FTC Chair Lina Khan says AI could "turbocharge" fraud, be used to "squash competition"

– Lina Khan, the youngest-ever FTC chair at 32, is leading the Biden administration's efforts to challenge massive tech companies that may engage in anti-competitive practices.

– She sees artificial intelligence as a growing threat to consumers, stating that AI could be utilized to accelerate fraud and scams.

– Khan aims to ensure that powerful market players do not use their advantage to squash competition and limit the entry of smaller, innovative firms.

– The FTC is actively involved in preventing unlawful business practices, fraud, and scams, as well as safeguarding against monopolistic power that can lead to adverse effects on consumers and the economy.

– The FTC has faced both wins and high-profile losses in lawsuits against tech giants like Microsoft and Meta, but Khan remains determined to maintain open markets and protect consumers.

– A recent lawsuit against Amazon accused the company of enrolling customers into Prime without consent and making it challenging to cancel the subscription.

– Khan is working to eliminate non-compete clauses in employment contracts to enhance workers' mobility and opportunities for better wages and benefits.

The ongoing debate involves determining whether to regulate companies before they become too dominant or after they achieve significant market power

– after they achieve significant market power, with tech giants claiming to be open to competition due to continuous technological change.