The company serves more than 11 ... as well as auto financing and insurance offerings. For more information, please visit www.ally.com and follow @allyfinancial....

Ally Financial reports fourth quarter and full year 2023 financial results

Synchrony is set to acquire Ally Financial’s POS financing arm, which serves the home improvement and health and wellness sectors.

Synchrony to Acquire Ally Financial’s POS Financing Arm

Net Income Hits $1.0 Billion for the Year, Adjusted EPS at $3.05

Ally Financial Inc. (ALLY) Posts Full-Year and Q4 2023 Earnings

Find the latest stock market news from every corner of the globe at Reuters.com, your online source for breaking international market and finance news

Synchrony to buy Ally Financial's point-of-sale financing ...

Small-caps have priced in much—if not all—of the negative news, and could reverse soon.

Ally Financial and 6 More Small-Cap Stock Picks From Citi. - Barron's

Several regional banks also reported their financial results.

State Street Stock, Ally Financial, Are Jumping. They Had Good News Beyond Earnings.

The company delivered a solid quarter and announced the sale of a non-core business.

Why Ally Stock Is Charging Higher Today @themotleyfool #stocks $ALLY

Ally Financial Inc.'s ( NYSE:ALLY ) investors are due to receive a payment of $0.30 per share on 15th of February...

Ally Financial (NYSE:ALLY) Has Announced A Dividend Of $0.30

Get the most recent info and news about Ally Financial on HackerNoon, where 10k+ technologists publish stories for 4M+ monthly readers.

Ally Financial Inc., a bank holding company, provides various digital financial products and services to consumer, commercial, and corporate customers primarily in the United States and Canada. It operates through Automotive Finance Operations, Insurance Operations, Mortgage Finance Operations, and Corporate Finance Operations segments. The Automotive Finance Operations segment offers automotive financing services, including providing retail installment sales contracts, loans and operating leases, term loans to dealers, financing dealer floorplans, other lines of credit to dealers, warehouse lines to automotive retailers, and fleet financing. It also provides financing services to companies and municipalities for the purchase or lease of vehicles, and vehicle-remarketing services. The Insurance Operations segment offers consumer finance protection and insurance products through the automotive dealer channel, and commercial insurance products directly to dealers. The Mortgage Finance Operations segment manages held-for-investment consumer mortgage loan portfolio that includes bulk purchases of jumbo and low-to-moderate income mortgage loans originated by third parties, as well as direct-to-consumer mortgage offerings. The Corporate Finance Operations segment provides senior secured leveraged cash flow and asset-based loans to middle market companies; leveraged loans; and commercial real estate product. It primarily focuses on businesses owned by private equity sponsors with loans used for leveraged buyouts, mergers and acquisitions, debt refinancing, restructurings, and working capital. The company, through its subsidiary, Ally Bank, also offers commercial banking products and services. In addition, it provides securities brokerage and investment advisory services. The company was formerly known as GMAC Inc. and changed its name to Ally Financial Inc. in May 2010. Ally Financial Inc. was founded in 1919 and is headquartered in Detroit, Michigan.

Ally Financial

Part I: Designing the Database Since September last year, I have started trading options. Naturally, I wanted to use data to validate my strategies. But, it was tough getting hold of intra-day options data. I was surprised to learn that it is expensive as hell: a subscription for 30-minute data (quotes and greeks) for 10 tickers costs about USD400 per month. While there are free options , there are no open databases. Hence, I decided to develop the means to build one. quotes Why Read On? Getting free options data isn't exactly a new problem. Others have developed different methods (at the time of writing) that primarily involve scraping and processing data (see table below). These are well and good if you prefer having the flexibility to adapt the provided code, schedule them to run at the required intervals, and develop custom logging features for the entire process on your own. Implementation Source Destination Author One-off Python script Ally Financial API SQLite DB [1] Eric Kleppen on TowardsDataScience One-off Python script Barchart.com HDFS [2] Blackarbs Python script with some scheduling capability Yahoo Finance CSV file [3] Harry Sauers on freeCodeCamp One-off Python script Yahoo Finance (through package) yahoo_fin Python dictionary [4] Andrew Treadway on TheAutomatic.net One-off Python script Yahoo Finance (through package) yfinance Pandas dataframe [5] Tony Lian on TowardsDataScience One-off Python script Yahoo Finance (through package) pandas_datareader Pandas dataframe [6] CodeArmo One-off Python script Yahoo Finance (through package) yfinance Pandas dataframe [7] Ran Aroussi Data pipeline run at scheduled intervals through Apache Airflow TD Ameritrade API PostgreSQL Me! A more holistic approach would automate those things for you. And that is the contribution of this series: I develop a to extract data from a different source - the TD Ameritrade (TDA) API - process the data, and persist it in a PostgreSQL database, using Apache Airflow to define, schedule, and monitor the entire workflow. data pipeline In this post, we discuss the requirements for solutions on different scales (based on the number of stocks to collect data on) and design our database. The Series This is the first post in my series, : Towards Open Options Chains: A Data Pipeline Solution Designing the Database (this post) Foundational ETL Code Getting Started with Airflow Building the DAG Containerizing the Pipeline The Use Case The use case for the data is fairly straightforward: to run backtests of options trading strategies. Therefore, the data pipeline must collect sufficiently fine-grained data. We will need options prices, volumes, and the options greeks (e.g., delta, theta, and gamma), collected at sufficiently high frequency. In case you've never seen options data before, see the screenshot below for a sample. While I only intend to run this on a limited set of 10-20 stocks, we have to consider that some users out there may use this solution for collecting data on a huge scale, say 1,000 stocks. We assume that the small-scale scenario (20 stocks) is for individual use by retail investors, and the large-scale scenario (1,000 stocks) is for serving the data to a wider group of users. In designing the solution, we focus on the small-scale scenario but keep the large-scale scenario in mind. Examining the Data Before we go about designing the database, it would be helpful to inspect a sample of the data. Fortunately, we can do this because the TDA Option Chains API is readily available. We will skip over the steps to obtain credentials and the code to retrieve the data for now. Data Structure See below for a preview of the data in its raw (JSON) form: {'symbol': 'FB',
 'status': 'SUCCESS',
 'underlying': None,
 'strategy': 'SINGLE',
 'interval': 0.0,
 'isDelayed': True,
 'isIndex': False,
 'interestRate': 0.1,
 'underlyingPrice': 332.38,
 'volatility': 29.0,
 'daysToExpiration': 0.0,
 'numberOfContracts': 297,
 'callExpDateMap': {},
 'putExpDateMap': {'2022-01-14:5': {'230.0': [{'putCall': 'PUT',
     'symbol': 'FB_011422P230',
     'description': 'FB Jan 14 2022 230 Put (Weekly)',
     'exchangeName': 'OPR',
     'bid': 0.0,
     'ask': 0.02,
     'last': 0.01,
     'mark': 0.01,
     'bidSize': 0,
     'askSize': 1,
     'bidAskSize': '0X1',
     'lastSize': 0,
     'highPrice': 0.0,
     'lowPrice': 0.0,
     'openPrice': 0.0,
     'closePrice': 0.0,
     'totalVolume': 0,
     'tradeDate': None,
     'tradeTimeInLong': 1641480561112,
     'quoteTimeInLong': 1641579220896,
     'netChange': 0.01,
     'volatility': 61.265,
     'delta': 0.0,
     'gamma': 0.0,
     'theta': 0.0,
     'vega': 0.0,
     'rho': 0.0,
     'openInterest': 105,
     'timeValue': 0.01,
     'theoreticalOptionValue': 0.0,
     'theoreticalVolatility': 29.0,
     'optionDeliverablesList': None,
     'strikePrice': 230.0,
     'expirationDate': 1642194000000,
     'daysToExpiration': 5,
     'expirationType': 'S',
     'lastTradingDay': 1642208400000,
     'multiplier': 100.0,
     'settlementType': ' ',
     'deliverableNote': '',
     'isIndexOption': None,
     'percentChange': 9900.0,
     'markChange': 0.01,
     'markPercentChange': 9900.0,
     'intrinsicValue': -101.79,
     'pennyPilot': True,
     'inTheMoney': False,
     'nonStandard': False,
     'mini': False}],
    '235.0': ... As we can see, the general structure of the data is as such: root
└── Puts/Calls
    └── Contract (by expiry date)
        └── Strike
            └── Fields (e.g. prices, greeks) For each ticker, there are numerous (based on expiry dates), each comprising numerous and each in turn containing numerous (OHLC prices, options greeks), some of which change over . contracts strikes fields time Although the data is stored in hierarchical form, ! After parsing the data, we see that the contract ( with expiry and strike) and time ( ) features are contained in the innermost object: the innermost object is structured symbol quoteTimeInLong It should be clear that the entity on which we're collecting data is . a contract (defined by an expiry date and strike) at a specific time Data Size We see that the data has the potential to grow in size really quickly. The sample contained 297 rows and 47 columns of data. If we narrow this down to about 30 columns and collect the data, say, every 30 minutes, that amounts to approximately 30MB per month, per ticker (estimated using CSV file size). For the small-scale use case, 600MB will be added to the repository every month. For the large-scale use case, this figure is a whopping 30GB. The amount of storage we need to provide depends on how much data we want to analyze at a time: Lookback Period Small Scale Large Scale 12 months 7.2GB 360GB 24 months 14.4GB 720GB 36 months 21.6GB ~ 1TB Choosing a Database Type I know I already revealed the chosen database (PostgreSQL) in the introduction, but I will still detail the considerations for my choice. First, we use [8] to decide whether to use a relational (SQL) or non-relational ("NoSQL") database. Database Zone's database decision matrix Requirements Details Small Scale Large Scale ACID compliance for transactions Not processing transactions. Not essential. Either will do. Either will do. Security and integrity Data is simple and not PID. Either will do. Either will do. Data structure Structured time series that is unlikely to change. SQL +1 SQL +1 Redundancy and data normalization Depends on scenario. Not essential. Either will do. Redundancy is essential for service continuity. NoSQL +1. Entity relationships and consistency No relationships: Data across tickers and contracts are independent. Relational databases are not necessary. Either will do. Either will do. Complexity of queries Simple queries. Either will do. NoSQL has better performance. NoSQL + 1. Performance and availability Depends on scenario. Low performance/availability requirements. Either will do. High-performance requirements. NoSQL +1. Scalability Depends on scenario. Difficult to scale horizontally, but given the size, it shouldn't cost much to scale vertically by a small amount. Either will do. Needs to scale. NoSQL + 1. The table above gives us the total scores below: Database Type Scores - Small Scale Scores - Large Scale SQL 8 / 8 4 / 8 NoSQL 7 / 8 7 / 8 Based on these criteria, a SQL database seems to be slightly more suitable for the small-scale scenario because we don't need the benefits of NoSQL databases. For the large-scale scenario, a NoSQL database may be more suitable due to the need for performance, scalability, and availability. Choosing a Database Engine So far, we've figured that we ought to choose a relational database for our small-scale scenario and a non-relational database for the large-scale one. It's time to select a specific database engine. For the small-scale scenario, MySQL and Postgres were 2nd and 4th in popularity by [9], respectively. Both are well-established, popular, and have great community support. Although Postgres ranked lower, it has a major advantage over MySQL for our Airflow solution. DB-Engines' ranking Assuming the database we choose also serves as the backend for our Airflow instance, Postgres allows us to transfer a much larger amount of data between tasks (1GB) in the pipeline compared to MySQL (64kb). We will explain this in more detail in the posts to come. I'm personally more familiar with Postgres than MySQL, and I'm a big fan of pgAdmin. Full disclosure: For the large-scale scenario, and for users who want to scale up to much more than 20 stocks, MongoDB looks like the most sensible option. The major CSPs all provide hosting services, and MongoDB itself offers a really affordable serverless solution. But what about time-series databases like InfluxDB and TimescaleDB? Aren't we dealing with time-series data? Yes, we are. However, these databases are optimized for real-time monitoring of IoT devices, which deals with large volumes of reads and writes per second. That's overkill for our use case. Other reasons why we might want to stick to Postgres: It's more popular, and it's more likely that users can get support for it It's familiar: SQL It's more convenient (in terms of maintenance and backups) to operate a single database Commercial solutions for time series databases are more costly That said, if we were collecting data at a much higher frequency (e.g., 1-minute), it would be worth exploring time-series databases. Scaling Options For the small-scale use case, we may not need to look into scaling up our storage (36 months of 20 stocks ~ 21.6GB). But out of curiosity, I obtained quotes from database hosting services for several popular engines. We use the following assumptions: Requirement Small Scale Large Scale Storage for 24 months lookback 15GB 720GB Backup Storage 1.5 x 15GB = 22.5GB 1.5 x 720GB = 1TB CPU 1 x vCPU, 0.5-1GB RAM 2 x vCPU, 8GB RAM Hours Run 13 hours per day x 6 days per week x 4+ weeks = 338 hours per month 338 hours per month Writes 20 stocks x 2 times per hour x 13 hours per day x 21 days per month = ~11k per month 11k x 50 = 550k per month Reads 20 stocks x 100 reads = 2000 per month 1,000 stocks x 1,000 reads = 1,000,000 per month Throughput - Writes to be completed within 5 minutes 20 stocks x 300 rows / 5 minutes = 20 writes per second 1,000 stocks x 300 rows / 5 minutes = 1,000 writes per second The cost table: Type Service Small Scale Large Scale Remarks SQL AWS RDS for PostgreSQL/MySQL [10] SGD16.69 SGD377.07 - SQL Azure Database for PostgreSQL/MySQL [11] SGD17.65 SGD321.71 - SQL GCP Cloud SQL for PostgreSQL/MySQL [12] SGD12.71 SGD350.21 - NoSQL MongoDB Atlas - Serverless [13] SGD5.52 SGD246.04 New release (Jul 21) NoSQL MongoDB Atlas - AWS [14] SGD45.96 SGD753.67 - NoSQL MongoDB Atlas - Azure [15] SGD50.55 SGD914.51 - NoSQL MongoDB Atlas - GCP [16] SGD55.15 SGD827.20 - It's a relief to see that we can host a relational database that meets our needs under SGD20 per month. It's also interesting to see that MongoDB currently offers a serverless service that beats pretty much all the other solutions in price. Since it is a new service offering, we should keep an eye on it. Having made our choice, we can proceed to set up Postgres. If you're on Linux and have Ubuntu 20.04 installed, we won't need to do a lot to get Postgres running because . To install it, all you need to run in bash is: Ubuntu 20.04 comes with Postgres packages by default apt-get install postgresql Postgres associates its roles with a matching system account. Hence, next, we need to log in to the account on our system. This starts the server, and gives us access to the default Postgres database role. Use the commands below in bash to switch to the system account and open the Postgres terminal: postgres postgres # Switch account and start server
sudo -i -u postgres

# Open Postgres terminal
psql Next, we change our password. Note this down because we'll need it when loading the data in. -- Change password (optional)
ALTER USER postgres PASSWORD 'new_password'; Database Structure Let's think about the use case again. In running backtests, we know that the options data for each ticker would probably be fused with the corresponding stock data and technical indicators. It is unlikely that we would need data for different tickers in the same table. In fact, dumping data for multiple tickers into the same table would only slow down our queries. Hence, we create . one table per ticker To separate the options data from Airflow's system data, we create a new database within Postgres: -- Create database
CREATE DATABASE optionsdata;

-- Verify that database is created
\l Table Structure With our database up and running, we define what each table should look like. From our inspection of the data earlier, we know that the entity we are collecting data on is . The available attributes of interest are: a contract (defined by an expiry date and strike) at a specific time Metadata: putCall, symbol, description, quoteTimeInLong (as unix timestamp) Contract info: openInterest, timeValue, theoreticalOptionalValue, strikePrice, expirationDate (as unix timestamp), daysToExpiration, volatility Trade data: bid, ask, last, bidSize, askSize, lastSize, highPrice, lowPrice, openPrice, closePrice, totalVolume Greeks: delta, gamma, theta, vega, rho Next, we connect to the newly-created database and create a new table based on the data formats that we identified from earlier on: -- Connect to optionsdata
\c optionsdata

-- Create table
CREATE TABLE IF NOT EXISTS fb (
    put_call VARCHAR(5) NOT NULL,
    symbol VARCHAR(32) NOT NULL,
    description VARCHAR(64) NOT NULL,
    bid DOUBLE PRECISION,
    ask DOUBLE PRECISION,
    last DOUBLE PRECISION,
    bid_size INTEGER,
    ask_size INTEGER,
    last_size INTEGER,
    high_price DOUBLE PRECISION,
    low_price DOUBLE PRECISION,
    open_price DOUBLE PRECISION,
    close_price DOUBLE PRECISION,
    total_volume INTEGER,
    quote_time BIGINT,
    volatility DOUBLE PRECISION,
    delta DOUBLE PRECISION,
    gamma DOUBLE PRECISION,
    theta DOUBLE PRECISION,
    vega DOUBLE PRECISION,
    rho DOUBLE PRECISION,
    open_interest INTEGER,
    time_value DOUBLE PRECISION,
    theoretical_value DOUBLE PRECISION,
    strike_price DOUBLE PRECISION,
    expiration_date BIGINT,
    dte INTEGER,
    PRIMARY KEY (symbol, quote_time)
);

-- Verify that table was created
\dt

-- Exit Postgres terminal
\q The main data types are , , , and (for unix timestamps - quote time and expiration date only). To uniquely identify each row based on the logical entity (contract with a specific expiry date and strike at a specific time), we create a composite primary key comprising the strike's symbol (i.e. a specific strike for a specific contract) and the quote time. VARCHAR(N) INTEGER DOUBLE PRECISION BIGINT Summary In this post, we examined the different requirements for a small-scale use case (20 stocks) and a large-scale use case (1,000 stocks), decided on using PostgreSQL as our database system, and set up a database and table in PostgreSQL. In the next post, we'll move on to developing the code for an ETL pipeline. Credits for image: Kevin Ku on Unsplash References E. Kleppen, (2020), TowardsDataScience Collecting Stock and Options Data Easily using Python and Ally Financial API - 3 Example Queries (2016), Aggregating Free Options Data with Python Blackarbs H. Sauers, (2019), freeCodeCamp How I get options data for free A. Treadway, (2019), How To Get Options Data with Python TheAutomatic.net T. Lian, (2020), Medium Webscrapping Options Data with Python and YFinance (2020), CodeArmo Getting Options Data from Yahoo Finance with Pandas R. Aroussi, (2019), Downloading option chain and fundamental using Python aroussi.com S. Tol, (2021), DZone SQL vs NoSQL and SQL to NoSQL Migration (2022), DB-Engines DB-Engines Ranking , Amazon Web Services AWS Pricing Calculator , Microsoft Azure Pricing Calculator , Google Google Cloud Pricing Calculator , MongoDB MongoDB Pricing Ibid. Ibid. Ibid. Also Published Here

Towards Open Options Chains: 
A Data Pipeline Solution - Part I

DoshFX, the disruptive straightforward crypto exchange, is shaking up the South African financial landscape and spearheading a movement toward financial inclusion and empowerment. With a mission to provide accessible digital asset solutions, is set to transform the lives of the unbanked, emerging, and marginalized communities across the nation. DoshFX has long grappled with financial exclusion, stemming from a history of segregation and limited access to formal financial services. Despite significant progress, a considerable number of South Africans remain unbanked, hindering economic opportunities and perpetuating inequality. Recognizing this pressing need, , the visionary founder, and CEO of eZaga Holdings joined forces with Jeetu Kataria, renowned global fintech and blockchain evangelist, and the CEO of , a leading global multi-asset trading platform, to launch DoshFX, a truly South African-centric digital assets exchange. South Africa Saud Ally Digital Financial Exchange-DIFX have gained remarkable traction in Africa, and South Africa stands at the forefront of this growing trend. With over 1.5 million cryptocurrency users, South Africa boasts the highest number of digital asset enthusiasts on the continent. The adoption of digital assets is driven by factors such as increased internet accessibility, a thriving mobile phone market, and the rising popularity of cryptocurrencies in the region. The recent faced by the South African Rand due to the ongoing gloomy outlook of economic data, worsening load shedding, and political environment have also showcased the imminent need for the availability and accessibility of alternative assets. Digital assets volatility This is why, DoshFX's emergence is a response to the growing demand for secure and regulated digital asset exchange systems needed in an environment where so many unregulated and questionable characters operate. Understanding the importance of both financial security and regulatory compliance, eZaga and Digital Financial Exchange-DIFX have collaborated to create a user-friendly, reliable, and secure platform that combines the best of traditional banking security with the revolutionary spirit of cryptocurrencies. "We are dedicated to bringing straightforward crypto solutions right to the doorsteps of those who need it most," says Saud Ally, founder and CEO of eZaga Holdings. "DoshFX is not just a crypto exchange; it is a catalyst for change and advancement, enabling South Africans to chart their financial destinies." The launch of DoshFX marks a significant milestone in the quest for financial inclusivity. By leveraging the power of digital assets, DoshFX empowers South Africans to store value, make secure international payments, and overcome the limitations imposed by traditional financial institutions. Adding on to the mission of financial inclusivity, one of the core values of DoshFX is education. The platform is committed to providing comprehensive education to the South African community, particularly those who can benefit the most from alternative financial systems. By equipping the unbanked, marginalized, yet highly eager-to-learn members of society with knowledge about cryptocurrencies and digital assets, DoshFX aims to foster economic empowerment and financial freedom for individuals, families, and communities. As DoshFX sets its sights on reshaping the financial landscape, South Africans can now embrace the world of digital assets with confidence and most importantly through a regulated entity. To learn more about DoshFX and join the movement toward financial empowerment, visit **www.doshfx.io About DoshFX: DoshFX is a first-of-its-kind regulated authorized Financial Services Provider offering crypto services in South Africa. With a mission to make cryptocurrencies easily accessible for all, through its fast, secure, and legal crypto exchange services. DoshFX is an authorized Juristic representative of eZaga FX an authorized financial services provider. FSP No. 44133. Investing in cryptocurrency may result in a loss of capital as the value may fluctuate. Ts&Cs apply This story was distributed as a release by Zexprwire under HackerNoon’s Brand As An Author Program. Learn more about the program here: https://business.hackernoon.com/brand-as-author To start your straightforward journey into digital asset investments, download the app now from the Android, iOS, or Google Play Store, or visit us at doshfx.io. Also published . here

Digital Assets for Financial Inclusion: DoshFX's Revolution in South Africa

Activos digitales para la inclusión financiera: la revolución de DoshFX en Sudáfrica

Actifs numériques pour l'inclusion financière : la révolution de DoshFX en Afrique du Sud

वित्तीय समावेशन के लिए डिजिटल संपत्तियां: दक्षिण अफ्रीका में DoshFX की क्रांति

金融包摂のためのデジタル資産: 南アフリカにおける DoshFX の革命

Ativos digitais para inclusão financeira: a revolução da DoshFX na África do Sul

Tài sản kỹ thuật số cho tài chính toàn diện: Cuộc cách mạng của DoshFX ở Nam Phi

普惠金融的数字资产：DoshFX 在南非的革命

This article about AI in fintech services is originally written for Django Stars blog. Artificial Intelligence is not a new kid on the block, but rather an integral part of a growing number of industries. Forward-thinking executive managers and business owners actively explore new AI use in finance and other areas to get a competitive edge on the market. First used mostly in computer science, AI now has advanced to the most important areas of our life, e.g.: Transportation Education Health care . Financial services The rise of AI in the shows how fast it’s gaining traction, even in traditionally conservative areas, and how quickly it’s changing the business landscape. Here are just some of the most popular examples of AI in finance. financial industry 1. AI and Credit Decisions Artificial Intelligence provides a faster, more accurate assessment of a potential borrower, at less cost, and accounts for a wider variety of factors, which leads to a better-informed, data-backed decision. Credit scoring provided by AI is based on more complex and sophisticated rules compared to those used in traditional credit scoring systems. It helps lenders distinguish between high default risk applicants and those who are credit-worthy but lack an extensive credit history. Objectivity is another benefit of the AI-powered mechanism. Unlike a human being, a machine is not likely to be biased. Digital banks, loan-issuing apps and use machine learning algorithms to use alternative data (e.g., smartphone data) to evaluate loan eligibility and provide personalized options. online mortgage platforms Automobile lending companies in the U.S. have reported success with AI for their needs as well. For example, this report that bringing AI on board cut losses by 23% annually. shows 2. AI and Risk Management It’s difficult to overestimate the impact of AI in financial services when it comes to risk management. Enormous processing power allows vast amounts of data to be handled in a short time, and cognitive computing helps to manage both structured and unstructured data, a task that would take far too much time for a human to do. Algorithms analyze the history of risk cases and identify early signs of potential future issues. Artificial intelligence in fintech is a powerful ally when it comes to analyzing real-time activities in any given market or environment; the accurate predictions and detailed forecasts it provides are based on multiple variables and vital to business planning. A US leasing company, Crest Financial, employed artificial intelligence on the Amazon Web Services platform and immediately saw a significant improvement in risk analysis, without the deployment delays associated with traditional data science methods. You May Also Like: _The thing I like about finance is that this industry is as old as time - and yet, few people dare enter it. Luckily…_djangostars.com What You Need To Consider Before Building a Fintech Product - Django Stars Blog _One of the most famous travellers of all times, Christopher Columbus, made only 4 journeys during all his life. One of…_djangostars.com Machine Learning and Data Analytics in the Travel Industry 3. AI and Fraud Prevention For a number of years now, artificial intelligence has been very successful in battling financial fraud — and the future is looking brighter every year, as machine learning is catching up with the criminals. AI is especially effective at preventing credit card fraud, which has been growing exponentially in recent years due to the increase of e-commerce and online transactions. Fraud detection systems analyze clients’ behavior, location, and buying habits and trigger a security mechanism when something seems out of order and contradicts the established spending pattern. Banks also employ artificial intelligence to reveal and prevent another infamous type of financial crime: money laundering. Machines recognize suspicious activity and help to cut the costs of investigating the alleged money-laundering schemes. One reported a 20% reduction in the investigative workload. Case study Aggregators like (which works with financial giants like CITI, Goldman Sachs and American Express) take pride in their fraud-detection capabilities. Its complex algorithms can analyze interactions under different conditions and variables and build multiple unique patterns that are updated in real time. Plaid that connects a bank with the client’s app to ensure secure financial transactions. Plaid works as a widget 4. AI and Trading Data-driven investments have been rising steadily over the last 5 years and . It’s also called algorithmic, quantitative or high-frequency trading. closed in on a trillion dollars in 2018 This kind of trading has been expanding rapidly across the world’s stock markets, and for good reason: artificial intelligence offers multiple significant benefits. Intelligent Trading Systems monitor both structured (databases, spreadsheets, etc.) and unstructured (social media, news, etc.) data in a fraction of the time it would take for people to process it. And nowhere is the saying “time is money” truer than in trading: faster processing means faster decisions, which in turn mean faster transactions. offer more accurate predictions for stock performance due to the fact that algorithms can test trading systems based on past data and bring the validation process to a whole new level before pushing it live. Online investment platforms AI puts together recommendations for the strongest portfolios depending on a specific investor’s short- and long-term goals; multiple financial institutions also trust AI to manage their entire portfolios. The business news outlet, Bloomberg, recently launched , a price-forecasting application for investors powered by AI. It combines real-time market data provided by Bloomberg with an advanced learning engine to identify patterns in price movements for high-accuracy market predictions. Alpaca Forecast AI Prediction Matrix 5. AI and Personalized Banking Artificial intelligence truly shines when it comes to exploring new ways to provide additional benefits and comfort to individual users. In the banking sector, AI powers the smart chatbots that provide clients with comprehensive self-help solutions while reducing the call-centers’ workload. Voice-controlled virtual assistants powered by smart tech like Amazon’s Alexa are also gaining traction fast, which is no surprise: boasting a self-education feature, they get smarter every day, so you should expect tremendous improvements here. Both tools can check balances, schedule payments, look up account activity and more. A number of apps offer personalized financial advice and help individuals achieve their financial goals. These intelligent systems track income, essential recurring expenses, and spending habits and come up with an optimized plan and financial tips. The biggest US banks, such as Wells Fargo, Bank of America and Chase, have launched mobile banking apps that provide clients with reminders to pay bills, plan their expenses and interact with their bank in an easier and more streamlined way, from getting information to completing transactions. 6. AI and Process Automation Forward-thinking industry leaders look to robotic process automation when they want to cut operational costs and boost productivity. Intelligent character recognition makes it possible to automate a variety of mundane, time-consuming tasks that used to take thousands of work hours and inflate payrolls. Artificial intelligence-enabled software verifies data and generates reports according to the given parameters, reviews documents, and extracts information from forms (applications, agreements, etc.). Employing robotic process automation for high-frequency repetitive tasks eliminates the room for human error and allows a financial institution to refocus workforce efforts on processes that require human involvement. Ernst & Young has a 50%-70% cost reduction for these kinds of tasks, and Forbes it a “Gateway Drug To Digital Transformation”. reported calls A leading financial firm, JP Morgan Chase, has been successfully leveraging Robotic Process Automation (RPA) for a while now to perform tasks such as extracting data, comply with Know Your Customer regulations, and capture documents. RPA is one of ‘ ‘ JP Morgan Chase uses to enhance the cash management process. five emerging technologies What to Expect in The Future From AI in the Financial Industry Predictions for the soon-to-come AI applications in financial services is a hot topic these days but one thing is for sure: AI is rapidly reshaping the business landscape of the financial industry. There are high hopes for increased transactional and account security, especially as the adoption of blockchains and cryptocurrency expands. In turn, this might drastically reduce or eliminate transaction fees due to the lack of an intermediary. All kinds of digital assistants and apps will continue to perfect themselves thanks to cognitive computing. This will make managing personal finances exponentially easier, since the smart machines will be able to plan and execute short- and long-term tasks, from paying bills to preparing tax filings. We can also expect to see better customer care that uses sophisticated self-help VR systems, as natural-language processing advances and learns more from the expanding data pool of past experience. A new level of transparency will stem from more comprehensive and accurate know-your-client reporting and more thorough due-diligence checks, which now would be taking too many human work hours. Conclusion As we can see, the benefits of AI in financial services are multiple and hard to ignore. According to , 65% of senior financial management expects positive changes from the use of AI in financial services. Forbes This said, as of late 2018, only a third of companies have taken steps to implement artificial intelligence into their company processes. Many still err on the side of caution, fearing the time and expense such an undertaking will require — , and there will be challenges to implementing AI in financial services. However, one can’t shy away forever from technological progress and not facing it now may cost more in the long run.

AI to Transform The Financial Services: Six Examples

It is getting every day more evident that the bitcoin presents many limitations as a means of payment. Limitations on the size of the blocks (1MB maximum) and the speed of adding blocks to the blockchain (one every 10 minutes), which generates another limitation that the high costs attached to transactions and make the bitcoin a very poor competitor with regard to other means of payments. This could change with the emergence of the Lightning Network. What is the Lightning Network? . This Protocol now applies to the whole of the blockchains and allows millions of transactions per second with extremely low fees. The Lightning Network is a protocol which goal is to enable the bitcoin to extend its network by accelerating the speed of the transactions The technology used by the lighting network is the so-called . “Micropayments Channels” is a technology that allows you to gather several small transactions in the same transaction in order to limit the costs and not have to wait for the confirmation of each transaction. “channels of payments” (i.e a multisig transaction). The transaction will not be broadcasted on the network and will have the vocation to block a certain sum of money. Each party must therefore first create together a channel by issuing a transaction that they must all sign using their private key The Lightning Network proposes a , which means that both parties can make payments through the same channel. The two parties may, therefore, block a sum of money in the multisig transaction and perform transactions through this channel. bidirectional channel The Lightning Network also organizes the networking of these different channels in order to make payments by interposed persons. To do this, the software will perform a series of steps that will allow Alice to transfer funds to Carol by the intermediary of Bob. How does the lightning network actually work? Let’s imagine that Carol wishes to transfer a bitcoin to Alice, but has no direct channel with her. The payment will, therefore, go through an intermediary, “Bob” who has an open channel with both Carol and Alice. Source: BitcoinMagazine The steps of a transaction conducted through the lightning network are the following: 1- Alice requests Carol to create a value (for example a mixture of digit and letter), and to transfer the hash as well as her bitcoin address. 2- Alice transmits the hash to Bob and tells him that she would send him a bitcoin if he shows the value that he has received from Carol proving that it has transmitted a bitcoin to Carol. 3- Bob receives the value (which checks the hash) from Carol and transmits her a bitcoin in return. 4- Bob passes the value that he has received from Carol to Alice thus proving that it has transferred the bitcoin to Carol. Alice can, therefore, send him to turn a bitcoin safely. As we see Alice uses the channel that Bob has put in place with Carol to transfer a bitcoin. Obviously, this scenario works with several intermediaries. But as you may be wondering, (step 4 above)? what would happen if Alice changed her mind and decided to no longer transfer the bitcoin once she has received the value from Bob and that the latter has forwarded the bitcoin to Carol Hash Time-Locked contract To solve this issue, the lightning network uses a process called . If we take the example above of a transfer of bitcoin from Alice to Carol, the establishment of a Hash Time-Locked Contract is done according to the following steps: “Hash Time-Locked Contract” which includes both a timer (“ Time-Locked”) and a secret (“ hash”) 1- Alice sends the bitcoin that she wants to transfer to Carol, toward a third-party address, which requires the signature of both parties to be unlocked (multisig address). 2- Bob can recover funds by sending them to an address he controls at any time by adding his signature and the value that has been transmitted by Alice. 3- Alice can also send the funds to an address that she controls but only after a certain period (“ Time-Lock”). This mechanism is then used at network level. Alice and Bob have also put in place a hash Time-Locked Contract. In our example below, Bob receives the value of Alice before transferring the bitcoin. The two channels are linked so if Alice does not want to transfer the bitcoin, Bob will be able to insert the value that it has received from Carol in the Hash Time-Locked contract in place with Alice and thus be certain to recover it. The Lightning Network, therefore, represents an important step for the development of the network bitcoin and can be a solution for networks of communication between machines that are presently developing. The implementation of the lightning network could have the effect opposed to that discount The Lightning Network seems to have been chosen as the solution to the problems of the bitcoin since it proposes a very promising architecture. As we just described it allows the creation of channels in which users can perform as many transactions as they wish without having to add them to the blockchain each time but at the same time, benefiting from the security of a decentralized network. (which is the result of the netting for what the parties owe each other) is added to the blockchain. In other words, the operations are confirmed instantly and the costs are distributed between all the transactions carried out in the channel when it is closed and the last transaction Lightning network The only problem lies in the fact that the channels are only defined between two persons. In order to reach a person with whom you do not share a channel, you will need to use intermediate nodes or “hubs” (Bob in our example). However, these nodes could be considered by the regulatory agencies as “money transmitters” and as such be subject to requirements such as the minimum capitalization, KYC checks (…) which cannot be filled by anyone. as a person that provides money transmission services, or any other person engaged in the transfer of funds. The term “money transmission services” means “the acceptance of currency, funds, or other value that substitutes for currency from one person and the transmission of currency, funds, or other value that substitutes for currency to another location or person by any means.” “FinCEN’s regulations define the term “money transmitter” If this was the case, each node serving as an intermediary should be able to carry out checks on the origin of the funds, which implies the establishment of important system and could therefore not be carried out by financial institutions. , but only the future will confirm this scenario. This is where banks and large companies such as the credit card companies could enter the game and begin to manage the bitcoin network If you Enjoyed this article, please do not hesitate to like it and share it!! Thank you

LIGHTNING NETWORK: ALLY OR ENNEMY OF THE BITCOIN ?

This post is part of a larger attempt to share my personal “systems” that help me organize my life. I’m no expert, but by sharing my system, I hope to get feedback and inspire others to share as well. Why should I care about this anyway? So you’re thinking, I’m young, free, wild and I don’t need to be caring about myself 5, 10, or 50 years in the future — I’ll probably have enough income by then anyways! Screw this, I want money now! I won’t spend this article addressing why you should be saving as there are , but overall, you’re literally losing money by not investing it now — and investing is a sure-fire way to make sure you and your future family are financially stable. plenty of other articles that do Well, shit. What am I supposed to do though, there are so many options? How can I even pick? Minimal action is WAY better than no action. Start investing now, don’t fall victim to choice paradox. Do SOMETHING. I know nothing and don’t invest. What should I do? Assuming you’re relatively young, here are the top priority things: Pay off your debt. Have a savings “emergency fund.” If you have a company match, invest money in a 401(K). Invest as much as you can in a Roth IRA every year. ($5,500 max / year) Invest any non-retirement savings in a short-term retirement account (e.g. Wealthfront, Vanguard Brokerage Account, etc.). Don’t let your checking account hold a ton of money! It is because of inflation. literally losing money Stephen’s financial system Below is a diagram of exactly what I do with my money. I have recurring transactions set up for most things. (1) 401(K) Think of your 401(K) as your responsible aunt. You can give money to her, and you can tell your aunt where to invest the money, so long as you don’t get to take any of it out until retirement. You usually do this through your company. I fill up my 401(K) every year, especially since I have a company match. 401(K)s are the best way to save for retirement. I invest my 401(K) in a Lifecycle fund ( — Vanguard Target Retirement 2060 Fund Investor Shares). What I do: VTTSX Lifecycle funds like VTTSX will automatically transition your stocks to bonds as you age, thereby de-risking your investments as you get closer to retirement (so you really don’t have to think about them at all). (2) HSA Health Savings Accounts are another “aunt” where you can put money, but have certain restrictions. Health Savings Accounts are not taxed at all ! The main catch is that you can only spend the money on health-related expenses (a likely given expenditure for most individuals). I max it out every year through my company service, . I invest it in the riskiest profile that my HSA provider offers. What I do: HealthEquity (3) Checking Account I use Bank of America, but I’m told there are other marginally better checking accounts that have better ATM coverage, etc. Overall, I haven’t prioritized my checking account as a high priority item to investigate in my finances. What I do: (4) Roth IRA These accounts are awesome — they are a post-tax account that grows tax free, and you can take out the principal, without penalty. The catch is that you can only put in $5,500 per year, and often times less if your gross income is higher than a certain limit. In general, one should put money here if they can. I max out this account if possible, through . I invest the money in the lifecycle fund VTTSX as well. What I do: Vanguard Remember: you can’t just put money in a Roth IRA and expect it to grow. You put it into a Roth IRA and invest the money in something! If you’re confused and don’t know what to do — lifecycle funds are made for you. Invest the money in VTTSX (assuming 2060 target retirement). THEN (5) Savings Account I have an account with which has a good APY (Annual Percentage Yield), and I keep a small (under $1000) amount in there. In a real jam, I have friends/family that I would ask to loan money from, so I don’t feel like I need the large safety net usually recommended. If you don’t have this luxury, it makes sense to put a lot more money here. What I do: Ally Bank (6) Investing (short-term) Short-term investing is useful for large ~10-15 year-out purchases. Things like weddings, buying a house, and getting a new car. Note that the market is volatile, so you could lose any money you invest here in the short-term. Firstly, I use for the majority of my short-term investing. I put in money in Wealthfront under the fee cap (so I don’t have to pay fees on using Wealthfront), but I would still consider keeping money in my Wealthfront if there were fees applied. What I do: Wealthfront Secondly, I use a Vanguard Brokerage account (Vanguard is great because lowest fees) and invest in 45% VTI, 45% VSUX, 10% BND. (Note be careful about investing in both Vanguard and Wealthfront simultaneously, as there are some tax implications that might reduce the tax harvesting benefit Wealthfront provides). Again, my opinion is that it’s better to invest in SOMETHING rather than nothing — so if it’s individual ETFs in Vanguard, Wealthfront, Betterment, it’s better to have your money sitting in an investment account regardless. I picked Wealthfront because it had a partnership with my company. Why VTI, VSUX, and BND? You can learn more about them . This is a simple quick to get started. here three-fund portfolio (7) Credit Cards I have three credit cards: that I use for my travel rewards, that I use for the rotating discounts (groceries, transportation are two big categories), and an that I use for my Amazon purchases. What I do: Chase Sapphire Preferred Chase Freedom Amazon Prime Card They’re all pretty good cards with good deals, but the benefits and perks change pretty frequently, so I usually check sites like NerdWallet before getting a new card. (8) Payment Apps I drain my payment apps of their balance as much as possible, so that I can keep my money organized and invest as much as possible. I personally use Messenger, Paypal, Square Cash, and Venmo. What I do: (9) Bills Pay these off. I try to automate where possible. Not much more to it. (10) “Fun” investing Lastly, I enjoy making small bets on the stock market. I personally invest in Bitcoin via , as well as invest about $500 for fun in , to play random stocks and keep myself knowledgeable about certain companies. What I do: Coinbase Robinhood Below is a list of the full list of services I use (with referral links, if you found this info useful!): Vanguard 401(K) HealthEquity HSA Vanguard Roth IRA Ally Bank Savings Account Wealthfront Short-term investing Vanguard Short-term investing Credit Cards: , , Chase Sapphire Preferred Chase Freedom Amazon Prime Payment Apps: Venmo, Facebook Messenger, Square Cash, Paypal Robinhood Coinbase I also strongly recommend reading by Ramit Sethi, which is a huge inspiration for my financial system. I Will Teach You to Be Rich Enjoyed this article? heck out some of my other articles below! C How I Live With 115 Items How I Read Books So They Last I started my own T-shirt company in 24 hours and made $0 If you liked this article, please recommend it on Medium, and sign up for my monthly newsletter! Follow me on Twitter at @stervyc.

My Entire Financial System in One Diagram

For this article, I decided to do something different, reflecting on the past year and making two lists: the winners and the losers of 2023. Let’s start with the ones who hoped for a better year. 2023 Losers 1. SBF The inclusion of SBF here probably represents a bigger category, the smartasses who think they can just cheat their way up and cover up their sins with bribes and stacks of money. Well, SBF now is a first-person example that this is not always the case. The previous bear market cycle has shown those who were bathing without a suit, with the most classic revolving door becoming between crypto firms and jails. The US is trying to prove that anyone making their way up by cheating will be eventually brought to justice. Nonetheless, SBF is also a testament to the issues plaguing our system, where media and governmental protection can be bought, and everyone can turn a blind eye if they pay enough to cover them. As mentioned above, the SBF category honestly includes any other scammer out there, who was acting all cool and cocky (I see you Do Kwon) and has finally been put in jail for good. 2. Gary Gensler I feel sorry for this man; I can only think about a couple more examples of embarrassing politicians to the extent he does. The fact that he’s acting in bad faith is clear and proven by his past declarations. His crusade against crypto is his blood sacrifice to make it to the top, showing his soulless masters that he’s a good boy and will do everything in his power to safeguard the status quo. I really pity this guy; I am quite sure he cries out loud when he goes back home. For me, the biggest loser. 3. Elizabeth Warren Imagine being anti-banks and anti-crypto. Imagine making your whole career as an anti-bank Democrat, going against the biggest tool that can help decentralize the banking business, and probably offering them the only real competition. You can, by selling your soul. Is there anything else to say? Someone, please explain to her how crypto works. She doesn’t know it, but she advocated for crypto solutions for years, until those solutions were developed, and now.. back to the status quo. What a loser…. 4. CZ Makes only sense to put CZ as number 4 on this list. The person who has been the face of our industry for so long has pleaded guilty and reached an agreement for a multibillion-dollar fine to Binance. And this is not over yet, as CZ will have a trial in Q1 2024 and is currently prohibited from leaving the US. In retrospect, this was probably either granted or unimaginable, depending on where you land on the Binance-sympathy spectrum. For the crypto as a whole is the removal of a systemic risk, of an exchange possibly considered too big to fail. Nonetheless, I cannot but empathize with CZ. It’s hard to operate an exchange like Binance across multiple regulations. The message here is clear: you may be able to resist in the short term, but if they want, the US authorities will get you, even if you are an off-shore entity operating in the US. 5. Maximalism Probably the biggest loser of 2023 is maximalism. The continuation of the Ethereum Scaling Roadmap, with the development and deployment of Layer 2, Optimistic and ZK Rollups, new Data Availability Solutions, Retaking, and new Layer 1s focused on Gaming and Parallelization (Monad, Blast, Neon) have set out a clear path for the evolution of blockchains. One which is made by modularity and interoperability, and not siloed ecosystems. Those who have bet on their own closed systems fatigue to leverage network effects across protocols and networks alike. Those who made a living out of advocating for the technical superiority of their network are now with their backs against their wall, concerned about the survival of their arguments across a cross-chain ecosystem. On the other hand, those who have bet on cooperation and coordination are benefiting the most, from a win-win approach that is not always about self-interest. Being a maximalist in 2024 will be embarrassing. And now, onto the biggest winners! 2023 Winners 1. Coinbase Brian is by far our favorite tech baldie. We don’t have enough room in this piece to highlight every positive development at Coinbase this year. Nonetheless, in my eyes, Coinbase is the biggest company that is still aligned with the cryptocurrency . We have repeatedly seen how they questioned the SEC judgments, bringing them to court. ethos Aside from the fact that they are a CEX and, of course, care about their own business, Coinbase is a force for good within the industry and deserves the spot among the 2023 winners. Admitting a limited relevance of numbers themselves, Coinbase stock has been performing godly since the beginning of the year. In a year of trading troubles, Coinbase managed to shift the majority of its revenues to non-trading income. Within those, their Custody is especially set to have a great 2024 given that most ETFs propose Coinbase as their custodian. 2. Justin Sun Justin Sun is one of those god-like OG personalities within the crypto world. The lines between him and Tron are more blurred than ever. However, we cannot neglect Justin Sun his spot among the 2023 winners. Tron USDT has established itself as the stablecoin with the most volumes and is significantly used in third countries plagued by inflation. Arguably, this is the best use case of crypto as a whole nowadays and provides practical benefits to countless people worldwide. We don’t know whether this was Justin’s plan all along, or if he even cares at all, but he deserves his spot - what a humble king! 3. Paolo Ardoino Together with Pizza and Pasta, Paolo is another of the great Italian heritages starting with P. Crowned with the role of CEO, the king of Tether continues to be a trailblazer in the industry. In 2023, Tether reported over and is one of the , holding over $70b. $32b in excess reserves biggest holders of US treasuries The Tether dominance has found an unsuspected ally: the failure of US Banks (Silicon Valley Bank etc.) that hosted the accounts of USDC, USDT's main competitor. Tether’s hybrid structure merging offshore compliance and billions of US treasury holdings with close regulatory relationships (even with secret services), makes it an interesting example. Paolo has a golden aura within the sector: he’s a strong libertarian Bitcoiner, however, his company single-handedly has the shitcoin market on its shoulders, as well as having close ties with US regulators and regularly confiscating and freezing funds. We have seen other Bitcoiners fail from their thrones for much less; why does Paolo always get a pass within the community? 4. Layer 2s (L2) Chances are, you spent most of 2023 transacting on L2s. First Optimism and Arbitrum, then ZkSync or others like Scroll, Linea, or Layer Zero. The Ethereum scaling roadmap is moving forward, and there’s a lot of new kids on the block! While many argue that this contributes to taking volume and attention from Ethereum, this is exactly the whole point of scaling the system. A successful constellation of L2 is, in fact, a testament to the success of Ethereum. There’s not much else to say here: this is one of the most active areas in the whole sector, with some of the most obsessive innovations shipped recently. Stay tuned for 2024, when many of these networks will launch their mainnet. 5. Solana We cannot avoid putting Solana on the throne. What comes down must go up, and this was especially true for the price and activity of Solana, which exploded this year. What was regarded as a ghost-town network at the beginning of the year has managed to go through a re-invention including: Removing ties with bad actors. Reorganizing along community lines. Creating new tools and infra benefiting clients etc. Building a suite of DeFi products adding new use cases as well as avenues to stake and use SOL within DeFi. This combination resulted in renewed activity and volumes on-chain. In case you didn’t know: the dog has a hat. Solana is back. 6. Friend Tech The dApp of the year! during the first week of Friend Tech's inception, mentioning how I thought it had no future. RIP to my article Friend Tech went to capture most of the attention during a period that was narrative-dry. The situation slowed down eventually, raising concerns about the future of “Social Media in Web3.” However, I am quite confident that the Friend Tech hype will return in 2024, as we get closer to the airdrop. This is my top 10 winners and losers. Of course, I have forgotten many … Who do you think I should have mentioned? The author of this post is not associated with the projects mentioned in this article in any way. All of the content above is not financial advice, and you are always encouraged to do your own research. Also published here

The Top Winners and Losers of Crypto in 2023

2023 সালে ক্রিপ্টোর শীর্ষ বিজয়ী এবং পরাজিত ব্যক্তি

Die Top-Gewinner und -Verlierer von Krypto im Jahr 2023

Los principales ganadores y perdedores de las criptomonedas en 2023

Les principaux gagnants et perdants de la crypto en 2023

2023 में क्रिप्टो के शीर्ष विजेता और हारने वाले

2023 年の仮想通貨の勝者と敗者

2023년 암호화폐 최고의 승자와 패자

Os principais vencedores e perdedores da criptografia em 2023

Лучшие победители и проигравшие в криптовалюте в 2023 году

2023'te Kripto'nun En Çok Kazananları ve Kaybedenleri

Những người thắng và kẻ thua hàng đầu về tiền điện tử năm 2023

2023 年加密货币的最大赢家和输家

In the ever-evolving landscape of digital security, 2023 has been a year marked by an alarming increase in the sophistication and frequency of cyber attacks. As organizations across various sectors grapple with the challenges posed by these threats, the financial implications of cyber breaches have become a focal point of concern. With the global average cost of a data breach reaching a $4.45 million, the economic impact of these incidents cannot be overstated. This figure serves as a baseline for understanding the broader financial damage inflicted across industries, highlighting an urgent need for enhanced cybersecurity measures. staggering Particularly vulnerable sectors such as and healthcare have experienced even higher average costs, at $5.97 million and $6 million respectively, underscoring the targeted nature of cyber threats and the critical importance of safeguarding sensitive information. financial services approximately The education and energy sectors are behind, with average breach costs of $3.86 million and $4.72 million, illustrating the widespread vulnerability across the board. An assumed average for IT services, based on sector vulnerabilities and attack frequencies, is estimated at around $5 million, further emphasizing the pervasive risk of cyber incidents. not far These data points not only shed light on the financial toll of cyber breaches but also serve as a clarion call for organizations to reassess and fortify their digital defenses. As we delve deeper into the specifics of these breaches, including the sectors most affected and the types of data compromised, the imperative for a robust and proactive cybersecurity strategy becomes increasingly evident. This article aims to explore the data-driven problem statement surrounding cyber security breaches in 2023, offering insights into the scale of the challenge and the critical steps needed to navigate this digital minefield effectively. The Frontline Defenders Information Security Teams, Fraud and Risk Officers, and Online Business Teams are on the cybersecurity frontlines. These professionals confront a complex array of challenges that not only threaten the integrity of organizational data but also the trust and safety of their customers. Below, we delve into the specifics of these challenges, dissecting the mechanisms of attack and outlining strategies for defense. Phishing Emails: The Evolving Threat of Cyber Deception Phishing attacks have become a sophisticated and pervasive threat in the cyber landscape, aiming to manipulate recipients into compromising their sensitive information or inadvertently facilitating the installation of malicious software. These deceptive emails are cunningly crafted to appear as if sent from trustworthy sources, using social engineering techniques to prey on human vulnerabilities. Phishing communications often harbor dangerous links or attachments which, upon interaction, deploy code that infects the victim's system with malware. The range of malware distributed through phishing includes, but is not limited to, ransomware, which encrypts user data demanding ransom for access, and spyware, which covertly collects and transmits user information to the attacker. Defense Strategies : Enhanced education programs to empower employees with the knowledge to identify and neutralize phishing threats. Comprehensive Training : Deployment of sophisticated email security technologies to filter out phishing emails efficiently. Advanced Email Security : Adoption of a fortified security posture, integrating endpoint detection and response (EDR) tools for proactive threat identification and resolution. Robust Security Infrastructure Website Spoofing: A Growing Concern The creation of counterfeit websites that closely mimic legitimate ones is an increasingly common tactic used by cybercriminals. These fake sites deceive individuals into believing they are engaging with reputable entities, leading to the unauthorized capture of personal and financial details. According to , a new phishing site emerges every 11 seconds in 2023, highlighting the escalating challenge of website spoofing. These fraudulent sites often remain active for extended periods, significantly increasing the risk of widespread information theft. recent research Defense Strategies : Leveraging cutting-edge technologies for the immediate detection of spoofed sites and swift issuance of takedown notices. Dynamic Monitoring : Strengthening public awareness about verifying website authenticity, emphasizing the importance of secure connections (HTTPS). User Education : Implementation of Two-Factor Authentication (2FA) to safeguard access to sensitive accounts, providing an additional layer of security. Enhanced Authentication Credential Stuffing: Automated Access Threat Credential stuffing attacks utilize stolen login credentials to gain unauthorized access to multiple accounts across platforms. These automated assaults exploit the prevalence of password reuse, with attackers employing bots to systematically test stolen credentials on various websites. Defense Strategies : Deployment of intelligent systems capable of detecting and alerting on anomalous login behaviors indicative of credential stuffing. Unusual Activity Alerts : Promoting the use of unique, complex passwords and educating users on maintaining strong password hygiene. Password Management Policies : Mandating MFA to significantly diminish the likelihood of unauthorized account access, safeguarding user identities even when credentials are compromised. Multi-Factor Authentication (MFA) Memcyco: A Paradigm Shift in Cyber Defense introduces a groundbreaking approach to cyber defense, offering comprehensive protection against phishing, website spoofing, credential stuffing, and other cyber threats. By embedding a real-time active tracking sensor on legitimate sites, Memcyco delivers unparalleled attack visibility, ensuring robust protection for organizations and their clientele. Memcyco Securing the Digital Frontier: Introducing Memcyco's Cybersecurity Innovations The proliferation of website spoofing and phishing attacks not only poses a significant risk to sensitive data but also erodes the trust that companies work tirelessly to build with their customers. Amidst this backdrop, Memcyco emerges as a beacon of innovation and reliability, offering a robust suite of cybersecurity solutions designed to fortify digital defenses and enhance user confidence. As we delve into the features and safety measures provided by Memcyco, it's clear that their approach is not just about defense; it's about establishing a new paradigm in digital trust and security. The following table offers a comprehensive analysis of Memcyco's offerings, showcasing how their unique solutions stand to benefit businesses and their clientele alike, ensuring a safer digital future for all. Feature/Measure Description Benefit to Companies Benefit to Customers Implementation Ease Real-Time Detection of Fake Sites Memcyco uses an active tracking sensor embedded in the company’s authentic site to detect fake sites in real-time. Maximizes attack visibility and offers full protection, reducing the risk of data breaches and financial losses. Reduces the likelihood of falling victim to scams, enhancing personal data security. Agentless solution; fast and simple implementation. Watermark for Website Authenticity Utilizes a watermark to confirm the authenticity of a website, making it easier to distinguish from fake sites. Protects brand reputation by ensuring the company’s website is easily identifiable as genuine. Increases confidence in the authenticity of the site they are visiting, reducing fear of scams. Fast, requiring minimal changes to the existing website setup. Real-Time Red Alerts Issues immediate alerts to users and companies when a fake site is detected or when there is an attempt to visit one. Enables rapid response to potential threats, decreasing the impact of attacks and workload on security teams. Warns users about potential scams in real-time, preventing credential theft and financial loss. Simple to integrate, providing immediate benefits without complex setup. Forensics on Attacks Provides detailed information on the attack, the attacker, and the targeted victims. Assists in understanding attack vectors, improving defense strategies, and regulatory compliance. Not directly applicable, but contributes to overall security improvements and trust in the company. Requires integration with the company’s security infrastructure but offers significant long-term value. Attack Mitigation Techniques Implements various innovative techniques to stop attackers and take down fake sites. Reduces financial losses due to customer reimbursement and lowers the operational burden on SoC, fraud, and customer care teams. Minimizes the chance of encountering scams, enhancing trust and safety in online interactions. Involves coordination with legal and cybersecurity teams but is streamlined through Memcyco’s services. Customer and Brand Protection Through its end-to-end solution, Memcyco ensures the security of both enterprises and their customers against spoofing and brandjacking. Lowers cost for the company by reducing customer reimbursements and improving operational efficiency. Enhances digital trust, reducing churn and fear of scams, encouraging safer online interactions. Designed for easy integration with existing systems, supporting a wide range of industries. Beyond Defense: Memcyco's Commitment to Digital Trust and Security Navigating through the complexities of cyber threats requires more than just reactive measures; it necessitates a proactive and comprehensive strategy that anticipates potential vulnerabilities and acts swiftly to neutralize them. Memcyco's suite of solutions embodies this ethos, providing businesses with the tools they need to stay ahead in the digital arms race. The analysis above highlights the depth and breadth of Memcyco's capabilities, underlining its role as a pivotal ally for companies aiming to protect their digital domains and maintain the trust of their customers. In embracing Memcyco's innovative approach to cybersecurity, businesses can not only safeguard their assets but also reinforce their commitment to digital integrity and trustworthiness. As we forge ahead in the digital age, Memcyco stands as a testament to what can be achieved when cutting-edge technology meets strategic foresight, ensuring that businesses and their customers can navigate the digital realm with confidence and security. Innovative Protection Measures : Utilization of watermarks to confirm the genuineness of websites, mitigating the risk of spoofing. Website Authenticity : Instantaneous Red Alerts to inform users and organizations about potential spoofing attempts, enabling prompt counteraction. Real-Time Alerts : Agile identification and neutralization of fake sites, minimizing exposure and impact. Takedown Services Customer-Centric Benefits : Diminished success rate of scams, lowering the risk of account takeover (ATO) and enhancing customer security. Reduced Attack Impact : Strengthening digital confidence, encouraging secure interactions and transactions. Enhanced Trust and Engagement : Assisting organizations in adhering to existing and forthcoming regulations regarding online fraud and customer protection. Regulatory Compliance Support Tailored Cybersecurity Solutions Across Industries Strategic Defense in High-Stakes Sectors 's cybersecurity framework is meticulously designed to serve the unique needs of high-transaction, high-stakes sectors, including Financial Services, e-Commerce, Tourism, Logistics, Charity, and Education. These industries, characterized by their substantial digital footprints and the critical nature of their transactions, are often the prime targets for sophisticated cyber threats such as website spoofing and brandjacking. Memcyco The complexity and diversity of these sectors demand a cybersecurity approach that is both versatile and robust, capable of addressing the specific challenges and regulatory landscapes inherent to each field. Financial Services and e-Commerce, for instance, operate under stringent regulatory standards due to the sensitive nature of financial transactions and personal data they handle. The potential for significant financial loss and reputational damage from a successful spoofing attack in these sectors is substantial. Similarly, the Tourism, Logistics, Charity, and Education sectors, while varied in their operations, share a common vulnerability to the erosive effects of cyber threats on consumer trust and operational integrity. 's strategic deployment of sector-specific cybersecurity solutions leverages deep industry insights to mitigate these risks. By offering tailored protection mechanisms that align with the regulatory, operational, and reputational priorities of each sector, Memcyco ensures that its clients are not only defended against current threats but are also prepared for emerging challenges. Memcyco Elevating Digital Trust Through Advanced Security At the heart of 's mission lies the commitment to redefining digital trust. This ambition transcends the mere provision of cybersecurity solutions to address the broader implications of cyber threats on the digital ecosystem. Memcyco understands that in today’s interconnected world, the impact of website spoofing and brandjacking extends beyond individual organizations, threatening the very foundation of digital trust that supports the global economy. Memcyco s agentless, real-time protection mechanism is a cornerstone of this mission. By offering immediate detection and response capabilities, Memcyco not only narrows the critical "window of exposure" during which organizations and their customers are most vulnerable but also provides a proactive defense that adapts to the evolving cyber threat landscape. This approach not only protects the tangible assets of an organization but also safeguards its intangible assets — trust and reputation — which are increasingly recognized as critical to long-term success in the digital age. Memcyco' Moreover, Memcyco positions itself as a partner in the creation of a secure digital ecosystem. By championing authenticity, security, and trust, Memcyco not only defends against the immediate threats of website spoofing and brandjacking but also contributes to the establishment of a more resilient digital environment. This commitment is manifested in the comprehensive nature of Memcyco's solutions, which encompass not just the technical aspects of cybersecurity but also the strategic, regulatory, and educational dimensions necessary for holistic protection. A Strategic Ally in Cyber Defense The year 2023 has underscored this transformation, revealing a landscape fraught with sophisticated cyber threats that not only challenge our technological defenses but also test the resilience of our digital trust and economic stability. The staggering economic repercussions of cyber breaches, with an soaring to $4.45 million, serve not merely as statistical evidence of this challenge but as a clarion call for a paradigmatic shift in how we approach digital security. average global cost As we stand at the precipice of an increasingly digitalized world, the narrative surrounding cybersecurity has shifted from a peripheral concern to a central axis around which the integrity of global business operations pivots. Memcyco's tailored solutions for diverse industries and its overarching mission to elevate digital trust represent a forward-thinking approach to cybersecurity. For cybersecurity experts and corporate leaders alike, Memcyco offers not just a line of defense but a strategic ally in the quest to navigate the complexities of the digital age securely. By integrating cutting-edge technology with deep sectoral insights and a commitment to digital integrity, Memcyco is reshaping the landscape of cybersecurity solutions, making a secure, trusted digital ecosystem not just an aspiration but a tangible reality. 's offerings reveals a multi-faceted approach to cybersecurity, one that transcends traditional defense mechanisms to incorporate a comprehensive ecosystem of real-time detection, advanced authentication, and strategic mitigation. This not only ensures robust protection against a myriad of cyber threats but also enhances the resilience of businesses against the potentially devastating impacts of data breaches, website spoofing, and phishing attacks. Memcyco As we navigate the complexities of the digital age, the role of cybersecurity solutions like Memcyco becomes increasingly critical. Their ability to provide a dynamic and adaptive defense mechanism against an ever-evolving threat landscape is pivotal for businesses striving to maintain operational integrity, regulatory compliance, and, most importantly, customer trust. The emphasis on creating a secure and trusted digital ecosystem reflects a broader commitment to elevating the standards of digital engagement, ensuring that businesses and their customers can interact with confidence and security. Don’t forget to like and share the article!

The $4.45 Million Cyber Catastrophe: Can Your Business Afford the Risk?

$4.45 মিলিয়ন সাইবার বিপর্যয়: আপনার ব্যবসা কি ঝুঁকি বহন করতে পারে?

Die 4,45-Millionen-Dollar-Cyberkatastrophe: Kann sich Ihr Unternehmen das Risiko leisten?

La cibercatástrofe de 4,45 millones de dólares: ¿puede su empresa afrontar el riesgo?

La cybercatastrophe de 4,45 millions de dollars : votre entreprise peut-elle supporter le risque ?

$4.45 मिलियन की साइबर आपदा: क्या आपका व्यवसाय जोखिम वहन कर सकता है?

445 万ドルのサイバー大惨事: あなたのビジネスはリスクに耐えられますか?

445만 달러 규모의 사이버 재앙: 귀하의 비즈니스가 위험을 감당할 수 있습니까?

A catástrofe cibernética de US$ 4,45 milhões: sua empresa pode arcar com o risco?

Киберкатастрофа стоимостью 4,45 миллиона долларов: может ли ваш бизнес позволить себе такой риск?

4,45 Milyon Dolarlık Siber Felaket: İşletmeniz Riski Karşılayabilir mi?

Thảm họa mạng trị giá 4,45 triệu USD: Doanh nghiệp của bạn có thể chấp nhận rủi ro không?

价值 445 万美元的网络灾难：您的企业能承受风险吗？

By James McDowall, Founding Partner, Arcanum Capital In the world of traditional finance, private equity firms have long been known for their old-school approach to investing, characterized by large capital deployments into established companies with the aim of generating substantial returns over a relatively long period. However, as the financial landscape undergoes a seismic shift with the rise of Web3 technologies and decentralized finance (DeFi), there is a growing realization that private equity firms need to adapt their strategies to remain competitive in this new era. More than almost anything else, private equity firms – especially in nascent, hyper-growth tech spaces – can benefit from the approach, which involves selecting projects that are strong in most areas but may be missing one piece that can be supplied by the network and resources of the VC group. Y Combinator One of the key advantages of operating this way is the newfound ability to open up engagement and focus on early-stage investing in startups and nascent companies. In the Web3 era, where disruptive technologies such as blockchain, decentralized applications (dApps), and non-fungible tokens (NFTs) are reshaping industries, the Y Combinator approach provides firms with the foresight and tools to identify and ultimately invest in promising early-stage projects. By shifting focus towards early-stage investments, private equity firms can gain exposure to innovative technologies and business models that have the potential to deliver outsized returns in the long run. Of course, you don’t need me to tell you that the Y Combinator has been wildly effective in the modern era, with Y Combinator itself being one of the most successful venture capital firms in the world. The firm’s success can be attributed to its unique approach to investing, which involves providing startups with a range of resources, including mentorship, funding, and access to a vast network of investors and entrepreneurs. approach This approach has helped Y Combinator identify and invest in some of the more marquee startups in the world, including Airbnb, Dropbox, and Reddit, to name just a few. In response to this success, venture capital firms are now applying a similar structure and mentality to their investment strategy, with their reach extending beyond capital commitments. By providing startups with the ancillary resources they need to succeed, VC firms can help ensure their investments are as successful as possible, generally leading to greater returns. They can also proliferate their own circular economic ecosystem, which grows more important every day. Within their self-created and sustaining network, VC firms are then able to get more creative, thoughtful, and forward-looking with their projects, considering companies that lack the already proven mature growth and revenue traditionally needed and still need a few gaps filled within their model; for example, investing in great groups that may have amazing vision, but have largely ignored marketing/pr strategy, or one that lacks an advisory board or a few particularly-focused developers, or even one that is still searching for another key piece of their GTM and/or infrastructure. This approach is especially effective in global blockchain startups, where a hands-on, activist approach is critical for investors dealing with brilliant, but sometimes less-than-organized teams who are flying the plane while it's being built, so to speak. Let’s get granular here with great examples from a couple of Arcanum Capital’s portfolio companies: Two Case Studies: Kandola and Cross The Ages Kandola Kandola’s value proposition hit us right where we live: Building a decentralized data-as-a-service platform that guarantees data security, data integrity, and data privacy while catering to the real-time storage and retrieval needs of applications, transcending today’s digital economy with new opportunities for innovation and growth across sectors. The challenges reside in being able to handle the sheer volume, variability, and velocity that general purpose data transactions are known for and delivering on the Web3 promises of greater security, transparency, and accountability. Their platform brings data closer to Web3 smart contracts and DApps by enabling real-time analytics and AI training and deployment on unified data views (data lakes) that span across application-generated data, blockchain data, and outside-world data. What they are building is not only applicable to Web3, but it also caters to the storage and retrieval needs of IoT, healthcare, social, and gaming. In their case, it was primarily infrastructure, on top of our usual hands-on guidance with things like branding, that has really propelled them forward: Siddharth Banerjee, Founder and CEO of Kandola, said, “We are incredibly fortunate to have Arcanum Capital as one of our key VCs and early investors. Their unwavering support has been instrumental in propelling our project to new heights. Beyond providing crucial liquidity and financial backing, Arcanum has been a pillar of guidance and a bridge to invaluable network connections. Notably, their and especially James's proactive involvement in linking us with the node provider network during our testnet phase exemplifies his commitment to our success. James and Lucia consistently dedicate time to understand the intricacies of our project, offering insightful feedback and strategic advice. Their extensive connections within the Web3 community have opened doors for us, establishing our project in a well-respected circle. Working with Arcanum has been more than a financial partnership; it's been a collaborative journey filled with mentorship and support. We're grateful for their ongoing commitment and consider ourselves fortunate to have such a seasoned and well-connected ally in our corner.” Cross The Ages Arcanum Capital met Founder Sami at a conference in Lisbon and knew almost immediately we needed to back Cross The Ages (CTA). The on-the-spot pitch was captivating and compelling, and we quickly formed a strong long-term vision for what we needed to do with CTA. We advised them to build on Polygon, which they ultimately chose to do, giving us the leverage to approach Polygon Studios with the recommendation they follow us in with investment. They initially said no, but we were so confident in the company and our vision for it that we managed to convince them to overturn their decision and join us in backing CTA. Other investors who have followed Arcanum into Cross The Ages now include major game publisher Ubisoft, game-focused blockchain investment firm Animoca Brands, and in more recent news, covered by Cointelegraph, multi-billion dollar Japanese gaming goliath Square Enix, who also joined as an investor and strategic partner. The funding is being put towards game and app development programs, talent retention, and go-to-market activities, and with such high-caliber backers and top writers and artists from franchises such as Star Wars and Game of Thrones, we expect a very bright future for this portfolio company. Cross The Ages has been topping the App Store charts across several categories and geographies for several months, and we expect a significant uplift in valuation when it lists. "I have had the pleasure of working with Arcanum as a VC partner, and I can confidently say that their approach to investing is refreshingly different. Unlike typical predatory VCs, Arcanum is dedicated to adding value and support beyond just writing a cheque. I highly recommend Arcanum for any founder looking for a true partner in their journey to success." Said Sami Chlagou, Founder & CEO of Cross The Ages. About James McDowall Following a career as a professional athlete, James has been researching, investing in, and advising early and growth-stage technology entities since 2017. He has played pivotal roles in creative and strategic direction and business development and is experienced in conveying technological solutions to governments, regulators, and financial institutions. He gained invaluable alternative asset management knowledge and portfolio management experience during his CAIA studies and tenure with Swiss asset manager Tavis Digital in Zürich and has sat on the advisory board of the Swiss Impact Investment Association. He then Founded Arcanum Capital in 2020 and successfully raised and deployed Arcanum Emerging Technologies Fund I and has managed this successfully over the past 4 years. James excels in leveraging his strong global network of investors, entrepreneurs, and capital markets professionals to help finance and scale cutting-edge technology ventures. About Arcanum Capital is a venture capital firm focused on supporting enterprising and forward-thinking teams that are establishing decentralized networks and applications for the global blockchain ecosystem. Arcanum Capital's team consists of experienced investment professionals who understand what it takes to evaluate, incubate, and scale promising teams and ideas. Arcanum Capital We have been on the ground as operators, investors, and incubators in frontier and emerging markets, including India, since 2013, and have worked with startups, decentralized networks, and publicly listed companies. During this time, we have cultivated powerful networks and partnerships that are invaluable in helping our portfolio entities transition from idea to market and scale on the global stage.

ALLY FINANCIAL

ally.com

5K-10K employees

Since 1919

COMPANY RANKING

ALLY FINANCIAL

EVERGREEN INDEX #725

Representing this company? Click here to claim and customize this page!

Ally Financial WIKI

Apply to get your Tech Company News Page live on HackerNoon.com today!

ALLY FINANCIAL

ally.com

5K-10K employees

Since 1919

COMPANY RANKING

ALLY FINANCIAL

EVERGREEN INDEX #725

RELATED COMPANIESRANK

STORIES ABOUT ALLY FINANCIAL

Representing this company? Click here to claim and customize this page!

Ally Financial WIKI

Apply to get your Tech Company News Page live on HackerNoon.com today!