Business Law


Free AI Chatbot Goes to Bat for Beleaguered Consumers Consumer Protection

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Powered by IBM Watson, DoNotPay has about 1,000 bots capable of tackling a variety of legal and service issues, ranging from fighting one's landlord to appealing against unreasonable warranties, to getting a refund when a company doesn't fulfill its promise. For example, typing in "medical bill" or "bank overcharges" triggered the extra help field, which lets users email the app's support staff with their problem. For example, typing in the words "parking dispute" from a San Francisco location triggered options to dispute a parking ticket in Los Angeles, San Francisco and two other California cities. In response to a "landlord dispute" search, DoNotPay served up options for fixing unrepaired property and retrieving an unreturned security deposit in California, along with parking dispute options for California.


RegTech: U.S. Regulator's View on Artificial Intelligence in Risk Assessment

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Bauguess provided some interesting background on the utility and use of big data and machine learning at the SEC to identify potential misconduct by market participants and investment managers, and the emerging use of artificial intelligence. In the first stage, the SEC uses "unsupervised" learning algorithms to identify unique behaviors. Of particular note is need for ongoing human assessment of potential enforcement actions due to the inherent limitations of current technology. However, Bauguess does think it reasonable that AI could develop to: aggregate data, assess whether securities laws have been violated, and generate detailed reports on market risk and potential enforcement actions.


Banking's One-to-One Future is Finally Possible

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Almost a quarter century ago, a book was written about how organizations would focus on share of customer as opposed to share of market, building a personalized collaboration driven by big data. Instead of watching as non-banking organizations or fintech start-ups set expectations, the banking industry can now offer individualized engagement, integrating advanced analytics, artificial intelligence, machine learning, robotics and even blockchains to build a cognitive bank. The banking industry continues to be challenged be a low interest rate environment, intense competition from new market entrants, and heightened consumer experience expectations set by highly digital non-bank organizations. It is also proposed that cognitive systems can continually build knowledge and learning, providing the insight needed to increase efficiency and effectiveness throughout the organization.


From spying to hacking: Expert lists the dangers of IoT

Daily Mail

In 2015 Fiat Chrysler recalled 1.4M cars when security experts proved they could break into smart cars' systems remotely and control brakes, steering and transmission In 2015 Fiat Chrysler recalled 1.4 million vehicles when security researchers proved they could break into smart cars' systems remotely and control brakes, steering and transmission. Consumers are exposed to significant risks from IoT devices, from predatory use of data, to security flaws and devices no longer being supported (pictured is an illustration of a connected home). Many IoT devices put consumer privacy at risk, but the Privacy Act has significant limitations, as the definition of'personal information' is very narrow. Consumers are exposed to significant risks from IoT devices, from predatory use of data, to security flaws and devices no longer being supported.


Sports Betting: The Next Big Thing for Artificial Intelligence

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Quantitative analytical procedures are some of the most successful in the financial world, with an increasing number of money managers turning the grunt work of data processing over to computer algorithms and artificial intelligence (AI). He and his team have been developing predictive analytics programs for sports betting procedures, using machine learning and AI to process vast data fields. The fund has seen some success with its machine learning models, and Stratagem now has an internal syndicate which allows it to bet its own money and bring in a return. Koukorinis and others with Stratagem believe so, seeing a strong connection between the world of sports betting and the hard data analysis that quant is specially designed for.


Regtech: The revolution has begun Global Trade Review (GTR)

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"In the last year, we have seen a lot of interest," says Agarwal, whose clients include both big and small banks globally. To meet the growing requirements, big banks have thousands of compliance officers on staff and spend billions of dollars on regulation and compliance every year. "The preliminary state of the regtech market means that no dominant, widely used solutions have yet emerged," says a report by the Institute of International Finance (IIF) published last year, adding that international financial institutions are "often still unfamiliar with new regtech solutions due to their [the solutions'] short history". Nivaura, which has already been part of three accelerator programmes, including those of Microsoft and Accenture, is now one of the first technology companies that, over the past five months, has been testing its solutions as a part of the UK Financial Conduct Authority's (FCA) regulatory sandbox, and received regulatory approvals.


Who is best positioned to invest in Artificial Intelligence?

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In order to study more deeply what the AI environment looks like, it has been created a unique customized dataset listing 13,833 startups, tracking down in financial news and SEC filings companies operating in artificial intelligence; machine learning; big data; analytics; robotics; and drones. Looking at Fig.5, which shows the breakdown of the round of financings by year over the past 16 years, we can notice how earlier stages of financing are decreasing on percentage in the last five years and the funding is redistributed to later stage. Those two insights suggest that usually, AI startups ask for lower rounds of financings (Figure 1), and often they even barely reach rounds C or higher, either because they are not able to deliver what has been promised or because they are acquired by big players. Figure 1 shows that a quite high number of startups exits being acquired, while a lower number raises funds in the public market.


L.A. venture capitalists who missed Snapchat don't want to make the same mistake twice

Los Angeles Times

To separate himself from potential conflicts of interest, Senior White House advisor Jared Kushner plans to sell his stake in Internet service ratings firm WiredScore to Fifth Wall, the newly opened investment group that's focusing on real estate technology, according to the Wall Street Journal. SoxHub, a La Palma company that develops software to help businesses track compliance with financial regulations, received a total of $3.6 million from 13 investors in the last month, according to a regulatory filing. To separate himself from potential conflicts of interest, Senior White House advisor Jared Kushner plans to sell his stake in Internet service ratings firm WiredScore to Fifth Wall, the newly opened investment group that's focusing on real estate technology, according to the Wall Street Journal. SoxHub, a La Palma company that develops software to help businesses track compliance with financial regulations, received a total of $3.6 million from 13 investors in the last month, according to a regulatory filing.


Russia's biggest search engine beats Google in antitrust case

Mashable

Google has settled its long-running court battle with the Russian search engine Yandex. SEE ALSO: So much for Equal Pay Day: Google accused of'very significant' pay discrimination Russian antitrust regulators also fined the company $7.8 million. While Google never outright required manufacturers to pre-load its apps, its previous rules made it so that companies producing Android-powered phones had to either install all of Google's core apps -- Gmail, a browser with Google default search, and, most importantly, the Google Play app store -- or none at all.


Financial Regulators Embrace Artificial Intelligence

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The SEC began to do exactly that in reaction to the 2008 09 financial crisis and the 2010 flash crash systemic breakdowns that regulators didn t see coming. Hedge fund industry veteran Gregg Berman joined the SEC s division of trading and markets and spearheaded development of the Market Information Data Analytics System (MIDAS), which seeks to improve transparency to analyze trends and prevent crashes. The more ambitious Consolidated Audit Trail (CAT), an idea first floated in 2010 to give the SEC a complete database of market activity, is finally getting off the ground following the awarding of a contract in January to Thesys Technologies, the same trading technology company that worked with Berman on MIDAS.