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Category: business – Page 54

Mastercard’s new anti-fraud AI has a success rate of up to 300%

Mastercard has announced that it has developed an in-house generative AI to help combat fraud on its payment processing network.

Instead of relying on textual inputs, Mastercard’s algorithm uses a cardholder’s merchant visit history as a prompt to determine whether a transaction involves a business that the customer would likely visit. The algorithm generates pathways through Mastercard’s network, akin to heat-sensing radar, to provide a score as an answer.

A lower score indicates a behavior that deviates from the cardholder’s usual pattern, while a higher score reflects typical behavior. Mastercard claims that this entire process takes only 50 milliseconds. And, it turns out, the AI appears to be very good at its job.

Bhalla stated that Mastercard’s latest “transaction decisioning” technology could boost financial institutions’ fraud detection rates by an average of 20 percent. However, in certain instances, the technology has improved fraud detection rates by up to 300 percent, according to Bhalla.

Spot Makes Austria’s Largest Power Plant Safer

Since 2022, Spot from Boston Dynamics has been performing inspections at the Simmering power plant. It is the first quadruped robot used in Europe for routine power plant operations, reporting technical faults autonomously. Equipped with numerous sensor payloads, Spot helps to ensure the energy supply to more than 800,000 households in Vienna. Employees at the power plant operator Wien Energie affectionately call Spot “Energy Dog”

The task: Optimizing maintenance and safety at the Simmering power plant

Simmering is Austria’s largest power plant and generates electrical energy and district heating from various primary energy sources such as natural gas and biomass. The power plant is operated by Wien Energie and supplies over 800,000 households and 7,000 business customers with electricity, achieving an efficiency of 81 percent. With more than a hundred-year history, Simmering is not only one of Austria’s largest power plants, but among the oldest.

The Professions of the Future (1)

We are witnessing a professional revolution where the boundaries between man and machine slowly fade away, giving rise to innovative collaboration.

Photo by Mateusz Kitka (Pexels)

As Artificial Intelligence (AI) continues to advance by leaps and bounds, it’s impossible to overlook the profound transformations that this technological revolution is imprinting on the professions of the future. A paradigm shift is underway, redefining not only the nature of work but also how we conceptualize collaboration between humans and machines.

As creator of the ETER9 Project (2), I perceive AI not only as a disruptive force but also as a powerful tool to shape a more efficient, innovative, and inclusive future. As we move forward in this new world, it’s crucial for each of us to contribute to building a professional environment that celebrates the interplay between humanity and technology, where the potential of AI is realized for the benefit of all.

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The headset wars: Why it’s Apple’s to lose

Two tech titans are now duking it out in the headset wars. Apple’s Vision Pro and Meta’s Quests offer different price points, different specs, and most importantly, different visions of the future of virtual reality. And both have big hurdles to clear. This week on TechCheck, why the headset battle is Apple’s to lose.

Chapters:
0:00 – Who will win the headset wars?
0:42 – The case for Apple.
5:35 – The case for Meta.
7:56 – The case for both… or neither.

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Aniai is bringing a burger-cooking robot to restaurants with $12M

Aniai, a startup that has built a burger-grilling robot, Alpha Grill, said today it has raised $12 million, bringing its total raise to $15 million. The money will go toward launching its first manufacturing facility, Factory One, in South Korea. The firm will also be deploying a cloud-based AI software platform for the robot called Alpha Cloud.

Robot adoption in the restaurant business is becoming popular as it can help restaurants address their high pain points like labor shortages, and rising wage issues. Robotics enables restaurants to save 30% to 70% of labor costs, and restaurants could replace more than 80% of restaurant positions with robots, according to a research report.

“Burger chains hire six to eight kitchen staff per shift to grill burgers,” Aniai CEO Gunpil Hwang said. “Alpha Grill enables restaurants to engage only one staff member to grill burgers.”

Is Sam Altman Entering The Chip Business?

Sam Altman made news again, with reporting from the Financial Times that the OpenAI CEO is engaged in discussions with key Middle Eastern investors and the Taiwanese chip giant TSMC to launch a new chip venture to design and build semiconductors for accelerating AI workloads.

At the heart of this venture is the ambitious plan to develop and fabricate chips integral for training and building AI models, reflecting the growing importance of custom hardware in the rapidly expanding field of AI.

Sam Altman is discussing establishing a new venture to develop specialized chips for AI applications with prominent Middle Eastern investors and Taiwan Semiconductor Manufacturing Co, TSMC.

Rethinking AI’s impact: Study reveals economic limits to job automation

The study, authored by five MIT researchers and titled Beyond AI Exposure, delves deep into the practicalities of replacing human labor with AI in the US, focusing on tasks that lend themselves to computer vision, such as those performed by teachers, property appraisers, and bakers.

Like many of us, you might find yourself nodding to a familiar digital doomsday chorus that vibrates through offices and coffee shops alike: AI will take my job!

Is this looming threat substantiated, or simply a manifestation of our shared anxiety in the wake of constant technological advancement? A new study from MIT CSAIL, MIT Sloan, The Productivity Institute, and IBM’s Institute for Business Value is set to challenge our long-held beliefs.

Their research critically examines the economic practicality of using AI for automating tasks in the workplace, with a specific emphasis on computer vision.

Dead Teslas pack Chicago area Supercharger station due to frigid temps

Something to consider for cold weather areas like I live in.

A lot of EV owners were stuck in a parking lot due to charging woes.

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