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THE NEXT GENERATION OF FINANCIAL CYBER-FRAUD PREVENTION IS UNVEILED

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THE NEXT GENERATION OF FINANCIAL CYBER-FRAUD PREVENTION IS UNVEILED

With a reported 64% increase in internet banking fraud, it is clear a solution is needed to stop criminals deceiving eBanking defences – Assayer is set to do exactly that.

CyberRein a leading cyber-security company has today announced the launch of Assayer, a next generation cyber-fraud software.  Targeted at banks, Assayer uniquely stops criminals deceiving a bank’s existing defences.

Assayer is set to transform cyber-fraud prevention.  Banks existing defences prevent impersonation allowing criminals time to learn how to deceive and plan an attack.  Assayer takes away this time, meaning criminals no-longer have months, but milliseconds to plan their attacks. This is ground-breaking and is due to Assayer’s multi-patented Transaction Cloaking technology that constantly mutates and creates impossible puzzles that criminals must solve to be able to deceive defences.  Assayer’s mutating deception shields are a step-change for banks because they never protect transactions the same way twice. Therefore, anything criminals do learn instantly becomes useless a split-second later, including how to successfully use stolen credentials and biometrics – or even how to deceive Assayer itself.

“Banks aren’t losing the cyber-fraud battle because their defences are weak, but because criminals have too long to learn how to defeat them, which is why banking has a $100B cyber-fraud problem each year, despite using best-in-class defences. Assayer’s mutating defences eliminate this fundamental vulnerability of time, so criminals can’t learn how to deceive a bank’s defences in the first place,” said Sat Birdi, CEO of CyberRein. “Assayer allows any bank to finally stop cyber-fraud, not because it prevents it through detection, but because its mutating deception shields never protect transactions the same way twice and cloak a bank and its customers in a way that criminals can’t solve.  Assayer’s defence technology is very powerful, because it now allows banks to finally prevent the root cause of all cyber-fraud, the knowledge required to succeed – and the implications are profound and far-reaching”.

As well as cloaking the transactions, Assayer does not affect the bank’s current defences and encompasses them into its deception shields, securing all channels and touchpoints against impersonation, the pre-cursor to all successful cyber-fraud.  Assayer will protect anything that is placed within its deception shield and instantly means that a bank’s existing cyber-security investments are future-proofed. The bank’s current defences and customers are not aware that they are being protected – there is no interference, downloads and ultimately no successful cyber-fraud.

Sat continued, “We live in a truly compromised world where criminals are always waiting for the next opportunity to defraud banks and their customers. At CyberRein, we can eliminate that threat and headache for eBanking executives, and make banking online safer for everyone.  Consumers are increasingly asking their banks to do more to protect them, and through Assayer, we are giving the financial community the chance to do exactly that.  The CyberRein team has over 30 years of expertise in cyber-security and enterprise business solutions delivery, making us a very knowledgeable partner to work with.  Our research and technology has taken over four years to complete, because we realised that the problem of cyber-fraud prevention needed a whole new approach to bolster banking’s existing defences, and we’re very excited to be leading the way with the development of this new technology.”

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‘Senior-preneur’ (age 65) develops online learning platform ‘Dragonista’ – helping students access education remotely

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‘Senior-preneur’ (age 65) develops online learning platform ‘Dragonista’ - helping students access education remotely 1

Dragonista’s live online lessons go global

South Woodham Ferrers, Essex 24th November, 2020.  Age 65, Essex’s Alan Jones took the first step in the journey that has resulted in the launch of a new educational tool.  Alan engaged with a web and application developer, based in Pakistan, and catalysed the 10-month journey of digital product development, which has resulted in the global learning platform named ‘Dragonista.’

Dragonista is a single integrated web platform that allows members to securely access ‘live’ lessons/lectures, with up to 1000 students, simultaneously from any country.  Students all have the opportunity to interact with the teacher or lecturer and pre-recorded lessons can be viewed 24 hours a day.

Alan has an interesting back story.  As a student he struggled with learning but nonetheless achieved a successful career in international banking, having supplemented his own education with private lessons and courses.

His eldest son (now age 28) found school very difficult and as a teenager was diagnosed with ADHD.  Unfortunately, the secondary school system wasn’t sympathetic to his condition and Alan decided to take matters into his own hands and manage his son’s education.  He took a course on life coaching children and adults with High Level Autism spectrum, which includes ADHD/Aspergers.  While his son completed school, Alan’s career relocated the family to the Middle East (in an international banking role) where they stayed for a number of years.  During this time, Alan noticed the distinct shortage of quality schools experienced by Ex-Pats.  This meant that Ex-Pat children were being sent back to the UK for their education.  Alan decided to figure out a way of using technology to provide access to education and thus to keep families together.

The Dragonista concept has been a number of years in the making and, now that the children are self-sufficient, Alan has had time to complete his research.  He commenced with friends designing the platform and last year he began researching IT consultants in order to appoint a team of developers who could implement his vision.  In need of seed funding, he discovered a work colleague was interested in the project and together they shared the cost of building the prototype. With UK developers quoting GBP40,000 for prototype development, Alan turned to Pakistan where the cost was equivalent to GBP12,000.  Alan has continued to self-fund.

Language barriers, time differences as well as Alan’s high standards meant that the development took 1 year.  Now Dragonista is as good as ready.  Alan explained: “The journey has been really tough.  I tried to get funding from the government and business angels, I even took advice from a professional mentor, but no one was interested.  I just need the backing of a company that can help me bring the product to market.”

Covid-19 has presented a huge uptake of virtual and distance learning technology, with built-in security to ensure students and teachers alike are protected.  Parents who found it difficult to home-school their children can access the Dragonista platform for group lessons that follow the national curriculum, as well as, intensive 1:1 tuition on virtually any topic.  Moreover, teachers are able to work from home and earn an extra income to suit their lifestyle, as well as schools being able to use Dragonista for commercial gain.

Going forward, Alan has turned to an Indian development team to support the product’s ongoing research and development.  Although the pandemic has prevented him travelling to India, he has regular meetings with the team via conference calls on video; the outcome has been good and the product is ready to launch.  Named Dragonista, after a Welsh colleague who was a “Dragonista Rebel”, Dragonista can be seen in action here http://dragonista.uk

Who can use Dragonista?

Alan Jones

Alan Jones

Students come from all walks of life and beyond the classroom, from hospital patients to participants on prison reform programmes.  Teachers and lecturers can create virtual live classes with up to 1000 students or they can record lessons.  By using screen sharing and editing tools, teachers can effectively engage students and make lessons more interesting and fun.  Students can ask questions directly to their teacher by just raising a virtual hand during live lessons.  Dragonista is also a suitable platform for private 1:1 lessons as well as corporate or government training programmes, workshops and conferences.

Because of the live hands-on aspect of the platform, teachers can mitigate bullying amongst students.

Here’s the technical bit:

Security: the Dragonista website is secured with HTTPS (Hypertext Transfer Protocol Secure) which is an internet communication protocol that protects the integrity and confidentiality of data between the user’s computer and the site. The members’ data remains private and inaccessible by third parties.

Webex Integration: Dragonista is integrated with a Webex api that has a high level Webex security listed feature.  Webex offers strong password access by default.

Video conferencing: Cisco WebEx allows high-definition video and audio quality.

The platform: is based on a single integrated platform and a single database. The platform is a ‘one-stop’ access to numerous applications e.g. Word, Excel, Powerpoint, video conferencing, audio calls, social media as well as Apple equivalents to Microsoft tools.

The grid view: shows a multi-stream of all participants like they are all in the same room.

Cross-Platform, Functional and Geographic Versatility -Cisco Webex can be used on desktops, Android, IOS or Mac devices.

Dragonista also has some pretty cool functions including:

  • Automated notifications and diaries to both tutors and students. Messages will be automatically sent to the student and teacher when a lesson is about to begin. These messages will be linked to diaries and schedules.
  • Students can access other students and teachers globally. One of the main advantages will be that a student can ask a question about a topic and within a short time an answer should be provided from a peer, teacher etc. from another global location.
  • British designed and ownership complying with British educational standards.
  • Exams and tests can be held online, and multiple-choice exams will provide immediate scores. A recording of an exam producing a video, will provide the exam invigilator an additional review of any breaking of exam rules.
  • Video storage – Is included within the cost and is stored up to 5 years while subscribing.
  • Course scoring will be carried out via an algorithm linked to student answers to questions, that will rate and will create a league table of subjects, teachers and educational entity.
  • Optional E-commerce service for fees, subscriptions and rebates to teachers and clients with a dashboard showing income generated.

Some of the many benefits of Dragonista include:

  • Schools and teachers can earn an income based on the number of students per class
  • Education authorities can make savings on buildings
  • Mitigates Carbon footprint
  • Cheaper for students
  • University costs will lower and there will be more income for uni’s based on more availability to students globally
  • Teachers have more time to mark books
  • Teachers and students don’t stay in cold classrooms
  • Teachers won’t be open to abuse and will be happy to stay within the education sector

To arrange interviews with Alan Jones, please contact him directly on +44 (0) 07751 703015

Follow Dragonista on Facebook at  https://www.facebook.com/Dragonistaltd/

 

This is a Sponsored Feature.

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Study: 1 in 10 fintechs’ main priority for 2021 is survival

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Study: 1 in 10 fintechs’ main priority for 2021 is survival 2
  • FinTech Connect reveals that many fintechs simply want to survive the next year
  • 44% of fintechs are focused on optimising business processes to improve efficiencies
  • Over a third said they had launched new services addressing new demands

FinTech Connect, the trade show that connects the global fintech ecosystem, today revealed the priority for one in ten fintech firms over the next year is survival. The findings from FinTech Connect’s FinTech State of Play Benchmarking Report, which is based on a survey of 144 fintech professionals, explores the biggest industry issues of 2020 and looks forward to what 2021 has in store.

Impact of Covid-19

As remote working and living remains a priority to keep customers safe, fintechs have adapted their offerings. Although a number of other sectors including hospitality and travel have suffered as a result of the Coronavirus pandemic, fintechs remain confident that business will survive and even thrive.

  • 40% said Covid-19 had accelerated their digital transformation model
  • 36% said they had launched new services addressing new demand
  • 34% said their growth had accelerated as a result of the pandemic
  • 65% said that the remote working had driven innovation

The Wake of Wirecard

Despite the Wirecard scandal prompting industry soul searching and a review of regulation and governance practices, 83% of fintechs said the collapse had no impact on their own business. However, when fintechs are asked about the wider impact on the industry:

  • 59% said it will result in overcorrection from regulatory bodies
  • 42% said it will result in declining trust from customers
  • 25% said it will lead to declining investment into the sector

Brexit Uncertainty

Despite the uncertainty caused by Brexit, fintechs remain confident in their ability to manage Brexit:

  • 40% of respondents believe London will remain the European capital of fintech after Brexit
  • 30% of fintechs admit they haven’t made significant headway preparing for Brexit

“The spread of COVID-19 has brought the sector’s profitability and long-term business model sustainability into sharp focus—to a point where I believe the path to profitable scale for challenger banks has been structurally altered. But it is not at all to write off the sector,” said Abhijit Akerkar, Non-Executive Director, TBC Bank Group PLC. “Challenger banks have several long-term advantages—they are native to the digital arena, with more efficient cost structures, organizational agility, and, most importantly, higher customer loyalty. These advantages will help challenger banks weather the storm.”

“Whether we look forwards or backwards, Covid-19 is defining a new status-quo for the industry. From regulation to innovation to funding and culture, it is impossible to step out of the shadow cast by the pandemic,” Laurence Coldicott, Content Director, FinTech Connect “In response, fintech’s are prioritising digital transformation to meet customers where they are, and improving operational processes to ensure they are as efficient as possible.”

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How to Build an AI Strategy that Works

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How to Build an AI Strategy that Works 3

By Michael Chalmers, MD EMEA at Contino

Six steps to boosting digital transformation through AI

In the age of artificial intelligence, the way we interact with brands and go about our work and daily lives has changed. No longer blithe buzzwords, AI tools and algorithms are solving real business problems, streamlining operations, boosting productivity, improving customer experience, and creating opportunities for advantage in a competitive marketplace.

However, many businesses struggle to unlock the full benefits that come with its adoption across the whole organisation. Making the most of AI requires a strategic focus, alignment with the specific operating model of the business, and a plan to implement it in a way that delivers real value.

Not all AI strategies are equal. To be successful, businesses need to set out how the technology will achieve objectives and identify the specific assets and case uses that will set them apart from competitors. The process of creating and delivering a successful AI strategy includes the following six essential elements that will help to bake in business success.

  1. Start with your vision and objective

One slip-up companies often make when developing an AI strategy is a failure to match the vision to the execution. Almost inevitably, this results in disjointed and complicated AI programmes that can take years to consolidate. Choosing an AI solution based on defined business objectives established at the start of a project reduces the risk of delay and failure.

As with any project or initiative, it’s crucial to align your corporate strategy with measurable goals and objectives to guide your AI deployment. Once a strategy is set and proven, its much quicker and easier to roll it out across divisions and product teams, maximising its benefits.

  1. Build a multi-disciplinary team 

AI is not an island. Multi-disciplinary teams are best placed to assess how the AI strategy can optimally serve their individual needs. Insights and inputs from web design, R&D and engineering will together ensure your plan hits objectives for key internal stakeholders.

It’s also important to recognise that with the best will and effort, the strategy might not be the perfect one first time around. Being prepared to iterate and flex the approach is a significant success factor. By fostering a culture of experimentation, your team will locate the right AI assets to form your unique competitive edge.

  1. Be selective about the problems you fix first

Selecting ‘lighthouse’ projects based on their overall goals and importance, size, likely duration, and data quality allow you to demonstrate the tangible benefits in a relatively short space of time. Not all problems can be fixed by AI, of course. But by identifying and addressing issues quickly and effectively, you can create beacons of AI capability that inspire others across the organisation.

Lighthouse projects should aim to be delivered in under eight weeks, instead of eight months. They will provide an immediate and tangible benefit for the business and your customers to be replicated elsewhere. These small wins sow the seeds of transformation that swell from the ground up, empowering small teams to grow in competency, autonomy and relatedness.

  1. Put the customer first, and measure accordingly

Customer-centricity is one of the most popular topics among today’s business leaders. Traditionally, businesses were much more product-centric than customer-centric. Somebody built products and then customers were found. Now, the customer is, and should be, at the heart of everything businesses do.

By taking a customer-centric approach, you will find that business drivers determine many technology decisions.  When creating your AI strategy, create customer centric KPIs that align with the overall corporate objectives and continually measure product execution backwards through the value chain.

  1. Share skills and expertise at scale through an ‘AI community of practice’

The journey to business-wide AI adoption is iterative and continuous. Upon successful completion of a product, the team should evolve into what’s known as an ‘AI community of practice’, which will foster AI innovation and upskill future AI teams.

In the world of rapid AI product iterations, best practices and automation are more relevant than ever. Data science is about repeatable experimentation and measured results. Suppose your AI processes can’t be repeated, and production is being done manually. In that case, data science has been reduced to a data hobby.

  1. Don’t fear failure: deploying AI is a continuous journey 

The formula for successful enterprise-wide AI adoption is nurture the idea, plan, prove, improve and then scale. Mistakes will be made, and lessons learned. This is a completely normal – and valuable – part of the process.

Lighthouse projects need to be proven to work, processes need to be streamlined and teams need to upskill. Businesses need a culture of learning and continuous improvement with people at the centre, through shorter cycles, to drive real transformation.

An experimental culture and continuous improvement, through shorter cycles, can drive real transformation. A successful AI strategy acts as a continually evolving roadmap across the different business functions (people, processes and technology) to ensure your chosen solutions are working towards your business objectives. In short, let your business goals guide your AI transformation, not the other way around.

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