YES Bank deploys AI robot to interact with customers on WhatsApp

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India’s YES Bank has launched banking service on WhatsApp, using a chatbot interface to offer over 60 financial products over the messaging app. The bot uses conversational AI with extensive financial knowledge to make carrying out banking tasks simpler. Customers can ask bots to check account balances, order cheque books, report unauthorised transactions, redeem rewards points, connect with online and telephone call centres, and apply for 60+ banking products.

From YES Bank deploys AI robot to interact with customers on WhatsApp:

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Possibly largest ever bust of banknote counterfeiters in the history of the euro | Europol

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On the action day on 15 July 2020, officers from the Italian Carabinieri Corps (Carabinieri) and its specialised Anti-Counterfeit Currency Unit arrested 44 suspects and froze criminal assets worth €8 million in Italy.

Asset recovery measures taken so far during the overall operation in Italy include the confiscation of 50 apartments, 8 business premises, 2 farms, 10 companies operating in various sectors, 12 vehicles, 1 luxurious boat and 22 bank accounts, all with an estimated total value of approximately €8 million

From Possibly largest ever bust of banknote counterfeiters in the history of the euro | Europol:

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Cash, Legal Tender and the Future of Euro Banknotes | Cash & Payment News

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The hearings relate to a legal challenge against the Hessischer Rundfunk, the German public broadcaster, which is accused of not accepting payments for an obligatory fee in euro cash. The plaintiffs argue that this refusal is in violation of the status of euro banknotes and coins as legal tender.

From Cash, Legal Tender and the Future of Euro Banknotes | Cash & Payment News:

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POST Spoof

 

 

The upshot is that when you see the number of an incoming call, you have no way of knowing if the number displayed on your caller ID is legitimate or spoofed.

 

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Spoofing happens because the carriers don’t verify that a phone number is real before a call crosses their networks.

From How to stop robocalls spamming your phone | TechCrunch:

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One authentication system would make call spoofing nearly impossible, known as Secure Telephone Identity Revisited and Signature-based Handling of Asserted Information Using Tokens — or STIR/SHAKEN. The system relies on every phone number having a unique digital signature which, when checked against the cell networks will prove you are a real caller. The carrier then approves the call and patches it through to the recipient. This happens near-instantly.

 

From How to stop robocalls spamming your phone | TechCrunch:

 

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companies on each end of a phone call.

 

Photo: Dan Saelinger
The Internet Engineering Task Force (IETF), which works on issues related to secure telephone identity, began work on STIR in 2013. The IETF designed the STIR protocol to be very flexible. The basic mechanism is a certificate issued to authenticated callers. However, STIR requires individuals to be proactive about authenticating themselves and managing their personal key, which confirms their identity. STIR’s downside is that very few people have the expertise to do either. The good news is that STIR’s flexibility allows phone companies to implement it in their network with minimal hassle.

 

In 2015, ATIS also began studying mechanisms to reduce unwanted robocalls. A joint task force between ATIS and the SIP Forum, an industry association, built upon the IETF’s work on STIR.

 

As it turned out, STIR’s extreme flexibility was a problem. Indeed, the protocol’s flexibility made it easy for each phone company to implement it in its network. However, as a general rule, the more flexible a protocol is, the more likely it is that different implementations won’t play well together. So when two different service providers implement the protocol on each of their networks, a caller ID sent from one to the other might not make it through intact. The task force’s goal was to create a precisely defined subset (known as a profile) of STIR, called SHAKEN. Because the task force specified the SHAKEN profile of the STIR protocol, you might see it referred to as “STIR/SHAKEN.”

 

From How Your Phone Company Aims to Stop Robocalls – IEEE Spectrum:

 

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What Carriers Know
Phone companies don’t always know everything about a call. STIR/SHAKEN uses levels of attestation so that carriers can classify what they do know about each call.

 

A–Attestation B–Attestation C–Attestation
Originates on carrier’s own network Originates on carrier’s own network Originates on some other network
Carrier has confirmed who the caller is Carrier has confirmed who the caller is Carrier has NOT confirmed who the caller is
Carrier has verified caller’s right to use the phone number Carrier has NOT verified caller’s right to use the phone number Carrier has NOT verified caller’s right to use the phone number

 

From How Your Phone Company Aims to Stop Robocalls – IEEE Spectrum:

 

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31st March 2020 

 

FCC Mandates STIR/SHAKEN to Combat Spoofed Robocalls all originating and terminating voice service providers to implement
STIR/SHAKEN in the Internet Protocol (IP) portions of their networks by June 30, 2021,

 

From FCC Mandates STIR/SHAKEN to Combat Spoofed Robocalls | Federal Communications Commission:

 

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Earlier this year, networking services firm Transaction Network Services reported that just 10% of “high risk” robocalls originate from tier 1 carriers (AT&T, CenturyLink, Comcast, Sprint, T-Mobile and Verizon), even though they account for 75% of total call volume. Instead, hundreds of smaller, non-tier 1 networks are the source of most robocalls.

From Approach aims to authenticate calls and deter illegal caller ID spoofing.:

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OFCOM

The Internet Engineering Task Force (IETF) has developed a new technical standard to support CLI
authentication, so that valid numbers can be identified and marked from the beginning of a call and
passed along the ‘call chain’ to the recipient.8 The Federal Communications Commission (FCC)9 set a
deadline for December 2019 for the implementation of CLI authentication. In Canada, the deadline is
September 2020. Implementation of CLI authentication in the UK will take more time, as not as
many calls are currently carried on VoIP systems. We expect CLI authentication to be introduced
when voice services are migrated to IP platforms, away from the copper-based network, by mid-
2020s.

Challenger and neo-banks from Brazil. What makes them different? (beta)

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Any article on neo-banks in Brazil (or anywhere in the world for that matter) would not be complete without Nu. Weighing in at over 20 million customers, this bank is the biggest neo on the face of the Earth and has a strong presence in both Mexico and Argentina.

Challenger and neo-banks from Brazil. What makes them different? (beta):

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Anthropologies of Risk: Credit Scoring in Coercive Political Economies. Ethnographic notes from North India – Aftermoney.dk

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Their lack of credit history and collateral make them too risky for commercial banks and other formal institutions to lend to them.  In fact, their actual risk levels and creditworthiness are seldom assessed, due to the lack of systematic data about their households’ finances.

Anthropologies of Risk: Credit Scoring in Coercive Political Economies. Ethnographic notes from North India – Aftermoney.dk:

I remember learning about this in the early days of M_PESA. The ability to use transactional records as a substitute for conventional credit ratings 

Anthropologies of Risk: Credit Scoring in Coercive Political Economies. Ethnographic notes from North India – Aftermoney.dk

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Vernacular evaluations of credit risk and relations that produce credibility through cash (‘money-cash’ and ‘in-kind’ cash) at the local level are not taken into consideration and integrated in the statistical centered credit rating tools – developed by banks and social fin-techs.

Anthropologies of Risk: Credit Scoring in Coercive Political Economies. Ethnographic notes from North India – Aftermoney.dk:

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Anthropologies of Risk: Credit Scoring in Coercive Political Economies. Ethnographic notes from North India – Aftermoney.dk

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This popular Marwari saying crystallises how the capacity of getting loans at a just interest (or without interest) is linked to the borrower-family/household’s honour rather than being just a matter of bank statements’ analysis and financial projections.

Anthropologies of Risk: Credit Scoring in Coercive Political Economies. Ethnographic notes from North India – Aftermoney.dk:

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Financial Inclusion for the Roma: Perspectives on access to digital finance – Aftermoney.dk

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The banks and ATMS are accessible in some parts of the city, but in practice, it requires that the Roma who live in marginalised areas have to walk across town to reach these services.

Financial Inclusion for the Roma: Perspectives on access to digital finance – Aftermoney.dk:

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