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By Stanley Epstein -  Introduction: More Than Just a Digital Nuisance When a cyberattack brought production at Asahi, one of Japan’s largest brewers, to a halt, the consequences were felt in local beer halls running out of popular lagers. Similarly, when hackers struck carmaker Jaguar Land Rover, assembly lines fell silent, costing the company millions per week. These incidents reveal a critical truth: cybercrime is no longer an abstract IT problem. It is a tangible force that can halt manufacturing, disrupt supply chains, and affect the availability of everyday consumer goods. While carried out by different criminal groups, many of these disruptive attacks share a common feature: the use of ransomware to paralyse a business and extort payment. The threat has evolved in sophisticated and surprising ways, and this article explores the most impactful new realities of the modern cybercrime landscape. Takeaway 1: Your Boss Is Calling—Or Is It? The Rise of AI-Powered Deception Artifici...

How Artificial Intelligence is Reshaping the Landscape of Job Fraud and Corporate Espionage By Stanley Epstein Introduction In the ever-evolving landscape of cybersecurity threats, a new and particularly insidious danger has emerged: the use of artificial intelligence (AI) to impersonate job candidates. This cutting-edge form of deception, utilizing deepfake technology, represents a significant escalation in the ongoing battle between cybercriminals and security professionals. As organizations grapple with this new threat, the very nature of hiring processes and corporate security is being called into question, forcing companies to adapt rapidly or risk falling victim to this high-tech fraud. The implications of this trend extend far beyond simple identity theft or financial fraud. By gaining access to sensitive corporate information through falsified job applications, cybercriminals can potentially inflict devastating damage on organizations, ranging from intellectual property theft ...

Despite massive investments and hype, AI hasn't yet delivered on its promised transformative impact. Experts believe it will take much longer than expected to see significant changes in daily life and the economy. Key issues: Overhyped Expectations Massive investments: Tech giants and startups are pouring billions into AI research, development, and infrastructure. This includes acquiring AI startups, building specialized AI chips, and constructing massive data centers. Inflated valuations: The stock market has rewarded companies that integrate AI into their business plans, leading to inflated valuations and a fear of missing out (FOMO) among investors. Unrealistic timelines: There's a tendency to overestimate the speed at which AI will revolutionize industries and daily life, leading to unrealistic expectations about its near-term impact. Limited Practical Applications Narrow intelligence: While AI excels at specific tasks like image recognition and language translation, it...

Artificial intelligence (AI) is transforming the banking industry, not just in customer-facing applications but also behind the scenes in operational risk management. While traditional methods focus on compliance and rule-based systems, AI offers a new frontier for proactive risk mitigation and intelligent response. This article explores five unconventional approaches that leverage AI's power to create a more dynamic and comprehensive risk management strategy: 1. The Conversational Comrade: AI Chatbots for Incident Response Imagine a tireless assistant, always available to guide staff through the initial stages of a security incident. AI-powered chatbots can be trained on historical data, regulations, and best practices to become valuable assets during critical moments. These chatbots can triage incoming reports, categorize them by severity, and offer step-by-step guidance on initial response protocols. Furthermore, they can facilitate root cause analysis by asking focused question...

Artificial intelligence (AI) is revolutionizing businesses, but along with the benefits come significant risks. Here are 8 top risks to consider before diving into the world of AI: 1. Biased Algorithms, Unequal Outcomes: AI systems learn from data, and biased data leads to biased algorithms. This can perpetuate discrimination in areas like hiring, loan approvals, or criminal justice. How it Happens: Biased training data can reflect societal prejudices or incomplete information. For example, an AI resume screener trained on past hires might favor resumes with keywords used by a specific demographic. Mitigate it: Scrutinize training data for bias, ensure diversity in data sets, and implement human oversight in critical decision-making processes. Tell-Tale Signs: Unexplained disparities in AI outputs across different demographics. 2. Job Automation Anxiety: AI can automate tasks, leading to job displacement. While new jobs will be created, there's a fear of a skills gap leaving so...

Check out all my latest POSTS on banking, fintech, payments, risk management, AI and more on my LinkedIn page HERE Read my latest Articles at ' Stanley's Musings'  by clicking HERE     For details of my training courses click HERE

We're living through an inflection point for artificial intelligence: From generated images and video to advanced personal assistants, a new frontier of technologies promises to fundamentally change how we live, work, and play.  And yet for all the buzz and concerns about how AI will change the world, in many ways, it already has.  From spam filters and sentence suggestions in our email inboxes to voice assistants and fitness tracking built into our phones, countless machine learning tools have quietly weaved their way into our everyday lives. But when we're surveyed about which everyday technologies use artificial intelligence and which don't, we aren't particularly good at knowing the difference. Does that matter?

Artificial intelligence is transforming the banking industry, with far-reaching implications for traditional banks and neobanks alike. This transition from classic, data-driven AI to advanced, generative AI provides increased efficiency and client engagement never seen before in the banking sector.  According to McKinsey’s 2023 banking report , generative AI could enhance productivity in the banking sector by up to 5% and reduce global expenditures by up to $300 billion. But that’s not even half of the picture. Read the full story HERE .

Artificial intelligence is transforming the way businesses operate, and many are seizing the opportunity to gain a competitive edge through automation. Although forward-thinking businesses are embracing AI to streamline their operations, others are approaching this emerging technology with caution. And by doing so, they may be overlooking the potential benefits, especially if they continue relying on outdated systems and manual processes. In a recent  PaymentsJournal webinar , Ahsan Shah , Senior Vice President, Data Analytics, at Billtrust, and Christopher Miller , Lead Analyst of Emerging Payments at Javelin Strategy & Research, delved into just how far AI has come over the past few years, particularly in the realm of generative AI and deep learning, and how businesses can successfully leverage AI within their operations. Read more HERE .

The past year has been painful for the financial technology industry, with publicly traded fintech stocks languishing 50% below their late 2021 peak, even as the S&P 500 has surged to new highs. Venture capital funding for fintech startups is even more depressed–it fell more than 70% from $141 billion worldwide in 2021 to $39 billion in 2023, according to CB Insights. Both layoffs and fire sales have spread.  Yet Forbes' new 2024 Fintech 50 list is packed with extraordinary entrepreneurs who have adapted and flourished in this environment. Three categories that primarily serve other businesses—Payments, Wall Street & Enterprise and Business to Business Banking–made the strongest showing, accounting for 27 of our 50 picks and seven of the 13 first-time honorees on this year’s list, Forbes ninth annual honor roll of the most innovative private businesses in fintech.  Forbes Senior Editor, Jeff Kauflin, and reporter Emily Mason sat down in studio to break down this year's...

Despite the industry’s funding woes, some startups–particularly those serving others business—are thriving. Here’s the Forbes Fintech 50 for 2024. Get the details HERE .

Blockchain is still viewed with suspicion and ONLY associated with crypto. Ask your neighbour about the problems blockchain can solve or explore your child's school curriculum, searching for any mention of blockchain. In both cases, you're likely to find a void... Read the full article HERE .

The Big Brain is being dissected. The US Federal Trade Commission (FTC) has launched a major inquiry into whether the AI arms race among tech giants like Microsoft, Google, and OpenAI is morphing into a dangerous game of monopoly, stifling competition and innovation. Here's what's got the regulators hot under the collar: The FTC wants the inside scoop:  These dominant AI companies have been ordered to dish on their investments and partnerships, both within the AI space and with key cloud service providers. Think of it as the FTC pulling up a chair and demanding a full disclosure of their playbooks. Partnerships under scrutiny:  While the FTC insists "no wrongdoing is alleged," they're not pulling punches. They want to understand the logic behind these strategic alliances and how they're actually playing out in the competitive landscape. Are these partnerships fostering a vibrant ecosystem or building walled gardens that lock out smaller players? Radio sile...

Thoughts on fintech, banking, payments, risk management, AI, going green, economics, business and much more… The latest edition is now available - HERE

Our Report:  The   US, UK, and 16 other global partners have released new guidelines to “make AI safe by design” using third-party testing and a bug bounty program.   Key Points: The UK, the US, along with international partners from  16 other countries (including Germany, Italy, Israel, Singapore & more), have signed a 20-page document  to create AI systems that are “safe by design” The guidelines build upon the U.S. government's ongoing efforts to ensure  new tools are tested before public release, addressing societal harms such as bias, discrimination, privacy concerns— and setting up clear ways for consumers to identify AI-generated material. The commitments require companies to  facilitate third-party discovery and reporting of vulnerabilities in their AI systems through a bug bounty system  (get ready devs, it’s time to make a tonne of cash). On the matter, the  US cybersecurity agency said:   "The approach prioritizes ownershi...

The complex webs of technologies that underlie many banks' digital offerings can amplify usability accessibility challenges for your disabled customers.  The use of AI tools can cut through that tangle to improve both customer experience and loyalty. Find out more HERE .

As the use of ChatGPT and other large language models become more prevalent, there will be trouble. Forrester says eight neobanks and two large traditional banks will run afoul of regulators and consumers in 2024. Tightening up controls and compliance with those controls is a key starting point. Read more HERE .

Banks are deploying digital products and services at ever faster rates. Implementing any new technology can be a challenge if frontline staff isn't properly trained. The deployment of AI in particular can expose glaring gaps in skills and experience. If banks are going to succeed as digital tools proliferate, they need to identify and address employees' needs quickly and effectively. Check it out HERE .

In the rapidly evolving landscape of artificial intelligence, generative AI tools are demonstrating incredible potential. However, their potential for harm is also becoming more and more apparent. Check it out HERE .

In just one year since its public debut, ChatGPT ignited a revolution in conversational AI that promised to reshape retail banking engagement. How does the ongoing disruption at OpenAI and potential management changes at Microsoft alter the outlook for this AI technology in the future? Check out the full article HERE .