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When you’re a regulator attempting to guard traders from fraud, there are two methods to go about it.

One is to truly battle fraud. This is hard, and not getting easier. When you’re a Canadian securities regulator, it’s even more durable, as a result of your authority solely extends to the borders of your province or territory.

The second method to eliminate fraud is to coach folks about fraud, which is arguably getting simpler, due to AI and social media. Which means efficient market regulation could require a powerful social media recreation.

With that in thoughts, the BC Securities Fee has quickly risen to the highest of our checklist of Canadian securities regulators — it’s an extended checklist, there are 13 of them! — with this video on AI fraud.

The excellent news is that resistance might not be as futile as our new besties on the BCSC make it out to be.

As we lined in a latest Massive Examine consumer fraud, there are a rising variety of corporations arising with tech options to battle “deep-phishing,” ie the AI-enabled model of the identical previous electronic mail scams. Regulators and lawmakers are enjoying referee between shoppers and their monetary corporations, deciding who ought to bear the blame when frauds inevitably occur.

However hey, judging on movies alone, we will perceive why the makers of profanity-laden humorous “We’re F–ed” at BCSC are nonetheless solidly of their seats, and the Securities and Trade Fee’s Gary Gensler, whose “Office Hours” movies have been boring and boring, will not be.