Can You Trust ChatGPT With Your Financial Information?
Since its launch last year, ChatGPT has become well-known for its impressive capabilities, including creating virtual assistants, writing songs, designing games, and even passing the bar exam. It has also helped consumers save money on their utility bills and offered various other valuable features. However, when it comes to sharing your financial information, experts are cautious about relying on ChatGPT.
According to Darren L. Colananni, a wealth management advisor at Centurion Wealth, while ChatGPT can be efficient in assisting with daily tasks, it’s essential to exercise caution when it comes to sharing personal financial information with AI.
The FAQs from OpenAI’s ChatGPT actually advise users not to share confidential information while using the program. This is because any information entered into ChatGPT is stored within the Large Language Model (LLM) it is trained on. In simpler terms, your data is stored in OpenAI’s database to help the chatbot learn and improve, rather than being securely protected.
As with all things on the internet, ChatGPT and OpenAI are susceptible to hacking and data breaches. If you share confidential information while using ChatGPT, it is possible that it could be stolen and used maliciously to your detriment. It’s important to use common sense and be mindful of the information you disclose.
While AI technology has made incredible progress, it is still relatively young, especially when it comes to handling financial information. Josh Richner, the marketing director at National Legal Center, warns that our understanding of how information is communicated and collected by AI is limited. Even some AI creators don’t fully comprehend how their programs learn certain information, so it’s crucial to recognize this lack of understanding.
Although AI and ChatGPT can provide valuable insights and automate routine financial tasks, they lack the human touch required to truly understand the nuances of personal financial situations. They are tools designed to assist, not replace, human judgment.
To have a positive experience with ChatGPT while safeguarding your financial information, it is recommended to avoid sharing sensitive details like names, addresses, account numbers, and balances. Instead, ask hypothetical and nonspecific questions that loosely relate to your situation.
Regardless of whether you use ChatGPT, it is important to maintain safe banking behaviors such as using strong passwords, enabling two-factor authentication, monitoring bank statements and credit card bills, and reporting any suspicious activity immediately.
Remember that ChatGPT is not a financial institution, and it does not bear any responsibility or accountability in safeguarding your data. It is worth noting that ChatGPT is not subject to the same regulations and rules governing data protection as banks and other financial institutions.
While ChatGPT is an impressive AI innovation, it is crucial to prioritize the security of your financial information and exercise caution when sharing sensitive details.
