- “Artificial intelligence (AI) and machine learning (ML) are making productive inroads in the cybersecurity space.
- AI and ML can help by processing and analyzing massive amounts of data to spot unusual trends, behavior, and patterns in what is known as anomaly or fraud detection. It’s an essential tool to help stop crime in the world of finance.”
- “Ecommerce sites around the globe will lose roughly $10 billion to cyberattacks this year, including bot and scraping fraud,
- Out of the $585 billion that online retailers in the U.S. will rake in this year, $1.76 billion will be lost to similar forms of fraud,
- According to a 2018 study from cybersecurity company Link11, ecommerce sites get hit with up to 70% more of these attacks on Black Friday relative to the rest of the month. On Cyber Monday, that figure spikes to more than 100%.”
“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
2. Automatic rejection of high-risk transactions
3. Review queues for questionable orders
4. Additional, highly configurable API-powered automation options”
- “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.”