Good New and Bad News: Smart Software Is More Clever Than Humanoids

September 11, 2023

Vea4_thumb_thumb_thumb_thumb_thumb_thumb_thumb_thumbNote: This essay is the work of a real and still-alive dinobaby. No smart software involved, just a dumb humanoid.

After a quick trip to Europe, I will be giving a lecture about fake data. One of the case examples concerns the alleged shortcuts taken by Frank Financial in its efforts to obtain about $175 million from JPMorgan Chase. I like to think of JPMC as “the smartest guys in the room” when it comes to numbers related to money. I suppose wizards at Goldman or McKinsey would disagree. But the interesting swizzle on the JPMC story is that alleged fraudster was a graduate of Wharton.

That’s good news for getting an education in moral probity at a prestigious university.

9 11 computer beats human

A big, impressive university’s smart software beats smart students at Tic Tac Toe. Imagine what these wizards will be able to accomplish when smart software innovates and assists the students with financial fancy dancing. Thanks, Mother MJ. Deep on the gradient descent, please.

Flash forward to the Murdoch real news story “M.B.A. Students vs. ChatGPT: Who Comes Up With More Innovative Ideas?” [The Rupert toll booth is operating.] The main idea of the write up is that humanoid Wharton students were less “creative,” “innovative,” and “inventive” than smart software. What’s this say for the future of financial fraud. Mere humanoids like those now in the spotlight at the Southern District of New York show may become more formidable with the assistance of smart software. The humanoids were caught, granted it took JPMC a few months after the $175 million check was cashed, but JPMC did figure it out via a marketing text.

Imagine. Wharton grads with smart software. How great will that be for the targets of financial friskiness? Let’s hope JPMC gets its own cyber fraud detecting software working. In late 2022, the “smartest guys in the room” were not smart enough to spot synthetic and faked data. Will smart software be able to spot smart software scams?

That’s the bad new. No.

Stephen E Arnold, September 11, 2023


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