On April 24, the MSc in Finance (MFin) program held an online talk featuring Mr Billy TEA, CEO of Serum of Truth, to talk about the alarming, growing, and costly phenomenon of fake news. Billy described some of the psychological factors that prompt people to fall prey to fake news as well as the rapidly changing social and technological environments that facilitate the acceptance and dissemination of misinformation and disinformation.
More than a passing trend, fake news of every stripe is an affliction with real social, political, and economic consequences, easily topping US$78 billion per year and more. Furthermore, fakers are in the lead and gaining ground as Billy illustrated through examples of sophisticated deep-fake fraud, massive cyber-attacks, and fact-checking defeated by circular reporting and other means.
“Awareness and education are the first steps in addressing this worrisome phenomenon,” said Billy. Moderator Professor Peter MACKAY, Academic Director of MFin, also stressed that the discovery and defense of untainted truth have always been the mission of any self-respecting education institution, which underscores the importance of universities and their services to society.
Our sincere thanks to Billy for helping us raise awareness about this urgent problem and offering preventative measures to identify and counter fake financial news.
