Economy


Artificial Intelligence And The Future Of Financial Fraud Detection

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Fraud has long been a major issue for financial services institutions. And as global transactions have increased, the danger has too. Fortunately, artificial intelligence has enormous potential to reduce financial fraud. As automated fraud detection tools get smarter and machine learning becomes more powerful, the outlook should improve exponentially. In its latest report, security company McAfee estimates that cybercrime currently costs the global economy some $600 billion, or 0.8% of global gross domestic product.


5 Free Online Machine Learning Courses - InformationWeek

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In the past year there's been a bit of a careers and job scare when it comes to artificial intelligence, automation, and related technologies. Big consulting firms have conducted studies about the future of jobs and whether they will be lost to artificial intelligence. The consensus is that jobs will be lost, while some jobs will be created. "The development of automation enabled by technologies including robotics and artificial intelligence brings the promise of higher productivity (and with productivity, economic growth), increased efficiencies, safety, and convenience," said McKinsey in a study released last year. "But these technologies also raise difficult questions about the broader impact of automation on jobs, skills, wages, and the nature of work itself."


Stock Forecasting Using AI: This Week's Top 10 Stocks, Stocks Under $10, Aggressive Stocks Specific Stock Forecasts Based on AI: AMZN, GOOG, AAPL, TSLA, BABA, More ❯❯

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The US dollar had an event-heavy week to start off June. The US dollar surged early last week as the uncertainty about the Euro arose due to political events happened in Europe and the volatility in Asian markets driven by threats of an immediate trade war between the US and China. On Thursday (May 31), the Euro rebounded as Italy's politicians seemed to have found a resolution to their struggles in forming a new government. In the same day, the Trump administration announced it was putting tariffs on steel and aluminum imports from Canada, Mexico and Europe, strengthening fears over the trade war and making the US dollar suffer a slump. The US labor indicators highlighted the fundamental strength of the country's economy and made the US dollar extend gains amid the Europe geopolitical turmoil.


Humans Need Not Apply: AI to Take Over Customer Service Jobs

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The last ten years have been a rough time for many bank employees in Spain. The country's lenders have laid off 89,500 workers on the back of narrowing margins, industry consolidation, mass closures of branches and gathering digitization. In 2008, when the financial crisis struck, Spain was home to some 278,000 banking professionals; today there are just 195,000. Another 3,000 redundancies are expected in the coming months, as Santander and Bankia plan to further streamline their businesses, pushing the total number of layoffs close to 95,000. The job losses are unlikely to end there.


Artificial Intelligence And The Future Of Financial Fraud Detection

#artificialintelligence

Fraud has long been a major issue for financial services institutions. And as global transactions have increased, the danger has too. Fortunately, artificial intelligence has enormous potential to reduce financial fraud. As automated fraud detection tools get smarter and machine learning becomes more powerful, the outlook should improve exponentially. In its latest report, security company McAfee estimates that cybercrime currently costs the global economy some $600 billion, or 0.8% of global gross domestic product.


Why Artificial Intelligence Won't Be as Bad--or as Good--as Everyone Thinks

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Robotics and artificial intelligence (AI) have fed two kinds of dreams, the first of the hopeful pleasant sort, and the other a nightmare. The first tells of great abundance, convenience and wealth. The other warns of job loss and widespread unemployment, among both workers and the managerial class. Both have some validity, but only up to a point. AI, like most technological advances before it, will offer society great advances in prosperity and productivity, though they will emerge at a slower pace than the enthusiasts predict.


The Fed Can't Save Jobs From AI and Robots

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The day is coming, experts tell us, when artificial intelligence and robotics will massively disrupt the labor market. Autonomous vehicles will put 3.5 …


The big debate about the future of work, explained

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Why economists and futurists disagree about the future of the labor market. Some in Silicon Valley are even calling for a basic minimum income provided by the government for everyone, under the assumption that work will become scarce. But many economists are skeptical of these claims, because the notion that the the economy offers a fixed amount of work has been debunked time and time again over the centuries and current economic data show no signs of a productivity boom. Fortunately, we don't need to divine the future of the labor market in order to prepare for it. Check out http://www.vox.com to get up to speed on everything from Kurdistan to the Kim Kardashian app.


As smart contracts get smarter, the rules of development will change

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If 2017 was the year of Bitcoin, 2018 will be the year of the smart contract. Smart contracts -- the self-executing coded contracts running on blockchain networks -- enable decentralized apps (dApps) and the brand new economic models we are see emerging on blockchains. While it's difficult to gauge exactly how many smart contracts are already out there, State of the dApps lists more than 1,000 built on Ethereum, the most popular blockchain for dApp development. If, as many believe, blockchain will eventually enable a decentralized version of the internet, a huge number of decentralized applications will need to be built -- along with their associated smart contracts. The CryptoKitties smart contract may be working the Ethereum network hardest right now, but with a diverse range of industry use cases, we'll see smart contracts that address all kinds of commercial situations.


A Brave New World without Work

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What's the first thing that comes to mind when you think about the soon-to-come widespread introduction of robots and artificial intelligence (AI)? Endless queues of people waiting to get unemployment benefits? Or the opposite: idleness and equality provided by the labour of mechanical slaves? In all likelihood the reality will be less flashy, though that doesn't mean we should ignore the social consequences of the technological changes taking place before our very eyes. The Fourth Industrial Revolution with its robotics, bio and nanotechnologies, 3D printing, Internet of things, genetics, and artificial intelligence is rapidly spreading across the world [1].