Four Ways AI Stole The Show at Money 20/20

Ken Bui
Ken Bui

Latest posts by Ken Bui (see all)

Modern technology such as machine learning and artificial intelligence isn’t something that you study once and never pick up again. These innovations are constantly evolving, which is why it’s so important for experts to get together and discuss them – especially when it comes to how machine learning and artificial intelligence relates to fintech.

This is why Feedzai was excited to host the inaugural REAL MACHINE summit – a prelude of sorts to Money20/20 and sponsored the accompanying Money20/20 Hackathon, right before the main event, all of which took place in Las Vegas in mid-October.

To that end, let’s take a look at some of the most important takeaways from those events.

1. REAL MACHINE summit was a success

The REAL MACHINE summit brought together forward-thinking players in financial services and artificial intelligence to talk about what challenges the industry faces.

There were many great speakers, including leaders from Stripe, IBM Watson, Samsung Pay, American Express, Microsoft and more. Topics that were shared ranged from chargeback re-sentment, to operationalizing machine learning systems for fraud, to using AI to drive communications at scale.

Furthermore, another key presentation came from the mind of futurist Nikolas Badminton. Discussing artificial intelligence’s roots beginning with the mid-1950s, Badminton talked about how changing needs shaped this technology. Although artificial intelligence has come far, Badminton stated that human fraud prevention experts would still need to work closely with this technology to get the most they can out of it. The summit concluded with a networking reception at LAVO. We were happy to hear from our attendees that they found the summit very compelling and were able to leave with valuable takeaways.

To watch the presentation yourself and learn some key takeaways, check it out here.

 

2. Reducing risk in digital payments

One of the key themes at Money20/20 was security, risk and fraud. Frank Abagnale, the author of “Catch Me If You Can” shared insights on identity theft and data breaches based on his best-selling book, “Stealing Your Life.”

The conversations that started at the Real Machine Summit on AI and machine learning for fraud and risk continued throughout the Money20/20 show.

 

During a panel on “Machine Learning, Omnidata and Fraud Mitigation,” Nuno Sebastiao, CEO of Feedzai discussed Feedzai’s work with First Data. Together, we’ve created a machine learning solution that combs through payment omnidata to help mitigate and prevent fraud. This kind of innovation is the cornerstone of modern fraud mitigation, and we’re very proud of our work.

3. Hackathon produced innovative payment solutions

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When people think of hackers, they generally imagine cybercriminals who take pleasure in stealing from innocent victims. However, the reality is that a hacker is just a person who wants to break a system, for better or for worse. In fact, the Money20/20 Hackathon event we sponsored celebrates these curious individuals who like practicing their skills to improve systems.

Forbes contributor Tom Groenfeldt reported on some of the best solutions that came out of this year’s Hackathon. One interesting hack came from George McKinney and Emily Lam, who spent their time working on a means to aggregate data from Fitbit, Worldpay and Alexa. This would allow Alexa to give better recommendations to users.

Several AI-powered applications were also created using the Feedzai API including Paychain who trained our “feebot” and developed a blockchain system enabling easy credit-card like features. Team TrAInsaction developed a real-time Craigslist Chrome browser extension that automatically scores and flags shady sellers which garnered them a $5K Hackathon prize.

4. Project #Code4All is a major step forward

Although all of these events were extremely satisfying, Feedzai also recognizes that there are many people without the resources to participate in technological innovation. Minorities are very often underrepresented in this industry, and the U.S. Census Bureau conducted a survey that found female participation in IT dropped 6 percent between 1990 and 2014.

While this is a sad reality of the current landscape, we at Feedzai believe that this trend can be reversed with programs like Project #Code4All. This initiative is meant to raise money to promote equal opportunities for these underrepresented groups. In fact, Feedzai has already pledged $25,000 to this idea.

We at Feedzai wholeheartedly understand the importance of AI technology. More people working in tech means more great ideas, and that’s absolutely something that we can get behind.