AI to Create $2.9 Trillion in Business Value, FB Click Injection Fraud & More News
Updated: Aug 9, 2019
This week in tech news: augmented intelligence will create $2.9 trillion of business value, Facebook sued two app developers accused of generating fraudulent revenue and all financial services and e-payment companies in Singapore must follow a set of cyber hygiene rules .
Tech news you need to know, in two minutes or less.
Artificial intelligence (AI) augmentation will create a business value of $2.9 trillion and 6.2 billion hours of worker productivity globally in 2021, according to research firm Gartner Inc. The general idea from Gartner is that augmented intelligence won't take over human tasks, but improve learning, decision making and experiences. This combination of human and AI know-how will drive productivity for enterprises.
“Augmented intelligence is all about people taking advantage of AI,” said Svetlana Sicular, research vice president at Gartner. “As AI technology evolves, the combined human and AI capabilities that augmented intelligence allows will deliver the greatest benefits to organisations.”
Facebook has filed lawsuits against two app developers accused of generating fraudulent revenue using the social media giant’s advertising platform. That fraudulent ad revenue in turn went to the app developers, Hong Kong-based LionMobi and Singapore-based JediMobi.
The scheme uses a technique known as click injection, which relies on apps fraudulently generating ad clicks without the user’s knowledge to artificially inflate the amount of ad revenue. It’s a problem previously noted by security researchers. Facebook also said LionMobi advertised its malicious apps on Facebook, which is in violation of its policies. The company says its lawsuit is “one of the first of its kind against this practice,” but Google has increasingly taken action against Play Store apps using click injection schemes as well.
All financial services and e-payment firms in Singapore must follow a set of cyber hygiene rules from August next year, with Singapore's central bank stepping up efforts to strengthen the sector's defence against rising threats. The Monetary Authority of Singapore (MAS) announced the mandatory rules yesterday, saying the sector will be more exposed to risks when it opens up to more technology players including e-wallet services and cryptocurrency companies. E-payment companies include GrabPay and Singtel Dash, while companies like Binance Singapore and Luno are involved in the cryptocurrency business.
It is the first financial authority in the world to mandate cyber hygiene, which includes the need for strong passwords, multi-factor authentication and firewalls to restrict unauthorised network traffic. These measures - which also include regular updates of anti-virus software and validation of who has access to administrative accounts - are legally binding and those who fail to comply may face sanctions.