Banking And AI: Why We Also Need The Human Touch

#artificialintelligence

Despite investing enormous amounts in people resources to prevent money laundering and terrorist financing and comply with regulations, banks have paid approximately $320 billion in fines over the last ten years alone. Cue artificial intelligence (AI) and machine learning, the latest technologies promising financial institutions a way to outflank criminals in the world of digital finance. I listened to some interesting fintech scenarios during the launch of the SAP Next-Gen Innovation Community for Financial Services at the SAP Leonardo Center in New York City, and one of the most impressive was from Surendra Reddy, Founder and CEO of Quantiply. The California-based startup is infusing AI into its software to help banks address financial crime, risk and compliance. "Working with SAP, can we bring machine learning and AI to augment investigators so they can proactively stop activities before anything happens.


Woman accused of stealing from online dating matches has long history of fraud, officials say

Los Angeles Times

A woman accused of "capitalizing on her physical attraction" to steal the identities of people she met on dating and home rental websites will face a judge Wednesday after she was arrested at a luxury hotel in Santa Barbara, according to the Los Angeles County Sheriff's Department. Maria Christina Johnson, 43, is believed to have dated or rented from her victims to gain access to their homes, where she'd scavenged through their belongings to obtain enough personal information to open new lines of credit without their knowledge, authorities said. Johnson -- also known as Maria Hendricks, Gia Hendricks, Maria Christina Gia and Maria Hainka -- has been arrested and charged multiple times before for various forms of fraud, identity theft and burglary before, according to a statement from the sheriff's department. After she successfully assumed an identity, investigators say, she moved into high-end hotels and charged thousands of dollars of goods and services to her victims, even attempting to purchase a car at one point, authorities said. By the time she was arrested as a guest of a luxury, beachside coastal resort in Santa Barbara on Thursday, investigators estimated Johnson, who lists her occupation as a dog trainer, had spent more than 250,000 of her victims' funds.


Convicted identity thief stole from people she met through online dating sites, sheriff says

FOX News

A woman in California who previously served prison time for identity theft was busted at a high-end hotel after investigators said she used even more stolen cash to live a life of luxury, the Los Angeles County Sheriff's Dept. Maria Christina Johnson was accused of stealing the identities of a slew of people she met through online dating and home rental websites. Investigators said she would "capitalize on her physical attraction" to get into victims' homes and obtain their personal information, ultimately using it to open new lines of credit. Courts in several states convicted Johnson on fraud and similar charges as early as 1997. She served at least 2 years in prison, the Los Angeles Times reported.


That royal wedding quiz filling your Facebook could put you at risk for identity theft

USATODAY - Tech Top Stories

We tested Alexa, Siri and Google Home to see which digital assistant knows most about the Royal Wedding. SAN FRANCISCO -- A funny as Lord Carpenter Rover of Sunnyside might sound, please don't reply to a Facebook prompt asking you to create your royal wedding guest name using details from your past. Facebook is always awash in sharable quizzes and prompts (remember'Tell us your first 10 rock concerts' last year?) But it also puts you in real danger of identity theft. Much as other, more adult, prompts have asked users to create and forward along their "porn star" name, this one helps you craft an aristocratic title from seemingly innocuous items from your family and your past.


Artificial intelligence powers digital medicine

#artificialintelligence

While this reality has become more tangible in recent years through consumer technology, such as Amazon's Alexa or Apple's Siri, the applications of AI software are already widespread, ranging from credit card fraud detection at VISA to payload scheduling operations at NASA to insider trading surveillance on the NASDAQ. Broadly defined as the imitation of human cognition by a machine, recent interest in AI has been driven by advances in machine learning, in which computer algorithms learn from data without human direction.1 Most sophisticated processes that involve some form of prediction generated from a large data set use this type of AI, including image recognition, web-search, speech-to-text language processing, and e-commerce product recommendations.2 AI is increasingly incorporated into devices that consumers keep with them at all times, such as smartphones, and powers consumer technologies on the horizon, such as self-driving cars. And there is anticipation that these advances will continue to accelerate: a recent survey of leading AI researchers predicted that, within the next 10 years, AI will outperform humans in transcribing speech, translating languages, and driving a truck.3