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Customers and Banks Priorities Collide as AI Jolts Financial Industry

Smart Data Collective

The banking and financial services business is replete with transactions, hundreds of millions of them a day, each adding a new row to the industry’s vast ocean of data. The creation of useful data now extends beyond the control of banks. This isn’t always a risk that a bank is willing to take on.

Banking 184
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Data Savvy Hackers Enhance Password Vulnerability In 2019

Smart Data Collective

This is, of course, unless you’re one of the carefree crowd which is still using the same password for absolutely everything you do online in 2019. We’re sure your online banking data is hard to crack. The post Data Savvy Hackers Enhance Password Vulnerability In 2019 appeared first on SmartData Collective.

Big Data 183
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Blockchain: The Fall of Traditional Centralized Systems in Business & Finance

Smart Data Collective

Also, it states, in 2019 and 2020 cryptocurrencies have been on the road to recovery potentially entering a bull market. In May of 2019 Facebook announced that they would create a cryptocurrency named Libra, now Deim. Facebook is the most popular social media platform in the world. There are more than a billion users worldwide.

Finance 348
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Promising Benefits of AI in the Financial Technology Market

Smart Data Collective

For example, banks now apply AI to assess credit risks with high accuracy. It’s critical to financial institutions such as banks and credit unions that earn revenue from lending money with interest. Hence, banks go through the pain of assessing every prospective borrower’s creditworthiness. Fraud Detection.

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Cyber Fraud Statistics & Preventions to Prevent Data Breaches in 2021

Smart Data Collective

Threats like identity fraud, credit card fraud, online banking fraud, and online shopping fraud are the most widely known due to their occurrence frequency. Online banking fraud can be a type of identity fraud. In this case, the fraud is taking place through an online banking system. Cyber fraud is not just one or two types.

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Big Data Partnerships Drive Growth in the Global Remittance Market

Smart Data Collective

Recent revenue reports from its website show its digital partners increased more than 38% in 2020 from 2019. The worldwide pandemic played a key role in the expansion in digital money transfer service , but the growth and business strategy was growing long before with its rates of growth beginning in late-2019.

Big Data 236
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Data-Driven Strategies to Help Prevent ACH Fraud

Smart Data Collective

A growing number of banks, insurance companies, investment management firms and other financial institutions are finding creative ways to leverage big data technology. ACH payments allow users to transfer cash from one bank to another online. The market size for financial analytics services is currently worth over $25 billion.