What are Some Real-World Examples of Algorithmic Bias in Business?
Several high-profile cases highlight the impact of algorithmic bias: - Amazon's Hiring Algorithm: Amazon had to scrap an AI recruiting tool that was found to be biased against women. The tool favored resumes that used male-oriented language and penalized those that included terms related to women's colleges. - Apple Card: Apple faced scrutiny when its credit card, managed by Goldman Sachs, was found to offer significantly higher credit limits to men compared to women, even when both had similar financial profiles. - COMPAS Recidivism Algorithm: Used in the U.S. criminal justice system, this algorithm was found to be biased against African-Americans, predicting higher risks of recidivism compared to other groups.