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☆ Mastercard jumps into generative AI race with model it says can boost fraud detection by up to 300%
▼ + stars: | 2024-02-01 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

(Photo by Joan Cros Garcia/Corbis via Getty Images)Payments giant Mastercard says it has built its own proprietary generative artificial intelligence model to help thousands of banks in its network detect and root out fraudulent transactions. The company told CNBC exclusively that its new advanced AI model, Decision Intelligence Pro, will allow banks to better assess suspicious transactions on its network in real-time and determine whether they're legitimate or not. Ajay Bhalla, Mastercard's president of cyber and intelligence business unit, told CNBC that the new AI solution is a proprietary recurrent neural network — a core part of generative AI — from Mastercard built from scratch by the company's cybersecurity and anti-fraud teams. "We are using the transformer models which basically help get the power of generative AI," Bhalla told CNBC in an exclusive interview earlier this week. Mastercard's proprietary algorithm is trained on data from the roughly 125 billion transactions that go through the company's card network annually.

Persons: Joan Cros Garcia, Corbis, Ajay Bhalla, Bhalla, we've, — Organizations: MasterCard, Mobile, Congress, Getty, Mastercard, CNBC Locations: BARCELONA, SPAIN, Barcelona, Spain

☆ Mastercard doubles down on effort to detect and tackle crypto fraud with AI tie-up
▼ + stars: | 2023-11-20 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

(Photo by Joan Cros Garcia/Corbis via Getty Images)Mastercard is doubling down on its efforts to detect and prevent fraud that's routed through cryptocurrency exchanges. The company told CNBC exclusively that it's partnered with Feedzai, a regulatory technology platform that aims to combat money laundering and financial scams online using artificial intelligence. "This will increase fraud detection by protecting unwary consumers, but will also detect potential money laundering activity and mule accounts," Feedzai CEO and co-founder Nuno Sebastio told CNBC. An estimated 40% of scam transactions exit directly from a bank account to a crypto exchange today, according to Feedzai data. Feedzai says its software can identify and block suspicious transactions in a matter of nanoseconds — but also recognize transactions that are legitimate.

Persons: Joan Cros Garcia, Corbis, it's, Feedzai, Mastercard's, Nuno Sebastio, Sebastio Organizations: MasterCard, Mobile, Congress, Getty Images, Mastercard, CNBC, Feedzai Locations: BARCELONA, SPAIN, Barcelona, Spain, Coimbra, Portugal, San Mateo , California, Silicon Valley

☆ Mastercard says wide adoption of central bank digital currencies would be ‘difficult’ right now
▼ + stars: | 2023-11-17 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

BARCELONA, SPAIN - MARCH 01: A view of the MasterCard company logo on their stand during the Mobile World Congress on March 1, 2017 in Barcelona, Spain. (Photo by Joan Cros Garcia/Corbis via Getty Images)SINGAPORE — There isn't enough justification for the widespread use of central bank digital currencies right now, which makes broad adoption of such assets "difficult," Ashok Venkateswaran, Mastercard 's blockchain and digital assets lead for Asia-Pacific, told CNBC. A retail CBDC, which is the digital form of fiat currency issued by a central bank, caters to individuals and businesses, facilitating everyday transactions. This is different from a wholesale CBDC which is used exclusively by central banks, commercial banks and other financial institutions to settle large-value interbank transactions. But a lot of the central banks nowadays have gotten very innovative because they are working very closely with private companies like ours, to create that ecosystem," said the Asia-Pacific lead.

Persons: Joan Cros Garcia, Corbis, Ashok Venkateswaran, Venkateswaran, Kong's Organizations: MasterCard, Mobile, Congress, Getty Images, Mastercard, CNBC, Singapore FinTech, Monetary Fund, Atlantic Council, Hong Locations: BARCELONA, SPAIN, Barcelona, Spain, SINGAPORE, Asia, Pacific, Singapore, U.S, Hong Kong

☆ Samsung launches generative AI model made for its devices, beating Apple to the punch
▼ + stars: | 2023-11-08 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

(Photo by Joan Cros/NurPhoto via Getty Images)Samsung said its technology — called Samsung Gauss — is designed for AI applications on devices. Samsung said its AI model is named after Carl Friedrich Gauss, "the legendary mathematician who established normal distribution theory, the backbone of machine learning and AI." Samsung could be amongst the first handset makers in the world to introduce generative AI to its devices. Apple , Samsung's biggest rival in the smartphone space, is yet to announce a generative AI product of its own. Company CEO Tim Cook said last month during the Apple earnings call that the tech giant has "work going on" in generative AI, but declined to give more details.

Persons: Joan Cros, —, Samsung Gauss, Carl Friedrich Gauss, Samsung, Daniel Araujo, Tim Cook Organizations: Samsung, Mobile, Getty Images, Microsoft, Samsung Electronics, Samsung Gauss, Apple Locations: Barcelona, Spain

☆ Amazon’s advertising revenue tops $12 billion in the third quarter
▼ + stars: | 2023-10-26 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +3 min

(Photo by Joan Cros/NurPhoto via Getty Images)Amazon's online advertising business continues to boom amid growing investor concerns that the Israel-Hamas War could negatively impact the world economy. Analysts polled by StreetAccount were expecting Amazon's advertising business to generate $11.6 billion in third-quarter revenue. Investors closely monitor Amazon's online advertising unit, which now accounts for 7.5% of the global digital ad market, according to Insider Intelligence. Alphabet is still the digital advertiser leader with 28.4% share of the world online ad market, while Meta accounts for 20.1%, the research firm said. Alphabet reported third-quarter earnings this week and said that its Google advertising revenue jumped 9% year-over-year to $59.65 billion while YouTube ad sales rose 12% year-over-year to $7.95 billion.

Persons: Joan Cros, StreetAccount, Meta, Susan Li, Brad Gerstner Organizations: AMD, Amazon Marketing Services, Mobile, Getty, Intelligence, Meta, Facebook, Google, YouTube Locations: BARCELONA, SPAIN, Barcelona, Spain, Israel, Hamas

☆ Amazon launches European 'sovereign' cloud as EU data debate rages
▼ + stars: | 2023-10-25 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Amazon Web Services European Sovereign Cloud will be located within Europe and will be separate to the U.S. technology giant's other cloud operations. As government agencies and critical businesses increasingly move their operations to public cloud operators, like Amazon or Microsoft , there is growing concern in the EU that data is being stored on the servers of non-European firms. Some cloud features may require data to be transferred to and from the EU. And there is a growing worry among businesses and lawmakers that this data could be accessed by entities outside of the EU. Amazon's sovereign cloud is likely an attempt to allay some of those fears.

Persons: Joan Cros Organizations: Web Services, Mobile, Nurphoto, Getty, Amazon Web Services, Sovereign, European Union, EU, Microsoft Locations: Amazon, Barcelona, Spain, Europe

Learn moreLooking for the best iPhone 15 Pro and iPhone 15 Pro Max deals? Best iPhone 15 and iPhone 15 Pro Max dealsiPhone 15 Pro deals at VerizonVerizon offers the iPhone 15 Pro for free to new and existing customers who add an Unlimited Ultimate line or up to $1,000 off any other iPhone 15 model when trading in any previous iPhone. Other iPhone 15 Pro trade-in offersBoth Apple and Best Buy allow you to trade devices in for credit that you can use toward an iPhone 15 Pro or iPhone 15 Pro Max. iPhone Models Estimated trade-in values iPhone 14 Pro Max Up to $650 iPhone 14 Pro Up to $570 iPhone 14 Plus Up to $470 iPhone 14 Plus Up to $470 iPhone SE (3rd generation) Up to $160 iPhone 13 Pro Max Up to $580 iPhone 13 Pro Up to $480 iPhone 13 Up to $370 iPhone 13 mini Up to $320 iPhone 12 Pro Max Up to $450 iPhone 12 Pro Up to $360 iPhone 12 Up to $250 iPhone 12 mini Up to $200 iPhone SE (2nd generation) Up to $80 iPhone 11 Pro Max Up to $300 iPhone 11 Pro Up to $250 iPhone 11 Up to $200 iPhone XS Max Up to $170 iPhone XS Up to $140 iPhone XR Up to $140 iPhone X Up to $120 iPhone 8 Plus Up to $90 iPhone 8 Up to $60 iPhone 7 Plus Up to $50 iPhone 7 Up to $40The iPhone 15 Pro and iPhone 15 Pro Max hit stores starting September 22. Pricing starts at $999 for the iPhone 15 Pro (128GB base storage) and $1,199 for the iPhone 15 Pro Max (256GB).

Persons: Max, We've, We're, Joan Cros Garcia, you'd, you'll Organizations: Verizon, AT, Verizon Verizon, Unlimited, Apple, Mobile, Mint Mobile Locations: Verizon ., Magenta, Canada, Mexico

☆ Samsung's profit plunged 95% amid weak memory chip demand
▼ + stars: | 2023-04-27 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

(Photo by Joan Cros/NurPhoto via Getty Images)South Korean electronics giant Samsung's operating profit plunged in the first quarter as prices for its memory chips continued to fall and demand remained weak. Here are Samsung's earnings at a glance in the first quarter:Revenue: 63.75 trillion Korean won (about $47.6 billion). That is on par with Samsung's own guidance of approximately 63 trillion Korean won but below the 63.9 trillion won expected by analysts, according to Refinitiv consensus estimates. Operating profit: 640 billion Korean won (roughly $478.55 million), down from 14.12 trillion won a year earlier. The company issued guidance earlier this month saying Q1 profit would be 600 billion Korean won.

Google , Netflix , Meta , Apple , Amazon and Microsoft generate nearly half of all internet traffic today. Big Tech firms say this would amount to an "internet tax" that could undermine net neutrality. They bemoaned spending billions on laying cables and installing antennas to cope with rising internet demand without corresponding investments from Big Tech. One suggestion is to require individual bargaining deals with the Big Tech firms, similar to Australian licensing models between news publishers and internet platforms. "The imbalance is not down to Big Tech, it's not down to streamers, and it's not down to telcos.

☆ Cisco's CEO defends the Club holding’s future growth prospects. Investors want more proof
▼ + stars: | 2023-02-16 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +5 min

"The whole notion that we're actually just draining backlog, our backlog was created by significant customer demand. Cisco's backlog remains higher than where it stood at the same time last year and well above historical norms for both software and hardware, management said on Wednesday evening's conference call. Club take Cisco's fiscal second-quarter results were strong and its full-year guidance stronger. Right now, we don't have a great sense of what Cisco's growth will look like next year. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

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