“Alibaba’s founder and former CEO Jack Ma said the company’s payments arm, Alipay, faces over 300 million hacking attacks every day, but it hasn’t suffered any problem. Alipay has one billion users and handles $50 billion worth of transactions every day and thus a target of cybercriminals.”
“Miva, Inc., eCommerce software and service provider for mid-size and enterprise merchants for 21 years, and Kount, Inc., the leader in digital fraud protection, today announced that they have partnered to integrate Kount’s comprehensive, AI-driven fraud prevention solution into the Miva eCommerce platform.
1. Immediate notification of fraud likelihood per transaction
“Jamie Dimon spoke with GeekWire via phone about the future of artificial intelligence in the financial sector; what he has learned from Amazon CEO Jeff Bezos; and what made him change his mind about the cloud.
Jamie Dimon: The cloud and AI are real, huge, powerful and they’re going to change a lot for us.
if you’re a developer, you’re going to see the stuff you do immediately affecting 50 million households. We move $6 trillion a day around the world.
Cheaper, better, faster, integrated. AI will be part of the journey. The easiest parts are obviously risk, fraud, underwriting. AI will be enormous. It will be enormous for idea generation.”
“‘I think almost all large banks are being asked now by regulators to go back and identify any ML/AI solution that’s brought into the bank because the implication of that is, if the wrong algorithm is being used, you are going to decline credit or you’re going to have impact to the customers.’
‘A lot of the companies have survived either by acquiring them or by re-emerging differently. I think banks have to do that. I think it’s a matter of time,’ Telang said.”