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Category: finance – Page 30

The next wave of fraud should frighten banks and crypto firms alike

It’s possible the OnlyFake owner is exaggerating, and it’s also worth noting that counterfeiting documents is nothing new. The difference here, though, is that the firm’s software is capable of cranking out hundreds of fake, but very real looking, IDs. It feels like it’s a matter of time before both banks and crypto firms alike are swamped by a wave of bots seeking to open accounts that possess convincing fake IDs.

You can add to this an impending wave of AI-based tools that will be used to overcome the anti-fraud measures, such as voice-based authentication, used by banks and others. We are also seeing AI being used to carry out audacious new forms of robbery—including the jaw-dropping story this week of a criminal gang that persuaded some poor employee in Hong Kong to transfer $25 million of company funds during a Zoom meeting. It turned out that all the members on the Zoom call were AI-generated replicas of the employee’s boss and coworkers.

Finance worker pays out $25 million after video call with deepfake ‘chief financial officer’

A finance worker at a multinational firm was tricked into paying out $25 million to fraudsters using deepfake technology to pose as the company’s chief financial officer in a video conference call, according to Hong Kong police.

The elaborate scam saw the worker duped into attending a video call with what he thought were several other members of staff, but all of whom were in fact deepfake recreations, Hong Kong police said at a briefing on Friday.

“(In the) multi-person video conference, it turns out that everyone [he saw] was fake,” senior superintendent Baron Chan Shun-ching told the city’s public broadcaster RTHK.

Mastercard’s new anti-fraud AI has a success rate of up to 300%

Mastercard has announced that it has developed an in-house generative AI to help combat fraud on its payment processing network.

Instead of relying on textual inputs, Mastercard’s algorithm uses a cardholder’s merchant visit history as a prompt to determine whether a transaction involves a business that the customer would likely visit. The algorithm generates pathways through Mastercard’s network, akin to heat-sensing radar, to provide a score as an answer.

A lower score indicates a behavior that deviates from the cardholder’s usual pattern, while a higher score reflects typical behavior. Mastercard claims that this entire process takes only 50 milliseconds. And, it turns out, the AI appears to be very good at its job.

Bhalla stated that Mastercard’s latest “transaction decisioning” technology could boost financial institutions’ fraud detection rates by an average of 20 percent. However, in certain instances, the technology has improved fraud detection rates by up to 300 percent, according to Bhalla.

25 Percent of CEOs Plan to Replace Human Workers With AI This Year

Global decision-makers and the world’s leading financial body predict that artificial intelligence will result in dramatic job losses in 2024 and beyond.

During the annual meeting of the World Economic Forum in Davos, Switzerland, a survey of CEOs revealed that a quarter intend to cut their headcounts by at least five percent “due to generative AI,” per a press release from PwC, the firm that conducted it.

Translation: 25 percent of CEOs are aiming to replace human workers with AI because they think it’ll be cheaper. Vive la future!

Quindar raises $6 million for automation of satellite constellation operations

WASHINGTON — Quindar has raised an additional $6 million to further development of software to automate operations of satellite constellations.

The company announced Jan. 30 that it closed $6 million in funding as an extension to a $2.5 million seed round it announced a year ago. Venture capital firm Fuse led the round with participation from existing investors Y Combinator and Founders Fund.

Quindar has developed software designed to automate satellite operations. The company says it has validated that system with an unnamed customer who is using it to manage a growing fleet of spacecraft.

Enabling distributed quantum sensors for simultaneous measurements in distant places

A research team has succeeded in implementing a distributed quantum sensor that can measure multiple spatially distributed physical quantities with high precision beyond the standard quantum limit with few resources. Their findings are published in the journal Nature Communications.

Sharing the exact time between distant locations is becoming increasingly important in all areas of our lives, including finance, telecommunications, security, and other fields that require improved accuracy and precision in sending and receiving data.

Quantum phenomena such as superposition and entanglement can be used to more precisely measure the time of different clocks in two distant spaces. Similarly, if you have two physical quantities, one in Seoul and one in Busan, you can share the entanglement state in Seoul and Busan and then measure the two physical quantities simultaneously with greater precision than if you measure the physical quantities in Seoul and Busan separately.

The headset wars: Why it’s Apple’s to lose

Two tech titans are now duking it out in the headset wars. Apple’s Vision Pro and Meta’s Quests offer different price points, different specs, and most importantly, different visions of the future of virtual reality. And both have big hurdles to clear. This week on TechCheck, why the headset battle is Apple’s to lose.

Chapters:
0:00 – Who will win the headset wars?
0:42 – The case for Apple.
5:35 – The case for Meta.
7:56 – The case for both… or neither.

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Chemists use blockchain to simulate more than 4 billion chemical reactions essential to origins of life

Cryptocurrency is usually “mined” through the blockchain by asking a computer to perform a complicated mathematical problem in exchange for tokens of cryptocurrency. But in research appearing in the journal Chem a team of chemists has repurposed this process, asking computers to instead generate the largest network ever created of chemical reactions which may have given rise to prebiotic molecules on early Earth.

This work indicates that at least some primitive forms of metabolism might have emerged without the involvement of enzymes, and it shows the potential to use blockchain to solve problems outside the financial sector that would otherwise require the use of expensive, hard to access supercomputers.

“At this point we can say we exhaustively looked for every possible combination of chemical reactivity that scientists believe to had been operative on primitive Earth,” says senior author Bartosz A. Grzybowski of the Korea Institute for Basic Science and the Polish Academy of Sciences.

Singapore Financial Data Startup Raises $6.5 Million Series A To Double Down On AI

Bluesheets, an AI-powered financial data startup based in Singapore, announced Tuesday it raised $6.5 million in a Series A funding round led by fintech-focused VC Illuminate Financial, bringing the four-year-old startup’s total funding to $12.5 million.

Participating in the round were returning investors Insignia Ventures Partners, Antler Elevate–the emerging growth fund of VC firm Antler–and 1982 Ventures. The Series A values the startup at $30 million.

“A lot of organizations are trying to implement [AI] applications, but are struggling quite a lot,” says Luca Zorzino, general partner and head of Asia at Illuminate Financial, in a video interview. “What we liked about Bluesheets is that not only have they implemented AI themselves, but they can actually form the foundational layer for more AI adoption in financial services.”

Founded in 2020, Bluesheets develops AI-powered data entry and management tools that aim to help companies process their financial data for accounting, reporting and other operations. The startup claims it can update records in real-time while integrating with other enterprise software tools from Google, Microsoft, Quickbooks, Stripe and SAP.