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Bank of America AI failures

Every documented AI failure involving Bank of America on the AI Failure Index, classified by the mechanism that broke.

Failures
1
Highest severity
High
Span
2020
Failure modes
1
By failure mode
By severity
FI-0220Retail BankingHigh
Hallucination

Bank of America fined $225 million for faulty automated fraud filter on unemployment cards

Federal regulators fined Bank of America $225 million for botching the disbursement of state unemployment benefits at the height of the pandemic. The bank’s faulty automated fraud detection program allegedly froze legitimate accounts, denying some beneficiaries access to funds.

Confidence
High (multi-source, primary)
Bank of America2 sourcesPrimaryPublicJan 2020

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