The first step in securing any transaction made from a mobile device, especially when traveling lies in the device’s software, writes AJAY BHALLA, President for Enterprise Security at Mastercard,
Thanks to advances in technology, the travel experience – compared to only a few years ago – is faster, simpler and more convenient. We book airline tickets, hotel stays, and call an Uber quickly and easily with a simple click on websites or in apps, paying with credit or debit cards. And, once on the road, we use our mobiles to check-in, access boarding passes, and receive updates on any changes to our plans.
Indeed, thanks to improved network coverage, more affordable data roaming options, and the proliferation of free Wi-Fi, travelers are increasingly tapping into the power of their smartphones wherever they are in the world. In fact, research indicates that 80 percent of travelers now use their smartphone while overseas.
With more connected devices, travelers are becoming an increasingly attractive target for cybercriminals, raising the chances of them being affected by fraud. This heightened risk, paired with research finding 77 percent of cardholders extremely concerned with false declines when traveling, demonstrates the need of having systems in place that can enable secure payments and ensure a safe travel experience. The key to the success of these systems lie in our phones.
This means that mobile phones can unlock unexpected benefits for digital payments. One benefit is the digital wallet, which simplifies the digital payment landscape both domestically and internationally. Digital wallets are a one-stop payment source, which enables consumers to shop whether online, in app and now in-store with contactless in multiple countries. Behind the scenes, smartphones can now also use location information to verify user identity to ensure a smoother travel experience.
For example, few things can be as irritating as stepping off a plane in a foreign country and having a card payment declined because you forgot to notify the bank of your travel plans. While the bank is attempting to manage fraud, a blocked transaction at a critical moment and in an unfamiliar place is not just an inconvenience, it can feel like a lifeline being cut. However, new technology allows mobile phones to verify your location, reducing the chances of your card being falsely declined.
The advantages are not confined to the consumer. These and other technologies are helping banks and retailers avoid lost business and dented consumer confidence.
Studies indicate that one in four cardholders never use a card again if it is falsely declined, while one in four use it less. To put the current situation into perspective, in the U.S., the value of false declines per year recently hit $118 billion – more than 13 times the total amount lost annually to actual card fraud ($9 billion), research from Javelin shows.
So, it’s crucial that security measures are wielded accurately so that payments are not only safer but smarter, too. This also means that using multiple layers of security is paramount.
Further solutions enable banks, retailers and travelers to exchange vital purchasing information which is used to evaluate the risk of a current transaction. By considering transaction risk levels and consumer behavior patterns, the chances of a card being falsely declined is reduced regardless of location.
Together with location alerts from mobile phones, these tools provide card issuers with greater insight and control, to ensure the right decision are made and improve the travel experience.
Meanwhile, mobile technologies are also helping consumers take greater oversight of their spending while abroad. Smartphones can deliver real-time alerts so travelers can set spending limits and turn on and off credit or debit at certain merchants or within certain geographies.
It’s clear that we are now only just scratching the surface of the possibilities the smartphones can unlock for a generation on the move. And as we continue to see advances in geolocation technologies and biometrics, digital transactions will continue to become safer, simpler and more convenient wherever we are, every time we make a payment.
UN calls for electronics overhaul to beat e-waste
Seven UN entities have come together at the World Economic Forum to tackle the escalating scourge of electronic waste.
Seven UN entities have come together, supported by the World Economic Forum, and the World Business Council for Sustainable Development (WBCSD) to call for an overhaul of the current electronics system, with the aim of supporting international efforts to address e-waste challenges.
The report calls for a systematic collaboration with major brands, small and medium-sized enterprises (SMEs), academia, trade unions, civil society and associations in a deliberative process to reorient the system and reduce the waste of resources each year with a value greater than the GDP of most countries.
Each year, approximately 50 million tonnes of electronic and electrical waste (e-waste)
Less than 20% of this is recycled formally. Informally, millions of people worldwide (over 600,000 in China alone) work to dispose of e-waste, much of it done in working conditions harmful to both health and the environment.
The report, “A New Circular Vision for Electronics – Time for a Global Reboot,” launched in Davos 24 January, says technologies such as cloud computing and the Internet of Things (IoT), support gradual “dematerialization” of the electronics industry.
Meanwhile, to capture the global value of materials in the e-waste and create global circular value chains, the report also points to the use of new technology to create service business models, better product tracking and manufacturer or retailer take-back programs.
The report notes that material efficiency, recycling infrastructure and scaling up the volume and quality of recycled materials to meet the needs of electronics supply chains will all be essential for future production.
And if the electronics sector is supported
The joint report calls for collaboration with multinationals, SMEs, entrepreneurs, academia, trade unions, civil society and associations to create a circular economy for electronics where waste is designed out, the environmental impact is reduced and decent work is created for millions.
The new report supports the work of the E-waste Coalition, which includes:
- International Labour Organization (ILO);
- International Telecommunication Union (ITU);
- United Nations Environment Programme (UN Environment);
- United Nations Industrial Development Organization (UNIDO);
- United Nations Institute for Training and Research (UNITAR);
- United Nations University (UNU), and
- Secretariats of the Basel and Stockholm Conventions (BRS).
The Coalition is supported by the World Business Council for Sustainable Development (WBCSD) and the World Economic Forum and coordinated by the Secretariat of the Environment Management Group (EMG).
Considerable work is being done on the ground. For example, in order to grasp the opportunity of the circular economy, today the Nigerian Government, the Global Environment Facility (GEF) and UN Environment announce a 2 million dollar investment to kick off the formal e-waste recycling industry in Nigeria. The new investment will leverage over 13 million dollars in additional financing from the private sector.
According to the International Labour Organization, in Nigeria up 100,000 people work in the informal e-waste sector. This investment will help to create a system which formalizes these workers, giving them safe and decent employment while capturing the latent value in Nigeria’s 500,000 tonnes of e-waste.
UNIDO collaborates with a large number of organizations on e-waste projects, including UNU, ILO, ITU, and WHO, as well as various other partners, such as Dell and the International Solid Waste Association (ISWA). In the Latin American and Caribbean region, a UNIDO e-waste project, co-funded by GEF, seeks to support sustainable economic and social growth in 13 countries. From upgrading e-waste recycling
Another Platform for Accelerating the Circular Economy (PACE) report launched today by the World Economic Forum, with support from Accenture Strategy, outlines a future in which Fourth Industrial Revolution technologies provide a tool to achieve a circular economy efficiently and effectively, and where all physical materials are accompanied by a digital dataset (like a passport or fingerprint for materials), creating an ‘internet of materials.’ PACE is a collaboration mechanism and project accelerator hosted by the World Economic Forum which brings together 50 leaders from business, government and international organizations to collaborate in moving towards the circular economy.
Matrics must prepare for AI
By Vian Chinner, CEO and founder of Xineoh.
Many in the matric class of 2018 are currently weighing up their options for the future. With the country’s high unemployment rate casting a shadow on their opportunities, these future jobseekers have been encouraged to look into which skills are required by the market, tailoring their occupational training to align with demand and thereby improving their chances of finding a job, writes Vian Chinner – a South African innovator, data scientist and CEO of the machine learning company specialising in consumer behaviour prediction, Xineoh.
With rapid innovation and development in the field of artificial intelligence (AI), all careers – including high-demand professions like engineers, teachers and electricians – will look significantly different in the years to come.
Notably, the third wave of internet connectivity, whereby our physical world begins to merge with that of the internet, is upon us. This is evident in how widespread AI is being implemented across industries as well as in our homes with the use of automation solutions and bots like Siri, Google Assistant, Alexa and Microsoft’s Cortana. So much data is collected from the physical world every day and AI makes sense of it all.
Not only do new industries related to technology like AI open new career paths, such as those specialising in data science, but it will also modify those which already exist.
So, what should matriculants be considering when deciding what route to take?
For highly academic individuals, who are exceptionally strong in mathematics, data science is definitely the way to go. There is, and will continue to be, massive demand internationally as well as locally, with Element-AI noting that there are only between 0 and 100 data scientists in South Africa, with the true number being closer to 0.
In terms of getting a foot in the door to become a successful data scientist, practical experience, working with an AI-focused business, is essential. Students should consider getting an internship while they are studying or going straight into an internship, learning on the job and taking specialist online courses from institutions like Stanford University and MIT as they go.
This career path is, however, limited to the highly academic and mathematically gifted, but the technology is inevitably going to overlap with all other professions and so, those who are looking to begin their careers should take note of which skills will be in demand in future, versus which will be made redundant by AI.
In the next few years, technicians who are able to install and maintain new technology will be highly sought after. On the other hand, many entry level jobs will likely be taken care of by AI – from the slicing and dicing currently done by assistant chefs, to the laying of bricks by labourers in the building sector.
As a rule, students should be looking at the skills required for the job one step up from an entry level position and working towards developing these. Those training to be journalists, for instance, should work towards the skill level of an editor and a bookkeeping trainee, the role of financial consultant.
This also means that new workforce entrants should be prepared to walk into a more demanding role, with more responsibility, than perhaps previously anticipated and that the country’s education and training system should adapt to the shift in required skills.
The matric classes of 2018 have completed their schooling in the information age and we should be equipping them, and future generations, for the future market – AI is central to this.