The trick: Scope Swap
Bank of America did add 1,000 contractors to patch software.
Its CEO tied them to AI models including Mythos, not to Mythos alone, and the cost was lumped in with anti-money laundering work.
Mythos found so many flaws that Bank of America hired 1,000 contractors to fix them.
Before you read on. Your call?
TRUE, BUT
1,000
CEO Brian Moynihan told CNBC the bank put on 1,000 contractors for patching in the second quarter, on top of 3,000 staff, for flaws exposed by AI models including Mythos. The Register reports he did not split the third-quarter remediation cost between AI or Mythos and anti-money laundering work.
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The trick has a name
We call it Scope Swap: applies to far less than it sounds like. You'll see it again. Learn to spot it →
Receipts
- Supports cnbc.com:
We put on 1,000 contractors to help us do the patching work in the second quarter
- Context cnbc.com:
on top of the 3,000 people we have in that area
- Context cnbc.com:
software vulnerabilities exposed by advanced artificial intelligence models including
- Context cnbc.com:
on the software remediation and regulatory issues related to anti-money laundering compliance in the third quarter
- Refutes theregister.com:
didn’t break down how much of the “couple of hundred million plus” in remediation costs were devoted to AI or Mythos
- Supports news.bloomberglaw.com:
It is a big change in the amount of work that will have to go on
Open the Receipts Pack → What each source proves, every figure traced, and what would change our verdict.
