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Banks can’t tell cyber attacker from customer

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A survey by Kaspersky Lab and B2B International has revealed that 38% of organisations now find that it is increasingly hard to tell whether a transaction is fraudulent or genuine.

A survey conducted by Kaspersky Lab and B2B International has uncovered that banks and payment organisations globally are finding it difficult to manage online financial fraud in today’s connected and complex technological landscape. Over a third (38%) of organisations admit that it is increasingly hard to tell whether a transaction is fraudulent or genuine.

The explosive growth of e-payments, combined with new technological developments and shifting business needs, has forced companies to enhance the effectiveness of their business processes in recent years. In many cases, this has been achieved by implementing e-flow systems for interacting with suppliers and clients etc. E-payments of all types have become so ubiquitous today that it is absolutely impossible for businesses to completely avoid electronic transactions of any kind.

As companies become increasingly immersed in digital environments, ensuring business continuity and protecting themselves against cyber threats will be crucial. As the number of online transactions increases, so does the level of online fraud, with 50% of financial services organisations surveyed believing online financial fraud is increasing. It is clear that financial institutions need to make every effort to protect their business and customers from cybercriminals.

The survey showed that 41% of businesses have implemented an in-house cybersecurity solution and 45% rely on a third-party solution from their bank, to mitigate the risks. Still, 46% of companies have either only partially implemented a solution against financial fraud, or have not implemented one at all. Among financial organisations, only 57% have a dedicated anti-fraud security solution.

According to these findings, about half of the organisations operating in the electronic payments landscape use non-specialist solutions, which, according to statistics, are unreliable against fraud, and show a high percentage of false positives. The incorrect use of security systems can also lead to transactions being blocked. It should also be noted that the deviation of payments may lead to a loss of customers and, ultimately, profits. This is therefore a critical issue for every business. Fraud itself is not the only problem, financial institutions need to reduce the number of false alarms in their systems, to provide the best customer service possible.

“Considering the aggressive competition in today’s fierce financial services market and the extreme disruption from non-traditional providers, a trusted relationship between customers and their financial institutions is a decisive factor for the long-term prosperity of any company. The interdependence of the digital relationships between all financial services market players also means that if any organisation in the value chain experiences a digital service issue (whether due to fraud, breach, cyber-attack, etc.), the damage can quickly spread to the other organisations in that digital financial service value chain. As the already high volume of customer demand for online transactions continues to increase, all companies (its customer facing digital platforms, infrastructure, data, and employees) should be secure, convenient, and prepared. It’s crucial, therefore, to use specialised fraud prevention solutions that will provide customers with the most convenient and safest service possible,” comments Ross Hogan, Kaspersky Lab Global Head of Fraud Prevention.

Kaspersky Lab’s experts recommend that banks and payment services use comprehensive online fraud protection methods to protect their clients at several levels. Such as Kaspersky Fraud Prevention platform, which includes threat control tools installed on client devices, as well as the server component located within the bank’s information infrastructure. It provides multi-layered protection for online and mobile banking.

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CES: Most useless gadgets of all

Choosing the best of show is a popular pastime, but the worst gadgets of CES also deserve their moment of infamy, writes ARTHUR GOLDSTUCK.

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It’s fairly easy to choose the best new gadgets launched at the Consumer Electronics Show (CES) in Las Vegas last week. Most lists – and there are many – highlight the LG roll-up TV, the Samsung modular TV, the Royole foldable phone, the impossible burger, and the walking car.

But what about the voice assisted bed, the smart baby dining table, the self-driving suitcase and the robot that does nothing? In their current renditions, they sum up what is not only bad about technology, but how technology for its own sake quickly leads us down the rabbit hole of waste and futility.

The following pick of the worst of CES may well be a thinly veneered attempt at mockery, but it is also intended as a caution against getting caught up in hype and justification of pointless technology.

1. DUX voice-assisted bed

The single most useless product launched at CES this year must surely be a bed with Alexa voice control built in. No, not to control the bed itself, but to manage the smart home features with which Alexa and other smart speakers are associated. Or that any smartphone with Siri or Google Assistant could handle. Swedish luxury bedmaker DUX thinks it’s a good idea to manage smart lights, TV, security and air conditioning through the bed itself. Just don’t say Alexa’s “wake word” in your sleep.

2. Smart Baby Dining Table 

Ironically, the runner-up comes from a brand that also makes smart beds: China’s 37 Degree Smart Home. Self-described as “the world’s first smart furniture brand that is transforming technology into furniture”, it outdid itself with a Smart Baby Dining Table. This isa baby feeding table with a removable dining chair that contains a weight detector and adjustable camera, to make children’s weight and temperature visible to parents via the brand’s app. Score one for hands-off parenting.

Click here to read about smart diapers, self-driving suitcases, laundry folders, and bad robot companions.

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CES: Tech means no more “lost in translation”

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Talking to strangers in foreign countries just got a lot easier with recent advancements in translation technology. Last week, major companies and small startups alike showed the CES technology expo in Las Vegas how well their translation worked at live translation.

Most existing translation apps, like Bixby and Siri Translate, are still in their infancy with live speech translation, which brings about the need for dedicated solutions like these technologies:

Babel’s AIcorrect pocket translator

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The AIcorrect Translator, developed by Beijing-based Babel Technology, attracted attention as the linguistic king of the show. As an advanced application of AI technology in consumer technology, the pocket translator deals with problems in cross-linguistic communication. 

It supports real-time mutual translation in multiple situations between Chinese/English and 30 other languages, including Japanese, Korean, Thai, French, Russian and Spanish. A significant differentiator is that major languages like English being further divided into accents. The translation quality reaches as high as 96%.

It has a touch screen, where transcription and audio translation are shown at the same time. Lei Guan, CEO of Babel Technology, said: “As a Chinese pathfinder in the field of AI, we designed the device in hoping that hundreds of millions of people can have access to it and carry out cross-linguistic communication all barrier-free.” 

Click here to read about the Pilot, Travis, Pocketalk, Google and Zoi translators.

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