False Positives
AFP Audio
What would you do if you were suddenly cut off from all your bank accounts? You can’t pay for anything, and you can’t really get answers as to why it happened. And how would you feel if you found out that the decision to cut you off from your money was in part made by an algorithm?
Banks have to use automated systems to monitor their transactions and customers to fight against money laundering and financing of terrorism. But sometimes, those systems go wrong, leading to people’s bank accounts being blocked or closed. That is happening to a lot of customers across Europe : small business owners, NGOs, religious organisations, migrants, political refugees... Even politicians. There could be thousands of victims, according to data released in some countries.
This phenomenon is called de-banking. It can happen through a semi-automated decision-making process involving algorithms and Artificial Intelligence. When mistakes are made by these systems, they are called “f