Nasdaq uses AI to detect illegal behavior

The American Banker’s Penny Crosman discusses the use of artificial intelligence (AI) by the Nasdaq exchange to “help it detect market abuse.” The exchange sees 14 million trades per day, an impossible number to review for humans alone. AI provides “the best detection mechanism possible,” said Nasdaq’s head of risk and surveillance.

Secret Backdoor in Some U.S. Phones Sent Data to China, Analysts Say – The New York Times

WASHINGTON — For about $50, you can get a smartphone with a high-definition display, fast data service and, according to security contractors, a secret feature: a backdoor that sends all your text messages to China every 72 hours. Security contractors recently discovered preinstalled software in some Android phones that monitors where users go, whom they…

IBM’s Watson won Jeopardy, but can it win business from banks? | Reuters

For IBM the irony lies in the fact that senior bank executives say they believe its artificial intelligence software could help them achieve cost-cutting goals in coming years, but are not ready to pay for Watson today. Several technology executives from large banks told Reuters that while the software may have enormous potential, they would…

How much privacy are drivers willing to give up for better car insurance rates?

Insurance giant Allstate has raised eyebrows after being granted patents for a proposed high-tech surveillance system that could track a driver’s every move. The company won patents for technology that, Source: How much privacy are drivers willing to give up for better car insurance rates?