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Financial Scams in India and how technology & awareness can save you

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The rapid advancement of technology has transformed our lives drastically, bringing with it a range of conveniences and opportunities. However, this rapid advancement has paved the way for many financial scams, especially in India. As technology continues to evolve, the methods deployed by scammers have become increasingly sophisticated as well.  Indian scammers are not scamming people in India but also oversees. Many fake call centers are being run from India in name of support services.

Common Financial Scams in India.

• Phishing Scams: Phishing scams are among India’s most common financial scams. It is a fraudulent attempt to obtain sensitive information, such as passwords or credit card details, by pretending to be trustworthy. Fraudsters use emails, SMS, or social media messages that appear to come from legitimate sources. These messages often contain links to fake websites designed to steal sensitive data.

• Ponzi Schemes: A Ponzi scheme is a type of investment fraud that promises high returns to the investors that come from the contributions of newer investors, creating a cycle. Off late people have been looted of millions in name of promising double triple returns from crypto or share market.

 

 

Digital Arrest

• Loan Scams: With the increase in demand for personal loans, scammers offer attractive loans online to lure victims. These are fraudulent schemes that trick individuals into providing personal information or paying fees under the guise of obtaining a loan.

• Online Shopping Scams: In recent years, online shopping has become increasingly popular, and fraudsters have started exploiting this by creating fake websites or listings to trick consumers into purchasing non-existent products or services.

• Digital Arrest Scams: Scammers posing as digital law enforcement send fake arrest warrants and notices to pressure victims into interrogation, ultimately deceiving them into transferring substantial amounts of money.

WhatsApp video scams: These are a type of fraud where users are tricked into sharing personal or financial information through video calls. Sometimes, the caller would be  girl with no cloths and they as soon as you pick the video call they will record you with the girls and then black mail you. At times they will impersonate someone else using AI and ask for money.

How Technology Helps

• Two-Factor Authentication(2FA): 2FA is a special feature that adds an extra layer of security. It requires the users to provide two forms of verification, such as a password or a one-time password (OTP) sent to their mobile phone, making unauthorized access very difficult. Never share your OTP with anyone.

• Fraud Detection: Financial institutions and banks are increasingly utilizing algorithms to analyze transaction patterns; this can help flag unusual behaviors and allow banks to intervene to prevent potential fraud. Never buy from a website that doesn’t have SSL (https) secure connection.

• Phishing Detection Tools: Emails and web browsers often come equipped with tools to detect and warn users about potential phishing attempts. These tools analyze links and websites for signs of fraud. Do have a good antivirus installed on mobile and your computer.

• Be alert and don’t be greedy: As they say, there is no free launch in this world. Hence, don’t pay your hard earned money to anyone you hardly know, even if they have given double returns to someone you know. Always work with Apps or organizations that are approved by RBI, SEBI or relevant authorities. Banks and Financial institutions can send real-time alerts and notifications to customers about suspicious transactions or account activity. Many organizations have also developed apps that allow users to report suspected scams easily. Always pay heed to messages you receive. Try not to pick WhatsApp video calls from unknown numbers. You can use WhatsApp setting to silent calls from unknown numbers.

• Report to authorities: Always report any incident immediately  to Banks and cyber authorities. You can do it online as well. 

As financial scams continue to evolve, leveraging technology is crucial in protecting oneself from becoming a victim. By understanding the types of scams, utilizing technological tools, and adopting vigilant practices, individuals can significantly reduce their risk and safeguard their financial well-being. Awareness and education are key in the fight against financial fraud, making it essential for everyone to stay informed and proactive.

How AI-powered humanoid robots are set to impact our lives

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Humanoid robots were once a futuristic concept, but now AI-powered robots are utilized across all industries to assist us. These AI-powered humanoid robots combine artificial intelligence with robotics to mimic human-like characteristics. They are equipped with sensors, cameras, AI, and machine-learning technologies and can mimic a human’s expressions, interactions, and movements. These robots use AI to perform tasks faster and more accurately.

Humanoid robots are being used in various fields.

•Healthcare: AI-powered robots unequivocally accelerate surgical procedures, monitor patients, deliver precise diagnoses, and perform a wide range of surgeries, from minimally invasive procedures to open heart surgeries.

• Manufacturing: AI and robots have been utilized in the manufacturing industry for more than a decade. They are capable of performing tasks such as welding, packaging, and shipping. Additionally, they can assist with damage control and rapid maintenance. These robots can complete these tasks efficiently due to automation.

• Agriculture: The agriculture industry uses robots to improve process efficiency and increase crop yields. AI helps farmers understand weather conditions and advises them on fertilizers and water. However, the main application of AI in agriculture is to help farmers automate manual labour, thus improving efficiency and saving time.

• Nuclear waste management: Cleaning up nuclear waste has been a major drive for robotics development, automated robots designed for this purpose help in collecting radioactive wastes which would be dangerous to humans.

 

Image Credit: Samsung.com

Impact on our lives
AI-powered humanoid robots are set to transform our lives by enhancing healthcare, improving customer service, and providing educational support. These robots can also be used to provide companionship to patients and elderly people and help them complete daily tasks to make their lives convenient.

The use of humanoid robots in the realm of customer service has become very prevalent, these robots are used to greet customers, provide information, and also help in making transactions. This helps the business work efficiently and reduces the number of workers required to operate.

These robots can also help us complete everyday chores, such as cooking and cleaning, making our lives easier. They can also enhance workforce productivity by working alongside humans in industries such as manufacturing and logistics. They are used to complete dangerous tasks like search and rescue missions and can help in supplying resources to hard-to-reach areas during disasters. These AI robots can also emulate and study the behaviours of humans, helping researchers in different fields.

Humanoid robots

Sophia: Created by Hanson Robotics, Sophia can interact with people and also hold conversations.

Ameca: Designed by Engineered Arts, Ameca naturally interacts with humans and detects emotions and age. Ameca can communicate common expressions like astonishment and surprise and gestures like yawning and shrugging.

Atlas: Created by Boston Dynamics, it was funded by the US Defence Advanced Research Project Agency (DARPA), it is used to assist humans in search and rescue missions.

AI-powered humanoid robots have the potential to transform our lives by enhancing companionship, improving healthcare, education, and many more. Their ability to assist in labour-intensive tasks and operate in dangerous environments is very useful. However, as these robots become more integrated into society, we need to be cautious about the ethical complications and the societal change that this will bring.

Samsung Galaxy Ring

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The South Korean tech giant, Samsung, officially unveiled the groundbreaking Samsung Galaxy Ring at the Galaxy Unpacked event in Paris on July 10th, 2024. While the release date for India is yet to be announced, pre-booking for the Samsung Galaxy Ring is now available in India for a token amount of Rs. 1999. Let’s delve into the impressive features of the Samsung Galaxy Ring before its much-anticipated release in India.

Enhanced with Galaxy AI, the Samsung Galaxy Ring is designed for everyday use, featuring an IP68 water resistance rating and a concave design to minimize scratches. It is available in nine different sizes, ranging from size 5 to 13, and comes in three colours: Titanium Black, Titanium Silver, and Titanium Gold.

The Galaxy Ring is a health-tracking wearable device that uses Galaxy AI to monitor metrics such as heart rate, sleep patterns, and distance covered. Unlike its competitors in the market, it does not require a subscription to use, and it can last up to seven days on a full charge.

In the Galaxy Ring, we’ve got three high-tech sensors, each dedicated to tracking different metrics.

Image Credit: Samsung.com

Optical Bio-signal Sensor: It monitors your heart health with its improved heart rate tracking. The Galaxy AI filters out the user’s body movement to provide an accurate rating.


Accelerometer: This sensor is used to track the user’s walking and running activities.


Skin Temperature Sensor: It is used to monitor changes in skin temperature while sleeping.

All health insights tracked by the Galaxy Ring will be available for viewing on your phone through the Samsung Health app. The Galaxy AI calculates your physical readiness for the day based on yesterday’s sleep, heart rate, and activities, providing an energy score every day. Additionally, it offers personalized wellness tips to help you improve each day. The device seamlessly connects with other Galaxy devices and allows you to snap a photo or dismiss an alarm with just a pinch of your fingers, all the health data will also be transferred and stored in the Samsung cloud connected to your account which makes it easier to access and manage the data.

The price for the Samsung Galaxy ring has not been announced in India yet. Pre-booking is available until the 15th of October, indicating that it should be released on October 16th or later. When ordering, there is an option to ship the sizing kit before confirming the ring size, which is convenient if you’re unsure of your ring size.

 
 

The Man Who Taught Machines to Think

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The rapid advancement of AI has been remarkable, and all this was possible because of the machine’s ability to learn and adapt. The man who was pivotal in the advancement of machine learning and who taught machines to think was John Joseph Hopfield. Let us delve into the life of John J. Hopfield and uncover how he eventually secured the Nobel Prize.

Born on July 15th, 1933, in Chicago to physicists John Joseph Hopfield and Helen Hopfield, Dr. Hopfield completed his Bachelor of Arts in Physics from Swarthmore College, Pennsylvania, in 1954. In 1958, he received his PhD in Physics from Cornell University. During his doctoral work, he wrote about the interaction of excitons in crystals. In his dissertation, he also coined a term that is still used in solid-state physics: “The polarization field ‘particles’ analogous to photons will be called ‘polaritons’.

Hopfield spent two years working at Bell Laboratories on the optical properties of semiconductors and quantitative models. In 1958, he became a faculty member at the University of California, Berkeley, and later worked at many other universities, including Princeton University and the California Institute of Technology. It was later revealed that Hopfield was the “hidden collaborator” for Philip W. Anderson’s work on the Anderson impurity model.

Hopfield Network
In 1982, he published his first paper on neuroscience titled “Neural networks and physical systems with emergent collective computational abilities.” John J. Hopfield introduced the Hopfield Network, a form of recurrent artificial neural network (ANN), in this study.

Hopfield Network is primarily used for associative memory as it retains and recalls patterns, it can also store and reconstruct images and other types of patterns in the form of data. Hopfield stated that the inspiration for the Hopfield network came from his knowledge of spin glasses, which he gained from his hidden collaboration with Philip W. Anderson. The Hopfield network had a limitation in its memory capacity. In 2016, Hopfield and Dmitry Krotov developed a new version with larger memory, known as the modern Hopfield network.

By bhadeshia123 – YouTube: Emergence, dynamics, and behaviour – John Hopfield (Time: 35m55s) – View/save archived versions on archive.org and archive.today, CC BY 3.0, Link

In 2015, John J. Hopfield was awarded the Albert Einstein World Award of Science for his work in the field of life sciences. Hopfield was awarded the IEEE Frank Rosenblatt in 2009 for his contributions to understanding information processing in biological systems.

John Joseph Hopfield was jointly awarded the Nobel Prize with Geoffrey E. Hinton for “foundational discoveries and inventions that enable machine learning with artificial neural networks.

How AI Tools Are Impacting Software Outsourcing Work in Asian Countries Like India, Pakistan, the Philippines, and China

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The rise of Artificial Intelligence (AI) has been one of the most transformative forces in many industries, and the software outsourcing sector in Asia is no exception. Countries like India, Pakistan, the Philippines, and China have long been known as major hubs for outsourcing software development, thanks to their skilled labor and cost advantages. However, with the advent of AI tools, this industry is undergoing significant changes.

But how exactly are AI tools reshaping software outsourcing work in these countries? And what does this mean for businesses, workers, and the future of outsourcing?

How AI Tools Are Changing the Dynamics in India
India has been the top destination for software outsourcing for decades, but AI tools are transforming how software development projects are managed. Platforms like GitHub Copilot, which can auto-generate code snippets based on developers’ inputs, are becoming popular.

Indian companies are increasingly integrating AI into their workflows to enhance productivity, reduce time-to-market, and offer more competitive services. This transformation is shifting the industry from a purely labor-driven model to one that leverages advanced technologies.

The Impact of AI on Pakistan’s Software Outsourcing Sector
Pakistan is another rapidly growing player in the software outsourcing world. AI tools are making a notable impact by helping smaller firms compete on the global stage. With AI-enhanced development tools, developers can increase their output and deliver higher-quality products, giving Pakistani firms a competitive edge.

However, this also presents challenges, as developers need to constantly upskill to keep up with AI trends. Those who invest in learning AI technologies are better positioned to seize opportunities in this changing market.

The Role of AI in the Philippines’ Outsourcing Industry
The Philippines has traditionally been known for call center outsourcing, but in recent years, the country has made strides in the software development space. AI tools are helping Filipino developers improve their collaboration with international clients and speed up the software development cycle.

AI-powered collaboration platforms also make it easier for teams in the Philippines to work in real-time with clients in different time zones, enhancing client satisfaction and reducing communication delays.

China’s Advanced AI Tools and Software Outsourcing
China, a global leader in AI research and development, is using its technological edge to enhance its software outsourcing services. Chinese firms are adopting advanced AI-driven tools for everything from project management to software development, allowing them to offer highly efficient, high-quality services.

This has helped China maintain its competitive edge in the global outsourcing market, as its AI-driven solutions appeal to clients looking for speed, reliability, and innovation.

AI-Enhanced Project Management and Communication
AI is transforming project management by automating task tracking, setting deadlines, and even forecasting project risks. This makes project management more efficient and reduces the need for constant human oversight. AI-enabled communication tools, such as virtual assistants, are also helping streamline client-developer interactions, ensuring projects stay on track.

Boosting Productivity and Speed of Delivery
One of the biggest advantages AI offers is the ability to boost productivity. By automating repetitive tasks, AI allows developers to focus on complex coding, innovation, and creative problem-solving. This leads to faster delivery times for clients, making outsourcing firms more competitive in a global market that values speed and efficiency.

Reduction in Human Errors
AI tools can identify potential errors in code far more efficiently than humans. This leads to fewer bugs, reduced downtime, and fewer costly mistakes. In industries where precision is paramount, such as healthcare or finance, this can be a game-changer for outsourcing firms offering software solutions.

Cost Efficiency for Outsourcing Firms
AI’s ability to automate mundane and repetitive tasks allows firms to cut down on labor costs. While there is an upfront cost to implementing AI tools, the long-term savings in time and efficiency more than make up for it. Many outsourcing firms in Asia are finding that integrating AI into their processes reduces overhead costs while maintaining high-quality output.

Potential Job Displacement and Skill Gaps
With AI tools taking over repetitive tasks, there is growing concern about job displacement. While AI can enhance productivity, it may also render some roles obsolete. This means that developers and other IT professionals need to adapt by learning new skills to stay relevant in the AI-driven future of outsourcing.

Opportunities for Innovation in AI Outsourcing
Despite the challenges, there are also immense opportunities for innovation. AI tools can enable outsourcing firms to offer new, cutting-edge solutions. By creating AI-driven products and services, these companies can tap into new markets and offer even more value to their clients.

Challenges Faced by Software Outsourcing Firms
While AI tools offer numerous benefits, they also come with challenges. The cost of implementing AI tools can be high, especially for smaller firms. Additionally, balancing the automation provided by AI with the need for human oversight and creativity can be tricky.

The Future of AI in Software Outsourcing
The future of AI in software outsourcing looks bright. As AI continues to evolve, it will further enhance the efficiency and capabilities of outsourcing firms, allowing them to offer more innovative and cost-effective solutions to their clients. However, the industry will need to adapt by investing in skill development and staying ahead of the latest AI trends.


AI is undoubtedly reshaping the software outsourcing industry in Asia, with countries like India, Pakistan, the Philippines, and China at the forefront of this transformation. While AI tools present challenges, they also offer immense opportunities for growth, innovation, and efficiency. For outsourcing firms, the key to success will be in striking a balance between leveraging AI’s capabilities and investing in human expertise.

IdentifAI Raises €2.2M to Fight Back Against the Rise of AI-Generated Content

IdentifAI Raises €2.2M to Fight Back Against the Rise of AI-Generated Content

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A Milan-based business called IdentifAI has raised €2.2 million in seed money to improve its system for identifying material created by artificial intelligence. United Ventures spearheaded the fundraising round, including contributions from prominent business angels such as Wellness Holding’s Edoardo Alessandri, Venere.com co-founder Matteo Fago, and UP Invest’s Umberto Paolucci.

Taking up an Increasing Challenge

IdentifAI Raises €2.2M to Fight Back Against the Rise of AI-Generated Content

Image Source: tech.eu

The demand for devices that can halt the transmission of misleading information has surged as a result of the predicted 45 billion dollar market for generative AI as of  2023. The market for fraudulent picture recognition is expected to develop at a rate of 41.6 percent per year, from 0.6 billion dollars in 2024 to 3.9 billion dollars in 2029. To address the serious financial, political, as well as geopolitical dangers associated with the rise of deepfakes, IdentifAI was founded.

Cutting Edge Technology for a Digital World That Is Safer

IdentifAI is a company founded by Marco Ramilli and Marco Castaldo that specializes in creating and refining models that can differentiate between information created by AI and content created by humans. Using “de-generative” AI technology, the company’s unique platform finds the minute indicators that set real content apart from fake. With the use of this technology, people, organizations, and legislators can more confidently and clearly traverse the digital terrain.

“The technological advancements in generative AI will blur the lines between the physical and digital worlds, making them indistinguishable to the human eye. I believe it is our right to be informed, at all times, about what we use to nourish our minds, which in turn shapes our opinions,” noted Marco Ramilli, founder of IdentifAI. He adds, “This funding will allow us to make further strides in refining our degenerative models, capable of distinguishing between natural and artificial content, often produced by adversarial AI.”

techfundingnews.com

Also Read: ByteDance Closes Asia’s Largest Dollar-Denominated Corporate Deal, Securing $9.5 Billion Loan

Developing Digital Integrity's Future

IdentifAI is well-positioned to enhance its technology and broaden its market penetration with this new funding infusion. In a rapidly developing world which is driven by AI, the new business’s deliberate attempts are essential to maintaining the trustworthiness and transparency of digital content in the continuous fight against misinformation generated by Artificial Intelligence.