Turbotodd

Ruminations on tech, the digital media, and some golf thrown in for good measure.

Posts Tagged ‘fraud detection

Wer Ist Das?

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Happy return to reality, for those of you in the U.S. who enjoyed a long Labor Day holiday weekend.

Thoughts and prayers go out to my friends in the Abacos, Marsh Harbour, and the Greater Bahamas who certainly did not have a great weekend due to Hurricane Dorian. What a monster, monstrous storm.

Picking back up on last week’s AI theme, I wanted to relay a story passed along by a good friend of mine. Might make you think twice about answering your phone.

Tne plot: Some crafty criminals used AI-based software to impersonate the voice of a CEO who demanded a fraudulent transfer of €220,000 this past March.

The CEO thought he was speaking with his boss, the German chief executive of his firm’s parent company, who then asked him to send the money to a Hungarian supplier, and that it was urgent and to send the money within the hour. 

The AI software mimicked the German CEO’s voice, both accent and melody, so, you know, he thought he was speaking with his boss!

As for the money, it bounced around accounts around the world faster than you can say “artificial general intelligence.”

And here I was all worried about deep fake videos…<< shakes head >> 

Written by turbotodd

September 3, 2019 at 10:00 am

IBM To Acquire Intelligence Analytics Firm i2

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IBM today announced a definitive agreement to acquire i2 to accelerate its business analytics initiatives and help clients in the public and private sectors address crime, fraud and security threats.

Financial terms were not disclosed.

With more than 4,500 customers in 150 countries, i2 is a leading provider of intelligence analytics for crime and fraud prevention based in Cambridge, UK with U.S. headquarters in McLean, Va.  i2’s clients span multiple sectors globally such as banking, defense, health care, insurance, law enforcement, national security and retail. i2 solutions are currently used by 12 of the top 20 retail banks globally and eight of the top 10 largest companies in the world.

Organizations in both the public and private sectors today are facing an exponential increase in “big data” — information and intelligence coming from disparate and unstructured sources including social media, biometrics and criminal databases.

When it is accessible to the people who need it, this information can be used to anticipate potential problems, make better, faster decisions, and coordinate resources to deliver exceptional service to citizens and customers.

This acquisition will extend IBM’s leadership in helping clients harness this data through the addition of i2’s intelligence analysis and tactical lead generation capabilities, which help cities, nations, international bodies and private enterprises combat fraud and security threats.

Fraud and security threat reduction is of strategic importance across all industries today. According to FBI statistics, in 2009 there were 1.3 million violent crimes, 9.3 million property crimes and 6.3 million larceny/thefts in the United States. Consumer-facing fraud for retailers alone costs $100 billion a year in the United States.

In response to these threats, businesses and government agencies are seeking to empower public safety officers, analysts, managers, detectives and investigators with industry-specific intelligence analysis and operational insight solutions. For example, government agencies today are concerned with increased threats to public safety, which are driving the need for secure information sharing.

Using IBM real-time analytical solutions in combination with the technologies of i2, public agencies and private enterprises battling fraud will now have the capability to better collect, analyze and process all the relevant data at their disposal. In the past, data overload often led to critical information or opportunities being missed.

Now local, state, and federal authorities can harness new intelligence to instantly detect and respond to security threats. Investigative leads can be identified quickly, helping government agencies solve crimes faster and keep officers and communities safer.

With IBM and i2, clients will have access to a comprehensive range of visualization and multidimensional analytics for the timely delivery of intelligence, including threat and fraud analytics. These tools will help analysts quickly identify connections, patterns and trends in complex data sets and easily model data in the way they think, in a single environment yielding faster analysis results, strategic reports and bulletins.

i2 will be integrated into IBM’s Software Group.

Headquartered in the UK, i2 has 350 employees and additional offices in McLean, Va.; Tucson, Ariz.; Ottawa, Ontario; and Canberra, Australia. The acquisition is anticipated to close in the fourth quarter of 2011, subject to the satisfaction of customary closing conditions and applicable regulatory reviews.

Written by turbotodd

August 31, 2011 at 1:51 pm

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