It all started in 2019 when a prominent entrepreneur criticized Apple’s credit card as “sexist” for offering his wife a credit line 20 times smaller than his own. The businessman emphasized that the artificial intelligence algorithms, which are now widely used in making credit decisions, are responsible for this.

Experts believe that if the new law is passed by the European Union, it will be impossible to overstate its impact. Strict rules can be set on how AI is used to filter job applications, college applications, or evaluate its ability to pay potential borrowers. EU officials hope the restrictions will prevent discrimination.

“The risks associated with AI are real, significant and already present, especially when applied in specific situations,” the expert told The Guardian.

Source: Ferra

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