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cert007 · 6 months ago

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API-570 Piping Inspector Exam Questions and Answers

Preparing for the API-570 Piping Inspector Exam? Cert007 offers the most up-to-date API-570 Piping Inspector Exam Questions and Answers tailored to help candidates pass with confidence. These comprehensive materials are designed to cover every aspect of the exam, including maintenance, inspection, alteration, and repair of metallic piping systems. By leveraging Cert007 API-570 Piping Inspector Exam Questions and Answers, you can ensure your preparation aligns with the high standards set by the American Petroleum Institute (API). Let’s dive into everything you need to know about the API-570 exam.

What is the API-570 Certification?

The API-570 Piping Inspector Certification is a globally recognized credential for professionals who oversee the integrity of in-service metallic piping systems. Certified inspectors play a critical role in ensuring the safety and reliability of piping systems used in industrial operations. This certification evaluates a candidate’s knowledge of maintenance, inspection, alteration, and repair standards for piping systems.

Why is the API-570 Certification Important?

Global Recognition: Endorsed by the American National Standards Institute (ANSI), the certification meets ISO 17024 requirements for quality and integrity.

Enhanced Career Opportunities: API-570 certification is often a prerequisite for many piping inspector roles worldwide.

Professional Credibility: Demonstrates your expertise in following industry best practices for piping maintenance and safety.

Key Topics Covered in the API-570 Exam

The API-570 exam is structured to assess proficiency in a variety of technical areas. Here’s a detailed breakdown of the primary topics:

1. Organization and Certification Requirements

This section tests knowledge of certification standards, industry codes, and relevant regulations governing piping inspections.

2. Types and Definitions of Maintenance Inspections

Inspectors must be familiar with various inspection types such as visual, ultrasonic, and radiographic, and understand when to apply each.

3. Welding on Piping

Welding practices are integral to maintenance and repair. Topics include procedures, qualifications, and the inspection of weld quality.

4. Corrosion and Minimum Thickness Evaluation

Inspectors analyze the impact of corrosion on piping systems and determine the minimum wall thickness necessary for safe operation.

5. Estimated Remaining Life

Candidates learn methods for predicting the remaining service life of piping systems based on corrosion rates and operational conditions.

6. Inspection Interval Determination

Understanding factors influencing inspection frequency, such as material properties, operating conditions, and historical data, is essential.

7. Maintenance Inspection Safety Practices

Safety is a critical component, covering protocols for preventing hazards during inspection and maintenance activities.

8. Inspection Records and Reports

Maintaining accurate and detailed records of inspection results is crucial for compliance and operational efficiency.

9. Repairs, Alterations, and Reratings of Piping

This topic covers methods for assessing and approving repairs, rerating piping systems, and ensuring compliance with industry standards.

10. Pressure Testing

Candidates must demonstrate knowledge of pressure testing procedures performed after repairs or alterations to ensure system integrity.

How to Prepare for the API-570 Exam

1. Study Materials and Resources

Using resources like Cert007’s latest questions and answers provides a significant advantage. These materials are curated to align with the exam syllabus, ensuring comprehensive coverage.

2. Understand the Exam Blueprint

Familiarize yourself with the exam structure and focus on high-weight topics like corrosion evaluation, inspection intervals, and pressure testing.

3. Take Practice Tests

Simulating the exam environment with practice tests helps improve time management and identify areas requiring further study.

4. Join Study Groups

Collaborating with peers can offer new perspectives and provide motivation during preparation.

Conclusion

The API-570 Piping Inspector certification is a gateway to a rewarding career in piping system maintenance and safety. By preparing thoroughly with the right resources, like Cert007’s latest exam questions and answers, candidates can approach the exam with confidence. Whether you’re a seasoned professional or new to the industry, this certification validates your expertise and opens doors to exciting opportunities.

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govindhtech · 9 months ago

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OpenAI o1-preview, o1-mini: Advanced Reasoning Models

OpenAI o1-preview, OpenAI o1-mini, A new collection of models for reasoning that address challenging issues.

OpenAI o1-preview

OpenAI has created a new line of AI models that are meant to deliberate longer before reacting. Compared to earlier versions, they can reason their way through challenging tasks and tackle more challenging math, science, and coding challenges.

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The first installment of this series is now available through ChatGPT and its API. OpenAI anticipates frequent upgrades and enhancements as this is only a preview. OpenAI is also including evaluations for the upcoming upgrade, which is presently being developed, with this release.

How it functions

These models were trained to think through situations more thoroughly before responding, much like a human would. They learn to try various tactics, improve their thought processes, and own up to their mistakes through training.

In OpenAI experiments, the upcoming model upgrade outperforms PhD students on hard benchmark tasks in biology, chemistry, and physics. It also performs exceptionally well in coding and math. GPT-4o accurately answered only 13% of the questions in an exam used to qualify for the International Mathematics Olympiad (IMO), compared to 83% for the reasoning model. Their coding skills were tested in competitions, and in Codeforces tournaments, they scored in the 89th percentile.

Many of the functions that make ChatGPT valuable are still missing from this early model, such as posting files and photographs and searching the web for information. In the near future, GPT-4o will be more capable in many typical instances.

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However, this marks a new level of AI power and a substantial advancement for complicated thinking tasks. In light of this, OpenAI is calling this series OpenAI o1-preview and resetting the counter to 1.

Security

In the process of creating these new models, OpenAI is also developed a novel method for safety training that uses the models’ capacity for reasoning to force compliance with safety and alignment requirements. It can implement their safety regulations more successfully by reasoning about them in the context of the situation.

Testing how effectively their model adheres to its safety guidelines in the event that a user attempts to circumvent a process known as “jailbreaking” is one method they gauge safety. GPT-4o received a score of 22 (out of 100) on one of OpenAI’s most difficult jailbreaking tests, but OpenAI o1-preview model received an 84. Further information about this can be found in their study post and the system card.

OpenAI has strengthened its safety work, internal governance, and federal government coordination to match the enhanced capabilities of these models. This includes board-level review procedures, such as those conducted by its Safety & Security Committee, best-in-class red teaming, and thorough testing and evaluations utilizing its Preparedness Framework.

OpenAI recently finalized collaborations with the AI Safety Institutes in the United States and the United Kingdom to further its commitment to AI safety. OpenAI has initiated the process of putting these agreements into practice by providing the institutes with preliminary access to a research version of this model. This was a crucial initial step in its collaboration, assisting in the development of a procedure for future model research, assessment, and testing both before and after their public release.

For whom it is intended

These improved thinking skills could come in handy while solving challenging puzzles in math, science, computing, and related subjects. For instance, physicists can use OpenAI o1-preview to create complex mathematical formulas required for quantum optics, healthcare researchers can use it to annotate cell sequencing data, and developers across all domains can use it to create and implement multi-step workflows.

OpenAI O1-mini

The o1 series is excellent at producing and debugging complex code with accuracy. OpenAI is also launching OpenAI o1-mini, a quicker, less expensive reasoning model that excels at coding, to provide developers with an even more effective option. For applications requiring reasoning but not extensive domain knowledge, o1-mini is a powerful and economical model because it is smaller and costs 80% less than o1-preview.

How OpenAI o1 is used

Users of ChatGPT Plus and Team will have access to o1 models as of right now. The model selector allows you to manually choose between o1-preview and o1-mini. The weekly rate limits at launch will be 30 messages for o1-preview and 50 for o1-mini. The goal is to raise those rates and make ChatGPT capable of selecting the appropriate model on its own for each request.

Users of ChatGPT Edu and Enterprise will have access to both models starting next week.

With a rate limit of 20 RPM, developers that meet the requirements for API usage tier 5(opens in a new window) can begin prototyping with both models in the API right now. Following more testing, OpenAI aims to raise these restrictions. Currently, these models lack support for system messaging, streaming, function calling, and other capabilities in their API. Check out the API documentation to get started.

OpenAI also intends to provide all ChatGPT Free users with access to o1-mini.

Next up

These reasoning models are now available in ChatGPT and the API as an early release. To make them more helpful to everyone, it plans to add browsing, file and image uploading, and other capabilities in addition to model updates.

In addition to the new OpenAI o1 series, OpenAI also wants to keep creating and publishing models in its GPT series.

Read more on govindhtech.com

#OpenAI #o1preview #o1mini #AdvancedReasoningModels #GPT4o #AImodels #OpenAIo1preview #AISafety #APIdocumentation #technology #technews #news #govindhtech

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taxbandits01 · 2 years ago

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Understanding Form W-9: A Comprehensive Guide to Tax Compliance

Introduction:

If your business frequently hires gig workers, independent contractors, or freelancers, you are likely familiar with Form W-9. However, if you're new to the business world or simply unaware of Form W-9 and its purpose, this comprehensive guide is for you. In this blog, we will answer all your questions regarding Form W-9, including its significance and who needs to file it. Let's dive in!

What is Form W-9?

W-9 Form, also known as "Request for Taxpayer Identification Number and Certification," is a document issued by the Internal Revenue Service (IRS). Employers use this form to gather taxpayer identification information from vendors for tax purposes. The information collected on Form W-9 is essential for preparing 1099 forms at the end of the tax year.

Backup Withholding

In certain cases, if a vendor is subject to backup withholding, the employer is required to withhold 24% of the vendor's income tax and remit it to the IRS. Backup withholding may be necessary if the vendor's Taxpayer Identification Number (TIN) is incorrect if the vendor fails to provide a TIN on their Form W-9, or if the vendor does not certify their TIN.

Who is required to complete Form W-9?

Typically, businesses that make payments to vendors or independent contractors are required to obtain a completed Form W-9. However, there are additional situations where banks and financial institutions may request Form W-9, such as when opening a new account, reporting interest income, distributions, real estate transactions, cancellation of debt, or acquisitions or abandonment of property.

How do I fill out Form W-9?

Form W-9 is a one-page document that requires specific information from the vendor. Here's a breakdown of the key fields:

Box 1: Enter the vendor's full legal name as it appears on their tax return.

Box 2: Enter the DBA (Doing Business As) name or disregarded entity name, if applicable.

Box 3: Select the appropriate business entity type based on federal tax classification.

Box 4: If you are exempt from backup withholding, enter the applicable exemption code.

Box 5: Provide the vendor's address, which should match the address on their tax return.

Box 6: Enter the vendor's Tax Identification Number (TIN), which can be their Social Security Number (SSN) for individuals or Employer Identification Number (EIN) for businesses.

Box 7: The account number field is optional and only necessary if account information needs to be provided.

When is Form W-9 due?

Unlike Form W-4, there is no specific deadline to request Form W-9 online. It is generally sent to the vendor upon their hiring date. However, vendors are advised to submit the form promptly upon receipt. Failure to file Form 1099 or submit a W-9 with incorrect information may result in penalties of $50.

How to Request Form W-9?

As a business owner, you will receive Form W-9 from your independent contractors or vendors. To request Form W-9, you can download a printable copy from the IRS website and provide it to your vendors. Alternatively, you can opt for an e-file provider like TaxBandits, which offers a comprehensive filing solution. TaxBandits allows you to request Form W-9 online.

Integrate your Software to TaxBandits API Form W-9 API plays a vital role in tax compliance for businesses involved in independent contracting, freelancing, or vendor relationships. By understanding the purpose of Form W-9, providing accurate information, and complying with IRS guidelines. E-file IRS API for W9, W8-BEN Forms, Integrate your software with TaxBandits API.

#form w9 #w9 form #form w9 online #w9 online #w9 form 2023 #form w9 api #request w9 online

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karza-technologies · 3 years ago

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5 critical customer onboarding mistakes you should avoid at all costs!

First impressions are often the last, which is what makes them immensely important. It all depends on how well businesses use their very first opportunity to interact with customers when onboarding them

The onboarding experience can decide whether your relationship with a customer will be short-lived or a long one. While onboarding is a way to guide your customers to your offering, effective onboarding introduces a user to relevant product features seamlessly and makes headroom for greater retention and revenue in the future.

However, there are some common mistakes that businesses make when onboarding customers, which leads to user drop-outs at initial stages.

Here are a few critical gaffes that businesses must avoid:

Not keeping your word: When customers come onto your platform, they have a certain expectation you may have set earlier. While your pre-sales and marketing may have done a great job at bringing the lead to your platform, divergence between the copy and the real experience can be frustrating for the customer. Ensure that you only promise what you can deliver and you deliver what you promise when you onboard the customer.

Process Friction: As mentioned above, onboarding is a process of introducing a new customer to your offerings gradually. Suppose you onboard customers digitally, and you have screens that are not exactly necessary in the overall flow. This can result in friction and lead the customer to drop out without completing the process. For lowering this friction, minimize the information you ask from a client and automate as much as possible so your customer can quickly finish the onboarding process. Before asking for or displaying any information or screen, ask yourself, “Is it truly a must-have for the onboarding flow? Is it meaningful enough for my customer to answer or see this?”

Overwhelming the customer: You may be excited to portray what your product can do all at once. But, bombarding a new user with too much information can be overwhelming. In the age of information overload, the last thing you want to do is clutter your screen with unnecessary information that irks the user. Instead, introduce only what the customer came for.

Slow or no engagement: It is essential to communicate with the customer, especially during the onboarding process. New users may have queries about navigating your platform. Although most of it may be addressed by having a simplified process flow, there is always a chance that a new customer may have questions. Arrange for adequate and quick support in this case. This may also improve your chances to earn some brownie points with the customer right from the onboarding stage.

Slow load times: There is nothing more frustrating during onboarding than waiting for the next screen to load. If your product has delays loading, the customer is going to quit the onboarding process mid-way and develop an undesirable opinion about your business as a whole. Your top-most priority should be to value the customer’s time and fire up your platform with optimal speed, not only during onboarding but across processes.

A lot goes into delivering a great onboarding experience for customers. Perhaps, developing a good understanding about your customer and anticipating their needs can go a long way in retaining them. Further, following some good practices and avoiding making these critical mistakes can help make a lasting impression.

Perhaps, leveraging automation through customer onboarding APIs can lift the load off organizations when signing up new customers. In particular, banking and financial institutions can benefit from such automation, given the high level of compliance norms they are required to adhere to.

Companies like Karza Technologies are offering customer onboarding APIs that allow complete automation of the onboarding process, minimizing inputs and TAT and saving both time and costs for businesses.

Financial institutions using Karza’s customer onboarding APIs can benefit from single-input onboarding flows and processes that adhere to all regulatory norms such as KYC compliance, as required by RBI and other regulatory bodies.

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sheminecrafts · 5 years ago

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Twitter launches a COVID-19 data set of tweets for approved developers and researchers

Twitter is making it possible for developers and researchers to study the public conversation around COVID-19 in real time with an update to its API platform. The company is introducing a new COVID-19 stream endpoint to those participating in Twitter Developer Labs — a program that offers access to new API endpoints and other features ahead of their public release. The new COVID-19 endpoint will allow approved developers to access COVID-19 and coronavirus-related tweets across languages, resulting in a data set that will include tens of millions of tweets daily, Twitter says.

The data can be used to research a range of topics related to the coronavirus pandemic, including things like the spread of the disease, the spread of misinformation, crisis management within communities and more.

Developers may also use the new data set to build machine learning and data tools to help the scientific community answer key questions about COVID-19, Twitter notes.

The company itself will determine which tweets qualify for inclusion in this data set based on which words are used in the tweets — like “COVID-19” or “coronavirus,” for example. It also will pull tweets that use common coronavirus hashtags, which tend to be language-agnostic. These, by the way, are the same keywords that Twitter uses for its existing COVID-19 topic, which is powered by a Tweet annotation.

Twitter will also filter this data stream to exclude spammy and low-quality content.

While access to the endpoint will be free, Twitter will be hand-selecting which developers and researchers will be granted permission to use it. Developers will also have to inform Twitter of their project plan, detail their experience in working with big data and detail the available resources they have to process such a data set.

“Given the expertise and computational resources necessary to handle this data, and recognizing the sensitivity of it, we’ve created a dedicated application to access this endpoint and plan to carefully review access requests to ensure they support the public good,” notes Twitter in an announcement. “We also encourage applicants to describe in detail the safeguards they intend to implement to protect the privacy and safety of people represented in these data, including applicable institutional reviews and ethics screenings,” it says.

Twitter says it will prioritize processing applications from researchers and developers with established expertise and resources.

The application and endpoint are launching today. No developers or researchers had early access.

In addition to the application requirement to access the new endpoint, developers will also need to already have an approved developer account and adhere to the terms of Twitter’s Developer Agreement and Policy, which provides guidance about restricted use cases relevant to projects analyzing health-related topics. To ensure the data is kept in compliance, approved developers will also gain access to a new compliance stream endpoint, as well.

The new endpoint is one of several efforts Twitter has made since the coronavirus outbreak began, focused on connecting people with information about the pandemic. Across its platform, it introduced changes to make COVID-19 facts and reliable health information more accessible. It also updated its ads policy, partnered with relief organizations and matched fundraising donations, among other things.

“Public conversation can help the world learn faster, solve problems better and realize we’re all in this together,” said Twitter CEO Jack Dorsey, in a statement released today. “Facing a devastating global pandemic really brings that, and Twitter’s role, to light,” he added.

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localbizlift · 5 years ago

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Twitter launches a COVID-19 data set of tweets for approved developers and researchers

Developers may also use the new data set to build machine learning and data tools to help the scientific community answer key questions about COVID-19, Twitter notes.

Twitter will also filter this data stream to exclude spammy and low-quality content.

Twitter says it will prioritize processing applications from researchers and developers with established expertise and resources.

The application and endpoint are launching today. No developers or researchers had early access.

#marketing

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pmsocialmedia · 5 years ago

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Twitter launches a COVID-19 data set of tweets for approved developers and researchers

Developers may also use the new data set to build machine learning and data tools to help the scientific community answer key questions about COVID-19, Twitter notes.

Twitter will also filter this data stream to exclude spammy and low-quality content.

Twitter says it will prioritize processing applications from researchers and developers with established expertise and resources.

The application and endpoint are launching today. No developers or researchers had early access.

“Public conversation can help the world learn faster, solve problems better and realize we’re all in this together,” said Twitter CEO Jack Dorsey, in a statement Twitter shared today, that came from a recent interview. “Facing a devastating global pandemic really brings that, and Twitter’s role, to light,” he added.

via Social – TechCrunch https://ift.tt/3aLHwvG

#IFTTT #Social – TechCrunch

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un-enfant-immature · 5 years ago

Text

Twitter launches a COVID-19 dataset of tweets for approved developers and researchers

Twitter is making its possible for developers and researchers to study the public conversation around COVID-19 in real-time with an update to its API platform. The company is introducing a new COVID-19 stream endpoint to those participating in Twitter Developer Labs — a program that offers access to new API endpoints and other features ahead of their public release. The new COVID-19 endpoint will allow approved developers to access COVID-19 and coronavirus-related tweets across languages, resulting in a dataset that will include tens of millions of tweets daily, Twitter says.

Developers may also use the new dataset to build machine learning and data tools to help the scientific community answer key questions about COVID-19, Twitter notes.

The company itself will determine which tweets qualify for inclusion in this dataset based on which words are used in the tweets — like “COVID-19” or “coronavirus,” for example. It will also pull tweets that use common coronavirus hashtags, which tend to be language-agnostic. These, by the way, are the same keywords that Twitter uses for its existing COVID-19 topic, which is powered by a Tweet annotation.

Twitter will also filter this data stream to exclude spammy and low-quality content.

While access to endpoint will be free, Twitter will be hand-selecting which developers and researchers will be granted permission to use it. Developers will also have to inform Twitter of their project plan, detail their experience in working with big data, and detail the available resources they have to process such a dataset.

Twitter says it will prioritize processing applications from researchers and developers with established expertise and resources.

The application and endpoint are launching today. No developers or researchers had early access.

The new endpoint is one of several efforts Twitter has made since the coronavirus outbreak began focused on connecting people with information about the pandemic. Across its platform, it introduced changes to make COVID-19 facts and reliable health information more accessible. It also updated its ads policy, partnered with relief organizations, and matched fundraising donations, among other things.

#TechCrunch

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api-training · 8 years ago

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Audit Programs

This section relates to the applicant’s knowledge of the development and management of audit programs in all types of audited-auditor relationships, including:

1. Identification of audit program objectives 2. Development and implementation of an audit program 3. Evaluation of the effectiveness of the audit program 4. Use of the audit program as management tool to improve business performance

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#API Certification Programs Application #api q1 9th edition audit checklist #api q1 audit checklist #API Q1 Audit Programs #API Q1 Audit Programs questions #API Q1 Audit Programs questions answers #Internal Audit checklist as per API Q1 ninth edition #Internal blank api audit checklist report draft 9th edition #Preliminary q1 9 Audit Checklist #Questions & Answers - API Compliance Institute

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shinenewsposts-blog · 5 years ago

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Your guide to the world of an open financial system

Your guide to the world of an open financial system The original global crypto option exchange. With a proven track record and a mature approach to the industry, we provide reliable trading of cryptocurrencies. Bit Option download Trade anywhere you go with the Bit Option mobile app Performance A fully functional trading platform in your hand: buy, sell, trade, and manage orders and funds as you go Essential features Stay on top of your trades with price alerts and order notifications, real-time market data, orders and balance statuses at your fingertips Ease of use A simple interface and intuitive navigation offer a seamless trading experience anywhere Ease of Trading ?Intuitive interface ?Instant deposit options ?Cash out directly to your bank account Institutional-grade Security ?98% of assets stored safely offline ?Highly encrypted personal data ?Whitelisting and transaction confirmations Proven Reliability ?Exchanging bitcoin since 2011 ?24/7 dedicated support ?Industry-leading uptime Unlimited access with our mobile app. ADVANCED TOOLS PACKED IN AN INTUITIVE INTERFACE Stay connected to the market with our mobile app. Featuring advanced order types and analytical tools for experienced traders, as well as a simple buy & sell interface for those just getting started. Buy crypto instantly. USE YOUR CREDIT OR DEBIT CARD Instant card purchases are supported worldwide with a few exceptions. AVAILABLE EVERYWHERE Deposit and withdraw funds easily from anywhere in the world. CASH OUT IN SECONDS Withdraw funds directly to your bank account quickly and securely. Start trading crypto Payment options Multiple payment methods: Visa, Mastercard, bank transfer (SWIFT, SEPA, ACH, Faster Payments), cryptocurrency Strong security Protection against DDoS attacks, full data encryption, cryptocurrency cold storage, and compliance with PCI DSS standards to safeguard your funds 24/7 support Dedicated support via email, phone, and live chat around the clock to answer your questions at any time Competitive commissions Reasonable fees for takers and makers, special conditions for high-volume traders, and strong offers for market makers Reliable order execution Advanced order matching algorithms, a high-liquidity order book, favorable conditions for market making, high-frequency trading, and scalping strategies Range of API solutions WebSocket, REST API and FIX API for automated trading based on the needs of individuals and institutions

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emorphistechno · 5 years ago

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FinTech App Development: Must-follow rules and trends

Introduction

What is FinTech? In a more humorous tone, it is a successful marriage between traditional and young technology. In general term, it is an innovative business which offers financial services to the customers via FinTech software solution. Such is their impact that millions of people across the globe can’t live without online financial transactions and are looking towards FinTech companies to come out with unique solutions

There are various aspects which come under FinTech app development and include (but not limited to):

Ø Payment Processing

Ø Online Banking Services

Ø Invoice & Billing Software

Ø Tracking & Management of Personal Finance

Ø Digital Insurance for Insurers

Ø Services of stock trading

Ø And many more

So, FinTech companies are the future and here to stay with the boom in cryptocurrencies and rise of digital assets manifold. What's more, experts are predicting that investment in global FinTech funding is going to reach $100 billion in the coming years.

It begs a question: How finest ideas in successful FinTech startups blossom? The answer is following the strategic market plan which in turn is derived by the right marketing techniques. Keep this thing in mind that there are no secret formula to leverage the power of marketing in the world of nFinTech application development. Thereafter having a lengthy discussion with specialists, rules have been framed keeping in mind key principles of FinTech development that are tested and successful.

I. Must-Follow GDPR concerning Security & ComplianceFor all the FinTech app development companies, there is no place for compromise in terms of security of the given app. With the implementation of GDPR for offering strict security to the personal data, the topic has got even hotter! Furthermore, non-compliance with the given law is the biggest mistake that the organization shall commit as it will prove them to be too costly.

Just from the commencement of the project, the user’s privacy must be taken into account. As per the experts, the FinTech app developer has to take the consent of the users to proceed with their details and secure information and if they violate the rule, they have to pay a hefty fine.

Thus, to follow the steps in developing an innovative FinTech app in accordance with GDPR, certain key security and compliance rules must be taken into account such as:

Ø Selection of tools to detect and eliminate Open Web Application Security Project (OWASP) vulnerabilities with automatic start code analysis sooner to prevent affection of security risks in the app

Ø Strict following of information security policies related to storing the password and other sensitive user info, effective utilization of multi-factor authentication and ensuring proper handling and securing of data with PCI compliant hosting provider

Ø Proper financial monitoring by integrating with 3rd reparties so to block malicious contents and organizations which are in blacklists

Ø Prevention of illegal financial activities by unauthorized users by establishing a secure identity of customers via blockchain-based KYC and reduce forgery and identity duplication

Ø Successful utilization of machine learning such as GAN to detect and report fraud behavior and thus enhance the results for the benefit of the customers

II. Key API Design Guidelines for Successful FinTech DevelopmentAPI design is another aspect that is essential for the proper development of the FinTech app. Several operations are part of an effective FinTech transaction and proceeds through various external and internal apps connected via APIs. Besides, a guarantee must be there for fruitful completion of all the transactions. To make it happen, the developer should follow the following rules of API design:

Ø Make API call idempotent so that there is a guarantee that there is no occurrence of a side-effect if there is a failure of API call on the side of the API server

Ø Create an API call with a specific ID to prevent the passing of online payment transaction more than once after recovery of the failed server

Ø Designing of API shall be such that there is not the exposure of technical details present in it even in the accidental case so that the online intruders will get less chance to see the data and use it against you

Ø There should be a generation of unique ID for distributed architecture which will help to detect a failure at a certain stage and start afresh

III. Scalability in Software Platform is Need of the FinTech DevelopmentScalability and FinTech development go hand in hand and do you know why? As everyone knows that the traditional financial institution is built on a platform with a good customer base and they meet the loads they should expect. On the other hand, most of the FinTech grow as a startup and dies off within a year. So for their survival, they need to mature and scale up immediately. If they don’t do it, they will find it difficult to cope up with rising costs and other factors.

To have a smooth transition from a humble beginning to a great leap, many FinTech companies have opted for microservices architecture. Why this architecture? It is because it meets the specific business needs efficiently: they can be built from the beginning, can convert monolith finance to microservices and back with ease.

Nevertheless, microservices are also affected by some challenges which can be overcome by following some set of rules such as:

Ø Defining the responsible areas for microservices by covering each service with one functionality at a time and then gradually add new microservices to replace the monolithic code

Ø Opt for automation testing coverage which will be helpful in the prevention of defects while refactoring as it will minimize the number of bugs and help you to release your app in the market within the given time

Ø Ensuring fault-tolerant design of microservices using some hi-tech tools such as Hystrix in the given distributed architecture

Ø Automatic deployment, monitoring and logging of microservices IV. Must-have Rules for Specific Domain Expertise among DevelopersFor an efficient FinTech app development, it is prudent for the developers of a reputed FinTech app development company to have a specific knowledge about FinTech operations. What does it include? It comes with legal and compliance aspects, knowledge about the financial and banking background, and different types of FinTech operations.

After having a detailed discussion with notable FinTech experts, certain rules have been outlined which will help in developing specific domain expertise:

Ø Special attention must be given for the maintenance of financial ledger which is written on ACID databases so that there is a valid guarantee to the customers even during the event of power failures or errors

Ø A given consideration must be there for the legal side of FinTech as licenses are important for FinTech startups for operating in different regions

Ø For different FinTech, there should be the presence of specific domain experts to avoid professional clashes during the development of the app

After going through some of the important rules, it is time to find out some of the latest trends which will shape the future of the FinTech industry and help it to upgrade itself and secure a better position in the coming years.

A. Major Transformation in Banking & Payment Service ProvidersWith the emergence of FinTech, the online payment system has undergone a significant transformation and has changed the working system of the financial enterprises to a greater extent. It has advanced to such an extent that the boundary between disconnected industrial sectors have become somewhat blurred.

Furthermore, research conducted by Forbes has stated that there have been significant riles in the global private industry and the payment is the single largest benefactor. Payment footprint has expanded to a greater extent thanks to mobile messengers and P2P models and has made the payment and online transaction just a single step away much to the delight of the users.

What’s more, the new and innovative players have taken the financial market from the traditional one and have made the working of people easier than ever before. Notable FinTech experts have forecast that by 2025, the FinTech adoption rate will reach 52% and will be possible because of next-generation payment methods, besides discarding credit card industries.

B. 5G Internet will Define Speed for Efficient Functioning of FinTech AppsThere has been a watershed moment in the world of finance since the commencement of the year 2020. Do you know what it is? The answer is the arrival of 5G wireless technology in the market which has resulted in the sharp rise of data transfer speed. Furthermore, it will ensure a more stable connection, zero latency, and instant online transactions with no waiting time.

How it will benefit FinTech apps? As all know that the present financial operations are conducted online, so the implementation of 5G internet will not only improve the quality of the service but also offer fast user experience at lightning speed and thus connect millions of devices at a lower cost.There is one notable example of how 5G technology will help the FinTech industry. It is in the form of 'remote teller' which helps customers to get personalized attention via video session without getting alloyed in finding the nearest banking branch. Likewise, it will be available wherever a 5G network exists and on any device either smartphone or personalized ATMs.

C. Digital Transformation has made FinTech Available for Forking Apps in Given TimeThe cashless or mobile payment system has skyrocketed recently and has provided good results more to the delight of players involved in financial industries. Various traditional financial institutions such as banks and other PSPs are adjusting to the new trends so as to offer the best product-market for their customers.

Moreover, the new software app has made all the procedures such as software infrastructure, development process, testing, elasticity, and many others a lot more easily than ever before. Furthermore, the availability of APIs and software libraries has made the FinTech experts to serve their clients with the best user experience.

D. Millennials will Become Major Target among FinTech StartupsIn today's corporate work culture, the millennials (from 23-40 age-groups) constitute the single largest workforce. Furthermore, it is this age-group which has been found to be least educated with respect to financial management in their life and also is more prone to any financial crisis.

Many financial experts have shared their view that-"FinTech who fail to cater to the needs of the millennials will struggle to survive in the tough world of the financial industry." So to win their support, FinTech must leverage their services to help millennials to control their finances and also alongside offer them financial education to win their faith.

For any FinTech startup, they are the most important target group as they will be able to serve well to these new and younger customers and will yield rich dividends in customer loyalty, not to forget their enhanced revenue.

Wrapping UpFrom the given article, one thing FinTech startups want to convey to their customers is- “Welcome to a cashless world.” The traditional financial sector has been paving the way for FinTech startups and is also changing the way people will interact with their money.

Besides, millions of new users (especially millennials) are looking for new financial services that adhere to the latest technologies and cater to their financial needs well. So, following the above-given rules and designing FinTech app development as per the latest trends; a financial enterprise will surely create their niche in the financial world.

#fintech app development #fintech application development

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technicalsolutions88 · 5 years ago

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Developers may also use the new data set to build machine learning and data tools to help the scientific community answer key questions about COVID-19, Twitter notes.

Twitter will also filter this data stream to exclude spammy and low-quality content.

Twitter says it will prioritize processing applications from researchers and developers with established expertise and resources.

The application and endpoint are launching today. No developers or researchers had early access.

from Social – TechCrunch https://ift.tt/3aLHwvG Original Content From: https://techcrunch.com

#Technical Solutions #SEO #Online Earning #Youtube Marketing #Android Developer

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michellelewis7162 · 5 years ago

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How to Choose an Online Payment Remedy

Just how to pick an Online Payment Remedy and our option

The payment company is picked based on various standards. A few of these are the solution schedule in the country where your checking account is, costs of a transaction, month-to-month costs, the expenses of combination, and whether it resolves sales tax issues or permits integration with a few other widely known payment remedies. A lot of these inquiries should be answered by You the customer. Red stripe is our preferred choice as it had outstanding API abilities. This article will use Stripe as its payment cpu of selection. https://www.globepay.co/

Ideal Practices for payment carriers

Retry if deal did not been successful The purchase could stop working not only because of technological reasons however sometimes not enough funds could be the factor. You must retry processing the transaction in between an hour to couple of days later on.

Know when your CC will certainly expire Some of the card information will certainly expire or their information will no more be valid for various factors. When you do not have legitimate CC data billing the consumer will not be feasible. The major card systems provide a service that allows you examine if there are any kind of updates pending for the client data that you keep. Several of the online payment solutions will certainly even update card details for you. Red stripe will certainly do this for the majority of MasterCard, Discover, as well as Visa cards. Not only CC.

Understand that in some parts of the globe individuals are not going to pay with their Credit Card The most effective example of this is China when Alipay is the main payment source. It is worth noting that not all customers enjoy distributing their card information so utilizing a well-known payment approach aids to raise the completion price of prospective transactions. Stripe also sustains Alipay for China and for Europe Giropay, perfect

We would like to have Alipay Often clients just intend to make use of Alipay UK as they recognize with the brand name. Do not persist - Stripe will certainly help to maximize your profit. Red stripe as well as Paypal are direct rivals there is no combination between them.

Best practices while making use of the Stripe payment process

PCI conformity with Red stripe

The majority of users end up being PCI certified by filling out the Self-Assessment Set Of Questions (SAQ) provided by the PCI Security Criteria Council. The type of SAQ depends on exactly how you accumulate card data. The most basic approach of PCI recognition is SAQ A. The fastest means to come to be PCI compliant with Red stripe is to make certain you get approved for a prefilled SEQ A. If so Stripe will load the SEQ A for you and also will make it readily available for you to download to your account's conformity setups after the very first 20 or so transactions. The way to attain this is as complies with:

- Use the Embedded form called Check out, Stripe.js and Aspects (it provides far better layout modification after that Check out). You can utilize react-stripe-elements which uses Stripe.js API or Stripe mobile SDK libraries. When you're utilizing react-native opt for tipsi-stripe. ipsi-stripe bindings are not officially supported by Red stripe so support will not officially tell you that they qualify for prefilled SEQ-A conformity - however they do.

- If you are utilizing web serve your payments web pages ought to utilize HTTPS.

In all those instances information is safely sent directly to Stripe without it travelling through your servers. When you pick the fastest means you will not need to do anything more. It is as easy as this until you get to 6 million deals each year after that you will need to fill a Report on Compliance to validate your PCI conformity annually.

Get ready for technological failing - Idempotency vital If you are utilizing API to take settlements you must get ready for a technical failure as all networks are undependable. If failure occurs wit is not constantly possible to know if a cost was made or otherwise. When it comes to a network failure you need to retry the purchase. The Idempotency trick is an avoidance mechanism against charging a client two times. If somehow you sent the payment two times - which may happen due to retrying operations after a failure. In Stripes node lib you just include it to choices specification while billing. Each Idempotency trick will certainly time out after 24-hour so afterwards time if you make a payment with the same Idempotency key you will certainly bill the client.

Stripe charges in cents not dollars Online payment services like PayPal charge in dollars rather than cents. Yet that in Stripes all charges are made in smallest money system. This is not only the situation regarding dollars, Stripes does it for all money.

Examination

Stripe offers lots of card numbers for you to evaluate different situations on the frontend and also symbols so you might straight check your backend. For instance you can not just examination Visa, Mastercard, American Express, Discover, Diners Club and also JCB Cards yet also global cards and also 3D Secure Cards. Red stripe additionally provides you with symbols so you can test failure circumstances like a fee being declined, or a fee being obstructed since its deceptive, an ended card, or a processing mistake. So you will be prepared for every little thing that can take place when you go online.

Do not put JSON in description - Use metadata

Be detailed as you can. Metadata is your close friend. You can enhance your Stripe deal with custom-made data so you can then watch it in the control panel. For example you can add points like consumer ID or the shipping ID in metadata so there is no reason to pollute your transaction description.

Should I accumulate much more information?

The bare minimum to gather from a CC is its number, CVV and also expiration day however you can collect extra. You can additionally collect the postal code/ CC owner name/ address for Address Confirmation System (AVS). If you gather them it will increase Wechat Payment UK security since the fraud prevention algorithms will certainly have extra information and will certainly be able to react more accurately. Nonetheless, from the user perspective it's even more data to type - which is not constantly good. Consumers are only human as well as sometimes make errors when entering data which can also create some transactions to be denied. So you need to pick how much data you need and also what will function best for you and your revenue. Just as banks will in some cases deny repayments with a 'do not recognize' standing and you will have to call your customer so they can ask their financial institution about the reason (high level of recent activity on a card, an absence of matching AVS information, a card being over its restriction, or a range of other reasons which just the bank will recognize).

If you are any type of online vendor of service or products, a way for clients to pay quickly and also easily online is coming to be a growing number of important. On the internet payment remedies are perfectly available, and provide clients a far more streamlined and hassle-free web buying experience. The following are a few of the advantages to implementing on-line payment services. These are applicable to small companies and also huge ventures alike (though the large majority of larger firms do have online payment options).

Reduce of Acquisition

It only stands to reason: if a purchase is easier and also quicker to make, there is a greater probability that somebody will certainly make it. When you contrast the quantity of time and also trouble it takes to write out a check, put it in a stamped envelope, and send it with completing a name and a couple of credit card numbers and afterwards clicking send, it is clear at to which the client will certainly regard as less complicated. And, in fact they will be correct also in a measurable feeling concerning the quantity of time spent. Hence from a standard sales standpoint, it makes good sense to supply on the internet payment choices UK.

Up-to-Date Appearance

Past the above, a website that uses online payment options appears a lot more current as well as modern-day. On-line payment is the norm by now, the guideline as opposed to the exemption. So it makes a site appear more market mindful and also technically current. This can help to strengthen the sight on the part of the consumer that the website is genuine, current, as well as customer-oriented.

Less complicated to Track and also Organize

It is simpler to track and arrange sales that are made online. The software application that processes these payments may additionally include analysis as well as business elements that are extremely useful in both analysis of the sales performance of the website and publication keeping. As well as great analysis and company of vendor data is always helpful for optimizing and also enhancing an organisation.

Saves Time and Resources

These on-line payment options UK save the moment as well as resources of a service. Some examples are their ability to instantly take care of recurring settlements, create billings automatically, as well as function as user interfaces for customer inquiries and issues. The large workforce saved below alone is factor to institute these remedies.

Wheelchair

These payments can be obtained anywhere internet gain access to is offered. This significantly frees up time and allows greater mobility both of firm workers and consumers. When a customer can make a purchase anywhere they can utilize their laptop computer, and also a firm can likewise receive those settlements basically anywhere as well as anytime, the home window for making deals is a lot better. This is all thanks to the boosted availability/mobility.

A relatively current development in this field is what is called mobile payment. This is an expanding network that allows people to Wechat Pay for products or solutions utilizing just mobile phones. Once more, what is taking place below is that payment is ending up being also less complicated to make in a variety of various scenarios as well as locations.

As you can see, applying an online payment service E14 5NR for your business makes good sense on many different degrees. If you expect to have any appreciable online sales presence, allowing consumers to make on line settlements is essentially a need. Locate a great solution that suits your business requirements and you'll be ready to go.

Today's culture is gradually advancing towards a cashless economy! People like to utilize their plastic as opposed to hard cash. Undoubtedly, utilizing charge card is a lot less complicated than lugging money around. One card is all that you need to fit in your budget whereas in case of cash you require to bring a mass amount since you don't understand how much you might need at one go. While speaking with a company honcho who lives next door, I recognized the importance of online payment as well as its growing importance for business globe. They have actually started using various online payment services and also phasing out the approval of cash money from the consumers. You need to hire people in order to man the money counters while in case of on-line money move the process is quick, easy and convenient.

Online payment transfer is much safer alternative also. Credit cards are issued by a financial institution after a lengthy verification process. While paying with your bank card, you need to mandatorily check all payment relevant info prior to final confirmation. Additionally, you MUST examine credit card and also financial institution statements very carefully after every payment to ensure the right quantity has actually been debited, and likewise that no fraudulence has taken place throughout the particular purchase phase. Majority of individuals additionally use standard payment gateways (PayPal, Authorize.net, and so on) to transfer funds to the seller. Occasion organizers also are relying heavily on such on-line payment handling and monitoring options to successfully deal with occasion registration costs and/or ticket sales.

Online payment options feature some major benefits such as:

PCI Conformity

It means you can securely make use of such a remedy for monetary purchases of any kind of kind. PCI which represents Payment Card Market has enlisted a couple of objectives that all charge card releasing and dealing financial institutions need to adhere to. A few of the objectives include maintaining a protected network, protecting the card holder's information, as well as on a regular basis monitoring every deal that takes place using bank card.

SSL 128-bit Information File Encryption

Majority of on the internet payment monitoring software stick to the SSL 128-bit data encryption plan to secure info that passes through the system. Thus, the on the internet payment solution lets you refine all types of credit/debit card settlements as well as payments made via preferred entrances safely, protecting against any type of possibilities of fraudulence.

Tension-free Cash Handling

Businesses of all kinds, occasion administration companies plus course organizers find an online payment option extremely straightforward. It is due to the fact that they don't need to bother about independently collecting cash from the consumers, participants or pupils. The on the internet system effectively transfers cash from the purchaser's to the vendor's savings account in mins with the very least human interference.

Online payment remedies could be the key to conserving personal time. It's simple to set up automatic electronic payment choices. You can go to each month to pay your expenses. Or you can accredit for payments to be made as often as you want without logging on to your computer system. Digital repayments conserve you time because you are not in the automobile or standing at the bank in line to make a withdrawal or transfer. Doing payments online is very easy for individuals with fundamental computer abilities. If you desire direct down payments from your business as opposed to waiting on a paper check, simply provide your company your account info to set up deposits with the financial institution, and also the transfers begin usually in a couple of pay cycles.

As a business online payment remedies will certainly save you a great deal of time and paperwork. You will have precise, organized records of the paychecks you distribute at your fingertips. It won't take long to initiate worker pay-roll straight deposits as soon as basic account info is accredited and also participated in the system. Now instead of preparing each specific check, printing it, and then signing it, your payroll heads out at the touch of a few computer tricks.

A growing number of service is being carried out on the internet so on the internet payment remedies is a progressively accepted as well as desired deal. Cash can be moved in real time where in the past, someone might need to wait days for a check to show up, wishing it would certainly reach all and also not get lost in the mail, and then take it to the financial institution to down payment and await funds to clear. Now, because of the rigorous regulatory actions that safeguard on-line settlements, transfers are usually readily available to the recipient immediately or within a couple of hrs of transfer. In today's worried economic climate, having timely accessibility to money that is your own or being able to pay your bills in the nick of time when you can manage it, is a welcome advantage.

On-line payment services is a wonderful suggestion for people who require to transfer large or frequent quantities of cash and are concerned for their security. Prior to electronic transfers, people needed to take pay-roll to a financial institution, approve settlements directly, and also manage cash money handy. Now as opposed to bothering with being robbed at any type of step of the method, electronic transfers provide a high degree of safety and security. Workers do not need to stress over washing a paper check when they do laundry and after that needing to replace it. Digital transfer makes sure the cash goes straight to the marked account.

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csrgood · 6 years ago

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HPD Collaborative, International Living Future Institute and Toxnot - Advancing Transparency in the Building Industry

Health Product Declaration® (HPD) Collaborative, International Living Future Institute (ILFI) and Toxnot are taking a next step in program-to-program harmonization, introducing an automated data exchange capability for HPDs and Declare labels. This new feature, which is implemented using the Application Programming Interface (API) already in use between Toxnot and the HPD Builder, will enable manufacturers to easily share product information used to create HPD reports and Declare labels.

“Harmonization of information among the various programs that work in the field of transparency and material health has been a major goal of the Health Product Declaration initiative since its start in 2011,” said John Geyer, HPDC Manufacturing and Information Technology Program Director. “By providing a common reporting method, the HPD Open Standard creates a peer-to-peer network where data is directly reusable and shareable among participating programs. This strategy eliminates costly data reentry and reprogramming, by using secure API connections to share consistent data among participating systems. Each program can concentrate on what it does best and build collective value through collaboration with other programs. It’s the ‘last mile’ of bringing harmonization to life.”

“Industrial Louvers has long been a supporter of harmonization among the programs that are all working to advance transparency and material health in the building industry," said Lisa Britton, Director of Sales and Marketing/Sustainability Champion for Industrial Louvers, Inc. “The HPD Open Standard provides an important mechanism to accomplish this goal, as a single, widely-adopted specification for reporting information in a standardized manner. Automating the sharing of data used in HPDs and Declare programs will save time and help ensure the integrity of our data remains consistent across both programs. We applaud this leadership initiative, and hope it will encourage more data sharing among other key rating and certification programs.”

Using this new capability is simple. To share data between HPDs and Declare, manufacturers create accounts in both Toxnot and HPD Builder. Product data can then be entered using either system. To share information, manufacturers authorize the transfer and securely authenticate their account credentials, and then simply select the product information to be shared. This makes it much easier for a manufacturer who has created an HPD to submit product information to the Declare program. Conversely, if a manufacturer has obtained a Declare label and wants to publish an HPD, information can be electronically transferred for publishing, using the HPD Builder.

Alexandra Muller, Manager, Living Product Challenge, International Living Future Institute said, “Harmonization between HPDC and ILFI has been a major goal of both organizations, and this API represents one of the really concrete outcomes of that collaboration. We have to make it easy, intuitive and valuable for companies to invest in transparency and material optimization. Using ToxNot as a common platform and aligning our programs allows people to stop redoing good work, and instead start leveraging that work across multiple disclosure tools. The potential for scaling this crossover for impact is really exciting.”

“Toxnot streamlines and automates product transparency on many levels. Challenges like data security, duplicate entry, reporting fatigue are solved with software platforms like Toxnot,” said Toxnot CEO, Pete Girard. “Manufacturers can feel confident with a best-in-class solution that supports reporting so easily. We are proud to overcome some of the biggest hurdles in material health transparency by connecting data to certification in a single platform.”

HPDC, ILFI and Toxnot will be presenting a webinar, Transparency Made Easy – Automate Data Sharing for Declare and HPDs Using the HPD Builder and Toxnot, on September 10 to provide more information on this new capability and demonstrate the automated data exchange features.

Living Product Expo – October 8-10, 2019 in Nashville, Tennessee is an ideal opportunity to learn about all the latest developments in transparency and material health, and also to learn more about automated data exchange with HPD and Declare. Experts from ILFI, Toxnot and HPDC will be available to answer questions, and live demonstrations will be provided in the HPD Collaborative booth. Register for Living Product Expo.

ABOUT HPDC

HPDC is a not-for-profit, member association with over 250 organizational members, representing the full spectrum of the building industry: architects, designers, building owners, manufacturers, consultants, tool developers, and others who all share a common purpose to improve the transparency of information and the material health of the built environment. The organization continuously improves the building industry’s performance through transparency, openness and innovation in the practices of reporting, disclosure, specification and selection of building products. For more information, visit hpd-collaborative.org.

ABOUT ILFI

The International Living Future Institute is an environmental NGO committed to catalyzing the transformation toward communities that are socially just, culturally rich and ecologically restorative. ILFI is premised on the belief that providing a compelling vision for the future is a fundamental requirement for reconciling humanity’s relationship with the natural world. ILFI operates the Living Building Challenge, the built environment’s most ambitious performance standard. It is a hub for many other visionary programs that support the transformation toward a living future. For more information please visit https://living-future.org/.

ABOUT TOXNOT

Toxnot is an industry-leading technology company with a mission to improve health and sustainability across the global supply chain by streamlining the chemical transparency process. Toxnot provides an intuitive and efficient software platform for manufacturers to gather supply chain data, gain insight into their hazard profiles, report on the results and create safer products. Organizations can automate transparency reporting and collect hazard information across their global supply chain, reducing risks and ensuring regulatory compliance. Toxnot is a recognized leader in the movement to disrupt the notoriously complex supply chain chemical hazard landscape- and build creative solutions for businesses of all kinds. In 2017, Toxnot won the Environmental Leader Product of the Year Award. For more info, visit www.toxnot.com

source: https://www.csrwire.com/press_releases/42477-HPD-Collaborative-International-Living-Future-Institute-and-Toxnot-Advancing-Transparency-in-the-Building-Industry?tracking_source=rss

#CSR #corporate social responsibility #social good #philanthropy #employee engagement #workplace givi

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terabitweb · 6 years ago

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Original Post from InfoSecurity Magazine Author:

Big Banks Vulnerable to Web, Mobile Attacks

Nearly all of the largest 100 banks are vulnerable to web and mobile attacks, which give hackers access to sensitive data, according to ImmuniWeb.

“We leveraged an enhanced methodology from our previous research that covered web and mobile application security of the world largest companies from the FT 500 list,” the report said. “For the purpose of this research, we carefully studied external web applications, APIs and mobile apps of the S&P Global list that contains the world’s largest financial organizations from 22 countries.”

According to the findings, 85 e-banking web applications failed a GDPR compliance test and 49 failed a PCI DSS test. “Only three main websites (Credit Suisse, Danske Bank and Handelsbanken) out of 100 had the highest grades ‘A+’ both for SSL encryption and website security,” the report said.

“Given the non-intrusive nature of the research and formidable resources available to the top banks studied in the research, the findings urge financial institutions to revise their existing approaches to application security,” said Ilia Kolochenko, CEO and founder of ImmuniWeb.

“Most of the data breaches involve or start with insecure web and mobile apps that are too frequently under prioritized by future victims. Unfortunately, most cybersecurity teams today carry a burdensome duty to meet compliance and regulatory requirements as the first priority and simply lack available resources to tackle other essential tasks. Eventually, they become low-hanging fruits for cybercriminals.”

Researchers detected 29 active phishing campaigns targeting customers of the financial institutions. “Phishing websites either spread banking malware aimed to steal e-banking credentials or provide fraudulent login forms aimed to steal victim’s credentials. Most of the malicious websites were hosted in the US,” the report said.

In related news, an audit of employees’ security awareness across 16 industries, conducted by Proofpoint, found that one in every four questions regarding phishing was answered incorrectly. However, finance was the best performing industry, with end users answering 80 percent of all questions correctly, according to the 2019 Beyond the Phish report.

“Cybercriminals are experts at gathering personal information to launch highly targeted and convincing attacks against individuals,” said Amy Baker, vice president of security awareness training strategy and development for Proofpoint in a press release.

“Implementing ongoing and effective security awareness training is a necessary foundational pillar when building a strong culture of security. Educating employees about cybersecurity best practices is the best way to empower users to understand how to protect theirs and their employer’s data, making end users a strong last line of defense against cyber attackers.”

#gallery-0-6 { margin: auto; } #gallery-0-6 .gallery-item { float: left; margin-top: 10px; text-align: center; width: 33%; } #gallery-0-6 img { border: 2px solid #cfcfcf; } #gallery-0-6 .gallery-caption { margin-left: 0; } /* see gallery_shortcode() in wp-includes/media.php */

Go to Source Author: Big Banks Vulnerable to Web, Mobile Attacks Original Post from InfoSecurity Magazine Author: Big Banks Vulnerable to Web, Mobile Attacks Nearly all of the largest 100 banks are vulnerable to web and mobile attacks, which give hackers access to sensitive data, according to…

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theforbiz · 6 years ago

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Modern and rapidly advancing technologies like artificial intelligence, big data analytics, machine learning and blockchain are progressing at impressive rates. More than anything, these technologies have contributed a great deal toward the advancement of the financial sector. Banking procedures have become shortened allowing them to focus on other more intellectually demanding tasks. Machine learning solutions have replaced the functions of entire departments. Whether it is customer services or fraud prevention through ID verification, AI has penetrated banking services completely.

On average, Google receives over 20 queries regarding the financial and banking sector. Developing advanced solutions for the finance industry is not the answer though; banks and financial institutes should be just as keen on transforming their structures digitally. AI and Machine learning is the perfect answer for banks to improve their procedures.

Removing Hurdles for Customers

Previously, client on boarding procedures have been lengthy. However, an increased amount of digitization has allowed banks to make their onboarding procedures faster and more efficient. Machine learning has contributed effectively to developing more efficient processes. Some of the steps that are adopted by banks for an enhanced customer focus include better personalization; a focus on customer values; a multi-channel approach to sales; being proactive rather than reactive; guiding users on every step of the way. Erica, the banking assistant app by Bank of America, is perhaps the best example of this. It is more like a personal assistant for your bank account that guides customers to every banking procedure from funds transfer to wealth management. The assistant also recognises both voice and text prompts.

Big Data Analytics

More than half the banks in the financial services sector believe that machine learning and big data are among the top trends of the Fintech industry. Such technologies have helped the finance industry to reduce their costs, automate their procedures, mitigate risks and gain reliable insights for marketing. Banks are now able to meet compliance with ID verification, detect fraud through transaction monitoring and analyse customer preferences through AI enabled chatbots. JP Morgan’s Contract Intelligence system was able to check the number of loan agreements in a few seconds that took lawyers around 360,000 hours annually. Banks can verify their clients within seconds using digital ID verification procedures, thus effectively shortening onboarding procedures.

Omnichannel Structures

The consumer market increasingly prefers to make transactions via their smartphones, in addition to purchasing products and services using it. It is therefore imperative that businesses do everything they can to answer questions for customers in a comprehensive yet effective manner, using the channels preferred by the customer. Studies predict that 85% of customer interactions with brands would be automated by the year 2020. Citibank was able to develop a chatbot using Facebook messenger that answered customer queries just as a human assistant would.

Increased Use of APIs

The Fintech industry is largely offering solutions in the form of SaaS (software-as-a-service) products. This is increasing the use of independent APIs (Application Programming Interface). APIs allow for better integration of software solutions in businesses.

The post 4 Ways Machine Learning Impacting the FinTech Industry appeared first on TheForBiz - Change Your World.

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