SBI to amp up early warning system to spot stress, fraud

@Algorithms_unlocked

The bank believes that, while diverting funds through related parties, trusts, and foreign subsidiaries is among the chief causes of asset quality challenges and frauds, lenders get conclusive information only after a forensic audit. (Photo: Reuters)

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SYNOPSIS

•Lender scouting for data service provider to identify emerging problems before they blow up

MUMBAI : State Bank of India (SBI), the country’s largest lender, is looking to upgrade its early warning system to preempt loan defaults, fund diversions and frauds by tapping external data like rating revisions, stark share price movements and even media reports, showed documents reviewed by Mint.

The bank believes that, while diverting funds through related parties, trusts, and foreign subsidiaries is among the chief causes of asset quality challenges and frauds, lenders get conclusive information only after a forensic audit. It wants a data service provider to figure out ways to flag fraudulent transactions and potential defaults even before detailed audits show a public tender document.

The data provider, SBI said, has to provide alerts on breaches of a set of 199 early warning signals from external sources. These include alerts on changes in ratings or outlook; share prices hitting a 52-week-low during any particular week; promoter holding falling below 26%; decline in the number of employees on a monthly basis as per data from the Employees’ Provident Fund Organization (EPFO); negative news of raids by income tax, sales tax, central excise duty officials and imposition of penalties by government agencies.

In 2021-22, SBI reported 4,192 frauds worth ₹7,101 crore, setting aside an equal sum of money as provisions against it. In 2020-21, it reported 5,724 frauds of ₹10,086 crore, its FY22 annual report showed.

“(The) bank possesses data like Central Repository of Information on Large Credits (Crilc) and credit information company (CIC), which cannot be shared with the service providers in terms of current regulatory guidelines. How can the bank leverage this data to strengthen the early warning signal system in collaboration with the service provider?," asked SBI in one of the documents cited above.

The Crilc database is used by banks and other financial institutions to share, among themselves and with RBI, the classification status of borrowers. Concerned over the rising incidence of large borrowers attempting to defraud banks, RBI, in 2015, released a framework for the prevention and early detection of such cases. “The early detection of fraud and the necessary corrective action is important to reduce the quantum of loss which the continuance of the fraud may entail. The government is separately looking into the issue of more timely and coordinated action by the law enforcement agencies," it said in May 2015.Ashwini Kumar Tewari, managing director in charge of risk, compliance, and stressed assets at SBI, had said in July that the bank would use analytics to track emerging stress across sectors.

“Say there are problems in the steel sector in a particular state; one way to know is to track media reports, but is our database showing impending stress from that region? After it becomes NPA, it will have to be dealt with, but if there are early indicators of stress, then this can be handled proactively," Tewari had said.

Experts said that banks could do a lot more even with internal transaction data they have access to, which other institutions like credit rating agencies cannot use. According to an analyst, not only can banks use the Crilc database, which points to defaults by borrowers with any bank, but they can also access borrower transaction data to access possible siphoning of funds.

OpenAI Announces to Monetize its ChatGPT Platform

😎👨‍💻 Algorithms_unlocked

January 22, 2023 3 mins read

The leading Artificial Intelligence research organization, OpenAI has announced to monetise ChatGPT platform

OpenAI, the leading Artificial Intelligence research organization, has announced plans to monetize its popular language generation model, ChatGPT. The move will allow businesses and developers to integrate the model into their own applications and services and will help generate revenue for OpenAI, enabling them to continue to invest in the development of advanced AI technologies. However, this move also raises ethical concerns and could have a significant impact on the job market and the research community.

What is OpenAI?

OpenAI is an artificial intelligence research organization that aims to promote and develop friendly AI in a responsible manner. The company was founded in 2015 by Elon Musk, Sam Altman, Greg Brockman, Ilya Sutskever, Wojciech Zaremba, and John Schulman. OpenAI’s mission is to ensure that artificial general intelligence (AGI) benefits all of humanity.

On the topic of monetizing its ChatGPT platform, OpenAI has recently announced plans to make its popular language generation model available for commercial use. ChatGPT is a powerful natural language processing model that can generate human-like text. The company plans to offer the model as a cloud-based API, allowing businesses and developers to integrate it into their own applications and services. This move is expected to help OpenAI generate revenue and sustain its research and development efforts

What is the ChatGPT platform?

ChatGPT is a language generation model developed by OpenAI. It is based on the GPT (Generative Pre-trained Transformer) architecture and has been trained on a massive dataset of text from the internet. The model is able to generate human-like text in a variety of formats, such as conversation, poetry, news articles, and more. ChatGPT can be fine-tuned for specific tasks, such as answering questions, generating responses in a chatbot, and summarizing text. It is considered one of the most advanced language generation models currently available and is widely used in research and industry.

How will OpenAI monetize the ChatGPT platform?

OpenAI plans to monetize the ChatGPT platform by offering it as a cloud-based API (Application Programming Interface) that businesses and developers can integrate into their own applications and services. This would allow customers to use the model’s advanced language generation capabilities to improve their own products and services.

The company plans to charge customers on a pay-per-use basis, with prices determined by the number of requests made to the API. Additionally, OpenAI may also offer additional services like custom fine-tuning of the model for specific use cases or industries, and technical support. The company might also offer different pricing plans based on the usage volume, custom models, and additional features like analytics, monitoring, and reporting.

It’s worth noting that OpenAI is also open to collaboration, providing access to its technology to a select group of partners and industry leaders, allowing them to integrate the technology into their own products and services, and enabling them to generate revenue from them.

What are the implications of this move?

The move by OpenAI to monetize the ChatGPT platform has several implications.

Firstly, it will help OpenAI generate revenue and sustain its research and development efforts. This would enable the company to continue to invest in the development of advanced AI technologies and to advance its mission of developing friendly AI that benefits all of humanity.

Secondly, it will make the powerful language generation capabilities of ChatGPT widely available to businesses and developers. This could lead to the creation of new and innovative products and services that leverage the model’s capabilities, such as advanced chatbots, automated content generation, and more.

Thirdly, this move could also lead to increased competition in the language generation market. As more companies and developers gain access to ChatGPT technology, it could lead to the development of similar or competing products and services.

Additionally, this move by OpenAI could also have a significant impact on the job market. As language generation technology becomes more widely available and sophisticated, it could lead to increased automation of certain tasks that currently require human labor, such as content creation, customer service, and more. This could lead to job displacement in certain fields, and it will be important for companies and society to address this issue and ensure that workers have the necessary skills and support to adapt to the changing job market.

Finally, this move could lead to ethical concerns regarding the use of language generation models like ChatGPT. As the model is able to generate human-like text, it could be used to create fake news, impersonate individuals, or spread misinformation. It is important that OpenAI and its customers ensure that the technology is used in a responsible manner and that appropriate safeguards are in place to prevent misuse.

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Disclaimer: The information provided in this article is solely the author’s opinion and not investment advice – it is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instructions. Do conduct your own research and reach out to financial advisors before making any investment decisions.

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Chat GPT Kya Hai | What is Chat GPT Full Information In Hindi

  

What is Chat GPT: You must be hearing this name Chat GPT a lot. Everyone must be seen discussing about it. This is a type of Artificial Intelligence Bot. Whose name is Chat GPT. It has recently been launched on 30 November 2022, since it has been in a lot of discussion, but not everyone knows about it, just getting to hear from the mouth of others, so after all it is Chat GPT Kya Hai . In today's post, we are going to discuss about how this tool works and how you can use this Chat GPT.

Chat GPT is a type of tool created by Open AI. Chat GPT Tool is quite different from other chat bot tools. When you use it, you will feel it just like Google. But it is quite different from Google because whenever you search something on Google, you see whatever articles are related to it, but it is very different in Chat GPT, whenever you search the same question on Chat GPT. He will not show you different websites, he will directly give you the answer in writing whatever 

This means that you have to find the answer even after searching on Google and on the other hand, if you talk about Chat GPT, it gives you a direct answer, on Chat GPT, you just have to enter your query, it will give you its solution. To know the complete information about Chat GPT, if you read the article till the last, then friends, let us know about it in detail.

How does Chat GPT work?

Friends Chat GPT is a kind of bot on which data has already been stored and all that data is taken from Google itself, whenever you do some search on it, the data it will show you would have been taken from Google itself. 

Any kind of question he will give you a straight answer. With the help of this, you have to write a leave application or ask any maths question and other things about which we are going to talk below, then you keep reading till the last.

What is the history of Chat GPT? (History of Chat GPT)

Chat GPT was created many years ago. It was started in 2015 by both Sam Altman and Elon Musk, but due to it being a non-profit company, Elon Musk left the project after some time.

After this Bill Gates's Microsoft Company invested in Chat GPT and launched the project on 30 November 2022. And after its launch, its CEO Sam Altman has told that Chat GPT has become 10 million users within less than 1 week, it has become the world's biggest record, no application has increased users so fast, nor youtube It was launched then and neither did other big apps. So you can guess from this how people are liking it.

It just finds and gives you what you want from the same data and you have to find the same thing in Google. It is a tool that understands what you want to know.

Because this is a trained bot, the data entered on it is of 2021, so whenever you do some search on it, it will give you the information of 2021 only. Will get to see.

If you know the meaning of its full form:

Generate means the creator.

Pre- trained means that which has already been trained.

Transformer means such a learning machine that whatever we ask in text format, it can easily understand what it is asking and give an immediate answer.

How to use Chat GPT? (How to use Chat GPT)

Using Chat GPT is not a difficult task, we will tell you the steps below, you can easily use it by following them:

Step 1: First of all you have to search Chat GPT on Google.

Step 2: After searching, at the top you will see a website named Openai.com , you have to click on it.

Step 3: When this website opens, then you have to go to the bottom and below you will see a button named try chatgpt, click on it.

Step 4: After clicking, you have to click on the button to sign up, then you can do it with any gmail you want to sign up with.

Step 5: After this you have to fill your name, after filling the name, click on next.

Step 5: After this you will be asked to enter the mobile number. After entering the mobile number, click on Get OTP.

Step 6: After this you will get an OTP on your mobile number, enter that OTP and then click on verify. After that your account will be created.

Now you can use it easily, below you will get the typing option, in that whatever question you want to ask, you can ask it and you can also talk to it.

What can Chat GPT do?

Friends, this question must have come in your mind that after all, what can make our work easy, so let's know:

First of all, it will give a direct answer to your question in text format.

Second Chat GPT can give you content for blogging by writing any type of content, you can write content in both English and Hindi language, it may be a little wrong in Hindi language, but it will definitely be written. It works well in English.

Thirdly, with the help of this, you can prepare a script for your YouTube video. You can get your script made in text format on any topic. In the script, it will tell you exactly what you have to say in the first intro, it will tell everything well. It is new now, so there may be some problems.

Fourth, you can use it for free. Money is not taken for using it, you can use it however much you want.

Fifth, with its help, you can easily do any work related to studies like answering any question.

With the help of Sixth Chat GPT, you can easily do any Google research work on it. Here you do not need to do research, you get a straight answer.

Seventh Chat GPT will tell you the whole process of every question related to the website like how to make a website, if there is any code work then it will also give you the code.

PayPal Hacked

#PayPal hacked! an

unauthorized third-party accessed a number of PayPal accounts and a more detailed investigation uncovered that whoever was behind the attack, accessed the accounts between December 6 and December 8, 2022. "During this time, the unauthorized third parties were able to view, and potentially acquire, some personal information for certain PayPal users," the warning reads. That data includes users' names, addresses, Social Security numbers, individual tax identification numbers, and/ or dates of birth. At this stage it appears that there is "no evidence" the login credentials were taken from the company's systems. BleepingComputer however said that the breach is the result of credential stuffing, a type of attack in which hackers "stuff" the login page with numerous credentials taken elsewhere until one eventually works. To protect its users, PayPal reset the passwords for the affected users, and "enhanced security controls" requiring users to set up a new account on their next login. Also, the users were given one year free identity monitoring services through Equifax.

Cyber Fraud Awareness

Cyber fraud is one of the fastest growing crimes in the world. It is estimated that in 2020, cyber fraud cost businesses and individuals over $4 trillion. As technology continues to evolve, so does the sophistication and prevalence of cyber fraud, making it increasingly difficult for businesses and individuals to protect themselves. It is therefore essential that businesses and individuals stay vigilant and aware of the latest cyber fraud scams and tactics. Here are some tips to help you stay safe: 

1. Be aware of phishing emails: Phishing emails are one of the most common methods of cyber fraud. These emails typically contain links, attachments or messages that are designed to steal sensitive information or install malicious software on your computer. Be sure to be vigilant when opening emails and never click on links or download attachments unless you are certain they are legitimate. 2. Use strong passwords: Weak passwords are one of the main ways that cyber criminals can gain access to your accounts and systems. Make sure that you are using a mix of numbers, symbols and letters for your passwords and that you never reuse passwords for multiple accounts. 

3. Use two-factor authentication: Two-factor authentication is a security measure that requires a user to provide two pieces of information when trying to access an account. This can be a combination of a password and a one-time code sent to your phone or email. This provides an extra layer of security, making it harder for cyber criminals to gain access to your accounts.

4. Be wary of public Wi-Fi: Public Wi-Fi networks are not as secure as private networks and can be vulnerable to cyber attacks. Be sure to only access secure sites over public Wi-Fi and never provide any sensitive information or make financial transactions over an unsecured connection.

5. Keep your software up to date: Outdated software can contain security vulnerabilities that can be exploited by cyber criminals. To keep your systems secure, make sure that you are regularly updating your software and applications.