Photo Credit : Shutterstock “With an increased digital consumption the world is creating massive amounts of data on a daily basis. According to Domo’s Data Never Sleeps 5.0 report, there are 2.5 quintillion bytes (1 million terabytes) of data created each day! And it is estimated that a staggering 1.7MB of data will be created…
Tag: fraud
Singapore goes AI: training, incentives and regulation
“Earlier this year, both the United Overseas Bank (UOB) and the OCBC Bank in Singapore announced their intent to invest in training sessions in AI for their staff. In a recent note entitled “Is AI the next revolution in retail banking?”, UBS strategist Philip Finch revealed that the new technology could lead to a 3.4%…
Cybercrooks harness AI to good advantage
“Hyderabad: Artificial Intelligence is getting good at doing bad things swiftly, evident from the alerts put out by leading cybersecurity companies that attackers won’t just target AI systems but will create AI techniques themselves to amplify their own criminal activities. Although AI will help automate manual tasks, enhance decision-making and other human activities, it can…
7.6% – average yearly financial expense attributed to fraud
According to a 2016 report, the average yearly financial expense attributed to fraud for retailers was 7.6 percent of annual revenue across all channels, including online and offline sales. And that is on a business-as-usual day. On peak-retail days, clients operating on Amazon have reportedly seen an increase of 150 percent in fraud attempts. But…
eBay’s AI can identify 40% of credit card fraud cases with ‘high precision’
“Our [technique] can be immensely helpful, as out of 284,807 samples we can safely rule out 139,220 [transactions],” they wrote. If you’ve purchased or sold something on eBay recently, you might have encountered the system in action. The researchers coyly noted that it was successful in picking out fraudulent transactions in data from an “ecommerce…