The Australian Securities and Investments Commission (ASIC) has announced plans to use artificial intelligence technology to detect misleading online advertising.
The corporate regulation body plans to invest $6m in a trial experiment in a bid to identify ways to automate the detection of misleading internet advertising, according to a report by The Australian Financial Review.
ASIC aims to use AI to monitor content to detect and flag advertising using specific words and rates of return which can then be investigated by the organisation.
The aim is to help the body to better monitor the vast amount of online advertising for financial products, particularly as a large amount is retargeted based on browsing history and can feature different information.
The regulator also plans to engage regtech (regulatory technology) start-ups and share ASIC data in a bid to develop systems that can spot disclosure problems within the content.
The moves come in the wake of Australia’s royal commission into banking which found greater regulation was needed in the industry.