with spending insights and financial advice, provided they connect their bank account to the service. Using Plaid technology, users can link their bank accounts to the service so that it can analyse spending habits and answer financial questions.
OpenAI announced that US-based Pro users of its ChatGPT generative AI will now be able to access a preview of a new “personal finance experience”, which will allow users to monitor spending and get suggestions on how to save.
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“Now you can securely connect your financial accounts, see a dashboard of where your money is going, and ask ChatGPT questions grounded in your financial context – all while staying in control of your data. We’re starting with a preview to a smaller group so we can learn from real-world use, improve the experience, and expand thoughtfully,” OpenAI said.
While OpenAI has said the service is secure, with “financial memories” able to be deleted and accounts disconnected, experts have suggested that the service still comes with risks.
Centre for Democracy and Technology’s Privacy and Data Project senior policy counsel, Ridhi Shetty, said OpenAI’s security measures are not sufficient for protecting bank account data shared with generative AI.
“Even if ChatGPT’s new feature doesn’t access full account numbers or have the ability to make changes to financial accounts, the financial information it does collect can reveal deeply personal details about a person’s life, habits, vulnerabilities, and relationships,” Shetty told The Record.
She also noted that OpenAI does not comment on whether the financial data could be used for commercial purposes, such as personalised advertising, “despite the obvious incentives to do so”.
Shetty added that the reliability of a “tool that doesn’t abide by the obligations that professional financial advisors have to protect clients’ privacy and act in their best interests” could come into question.
Additionally, Noma Security chief information security officer Diana Kelley told The Record that the “view-only” aspect of the service that OpenAI has mentioned “does not mean low risk: if someone takes over your ChatGPT account, they may get a consolidated picture of your balances, spending, investments, debts, goals and financial history”.
Ram Varadarajan, CEO at Acalvio, also said that having the banking and spending data of users makes OpenAI a high-value target for account-takeover cyber attacks.
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Daniel Croft
Born in the heart of Western Sydney, Daniel Croft is a passionate journalist with an understanding for and experience writing in the technology space. Having studied at Macquarie University, he joined Momentum Media in 2022, writing across a number of publications including Australian Aviation, Cyber Security Connect and Defence Connect. Outside of writing, Daniel has a keen interest in music, and spends his time playing in bands around Sydney.