Consumerpedia 81 - Algorithms Secretly Control Your Financial Fate
An increasing number of important decisions about yourlife are now made by computer algorithms and artificial intelligence. They do more than suggest movies or music you might like—they're making lending decisions for banks and screening job applicants for employers.
Consumer advocates acknowledge the benefits of AI, but they're also concerned about the potential harm. They want lawmakers and regulators to put guardrails in place to protect consumers.
In this episode, the many ways companies are now using algorithms and AI, how these powerful computer programs make the marketplace less transparent—and, in some cases, less fair—and how the massive amount of data being collected and used to make decisions about lending, employment, housing, and insurance coverage can infringe on privacy rights.
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