AI Generated Content (AIGC) has received tremendous attention within the past few years, with content ranging from image, text, to audio, video, etc. Meanwhile, AIGC has become a double-edged sword and recently received much criticism regarding its responsible usage. In this article, we focus on three main concerns that may hinder the healthy development and deployment of AIGC in practice, including risks from privacy; bias, toxicity, misinformation; and intellectual property (IP). By documenting known and potential risks, as well as any possible misuse scenarios of AIGC, the aim is to sound the alarm of potential risks and misuse, help society to eliminate obstacles, and promote the more ethical and secure deployment of AIGC.