PayPal has acquired its second startup in as many days, as the payments giant announced today that it was snapping up machine learning-powered fraud detection
startup Simility. The transaction is valued at $120 million, in what will be an all-cash deal. The news comes two days after PayPal bought out payments startup Hyperwallet in a $400 million deal.
Founded in 2014, Palo Alto-based Simility leverages machine learning to help those working in the fraud detection sphere collect and analyze data. The platform is designed to prevent myriad kinds of fraud, such as account takeover (ATO), where a bad actor tries to gain access to another person’s online account. In such a scenario, Simility looks at various session, device, and behavioral biometrics and builds a profile for what constitutes “normal” user login behavior; if an anomaly is spotted, it can act to prevent the action.
Microsoft’s new intelligent visual search technology allows users to discover information about objects captured in images without having to pick and choose a handful of keywords to fit into a search box. The AI-powered visual search feature is available on Bing mobile apps.
The visual search feature uses Microsoft’s computer vision algorithms, which are trained with datasets containing vast amounts of labeled images, as well as images from around the web. From the training images, the algorithms learn to recognize dogs from cats, for example, and roses from daisies. For photos with multiple objects, the tool also includes an option to draw a box around the object that you would like to search for, instead of getting results for everything the program is capable of recognizing.
Matthew Howard (General Partner, Norwest Venture Partners) writes about how as the AI revolution continues to accelerate, new technology is being developed to solve key problems faced by consumers, businesses and the world at large. It is the next stage of evolution for countless industries, from security and enterprise to retail and healthcare. He believes that in the near future, almost all new technology will incorporate some form of AI or machine learning, enabling humans to interact with data and devices in ways we can’t yet imagine.
Researchers, entrepreneurs and global organizations must lay the groundwork for a code of AI ethics to guide us through these upcoming breakthroughs and inevitable dilemmas…For the future of AI to become as responsible as possible, we’ll need to answer some tough ethical questions. I do not have the answers to these questions right now, but my goal is to bring more awareness to this topic, along with simple common sense, and work toward a
Big banks and financial companies have started to offer banking through virtual assistants — Amazon’s Alexa, Apple’s Siri, and Google’s Assistant — in a way that will allow customers to check their balances, pay bills and, in the near future, send money just with their voice. And with the rapid adoption of Zelle, a bank-to-bank transfer system, it soon could be possible to send money to friends or family instantly with voice commands.
Regional banking giant U.S. Bank is the first bank to be
on all three services — Alexa, Siri and Assistant. For now, U.S. Bank is keeping the features available through bank-by-voice fairly restrictive. Customers will be able to check bank balances, pay U.S. Bank credit cards and mortgages, ask Alexa or Google the due dates on bills, and other basic functions. Money cannot be transferred from a U.S. Bank account using voice yet, Gaston said, but the bank is considering the option.
Financial services and insurance companies are delivering on digital transformation promises faster than other industries, according to a Thursday report from Adobe and Econsultancy. Of 700 senior industry leaders surveyed, the majority (61%) are either already using AI, or plan to adopt the technology within the next 12 months–putting the industry far ahead of other sectors (44%).
Among the 20% of financial service companies already using AI, 43% said they are tapping the technology for data analysis, the report found. A sizeable number of others are already using AI for on-site personalization, optimization, testing, and automated campaigns (about 20% each).
On June 27, the world’s first robot-crafted burger will roll off a conveyor belt in San Francisco and into the hands of the public.You could call it the freshest burger on Earth.
The product, from Bay Area-based Creator, a culinary robotics company, is assembled and cooked in a machine that contains 20 computers, 350 sensors, and 50 actuator mechanisms. It does everything from slicing and toasting the brioche bun to adding toppings (to order) and seasoning and cooking the patties, all in five minutes. The meat is ground to order—why it’s touted as so fresh—and sourced from premium ingredients. It emerges from the machine piled with tomatoes and lettuce, sprinkled with seasonings, and drizzled with sauces, at which point it’s transferred by human hands to the customer. The price: $6.
When insurance companies offer quotes on homeowner’s insurance, they naturally want to know as much as they can about the property involved. Traditionally, that’s meant sending insurance applicants sometimes lengthy questionnaires and dispatching inspectors to fill in any missing details. But recently, a Bay Area startup called Cape Analytics has been using machine learning and geospatial imagery to automatically pull out data points—like building geometry, roof condition information, and nearby tree cover—that insurers can use to evaluate risk.
Insurers already regularly use aerial imagery to understand damage from natural disasters, and other companies have found innovative ways to pair such photos with artificial intelligence, from spotting houses that could benefit from solar panels to tracking oil
storage for a glimpse at the global market. But cofounder and CEO Ryan Kottenstette says his company helps insurance companies learn about features specifically useful to them, without having to devote human effort to spotting roof tiles and potentially damaging tree limbs in individual images.
Could blockchain be what brings science’s untouchable publishing giants down? Norway’s Anita Schjøll Brede, cofounder and CEO at Iris.AI—one of Europe’s hottest artificial intelligence companies—hopes so. She said as much speaking at the CogX AI festival, part of London Tech Week. The entrepreneur experienced firsthand the frustrations of opaque academia while at the helm of her previous energy startup Pinexo. “It took us nine months to find the right researcher who was just three blocks down the road,” she tells Forbes.
This is why she started Iris.AI in 2015, a semi-automated
scientific review tool that’s today used by everyone from Denmark’s Leo Pharma to the University of Helsinki (this uses artificial intelligence to help scientists tackle “information overload” by pulling together precise reading lists for them).