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Tech firms target vulnerable communities in guise of financial inclusion.

Tech firms target vulnerable communities in guise of financial inclusion.

OpenAI founder Sam Altman has faced backlash for controversial decisions. Recently, his incorporation of Scarlett Johansson’s voice into ChatGPT without permission raised concerns. Earlier, Altman launched the cryptocurrency project Worldcoin, collecting biometric data for digital money exchange, aiming to create a global universal basic income.

Investigations into Worldcoin revealed discrepancies between public messaging and user experiences, particularly in developing nations. Critics argue that such projects exploit vulnerable populations, perpetuating economic inequalities. Similar patterns of exploitation exist in finance and technology sectors, where companies promise financial empowerment but often exacerbate poverty and inequality.

The rise of fintech and tech companies offering financial services to marginalized communities has sparked concerns about data privacy and potential exploitation. Efforts towards regulation of personal financial data rights are being debated, aiming to hold companies accountable for their practices and prevent predatory behavior.

As the finance and technology industries continue to grow, it is crucial to scrutinize companies’ claims of equity and economic justice, especially when their actions may perpetuate existing disparities. Critical evaluation and stronger regulatory oversight are necessary to protect vulnerable populations from exploitation.

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