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News on Medial
No oversight: inside a boom-time startup fraud and its unraveling
Economic Times
·
1y ago
Medial
The article highlights the lack of oversight and controls in booming Silicon Valley startups, leading to instances of fraud and deception. It features the case of Manish Lachwani, founder of HeadSpin, who falsified revenue numbers, engaged in risky stock trading, and created fake invoices. Despite raising significant funding from top investors, the company lacked basic financial and governance practices. This pattern of loose governance has been observed in other troubled startups as well. The article emphasizes the need for increased due diligence by venture firms and stricter controls to prevent such frauds.
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Related News
Amend Companies Act to bolster ESG initiatives, set up oversight body: House panel tells MCA
Economic Times
·
6d ago
Medial
A House panel in India has recommended amending the Companies Act, 2013, to formally include environmental, social, and governance (ESG) objectives as part of directors' duties. The panel suggested setting up a dedicated ESG oversight body to address greenwashing and provide sector-specific guidelines. It also highlighted the need to improve the Serious Fraud Investigation Office's efficiency and streamline the National Financial Reporting Authority's recruitment process. The panel called for a robust corporate social responsibility (CSR) oversight system with transparent reporting.
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India’s startups will no longer prefer price perfection
Business Today
·
1y ago
Medial
India's once highly valued startups, Paytm and Byju's, are now facing crushed valuations, which will likely impact the country's future fundraising efforts. Paytm, known for its digital payments revolution, is currently valued at $3 billion, a significant drop from its previous valuation of nearly $19 billion. Byju's, the online education provider, recently raised $200 million, cutting its valuation by 99%. Both companies have faced challenges, including regulatory issues and struggles with creditors and investors. This setback highlights the need for improved oversight and cautious investment in the Indian startup ecosystem.
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Meta's oversight board backs takedown of Australian voter fraud posts
Economic Times
·
1y ago
Medial
Meta's oversight board has upheld a decision to remove two Facebook posts that encouraged Australians to vote multiple times in an indigenous rights referendum. The board acknowledged that Meta acted correctly in preventing voter fraud but stated that the social media giant failed to adequately explain its ban on promoting voter fraud. The ruling highlights the need for clearer communication from Meta regarding its rules to enable users to engage in public-interest discussions about democratic events. This decision coincides with the Australian government's plans to introduce penalties for internet platforms that do not combat misinformation and disinformation.
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Fintech startup Data Sutram raises $9 million from B Capital, Lightspeed
Economic Times
·
2m ago
Medial
Fintech startup Data Sutram raised $9 million in funding led by B Capital and Lightspeed. The Mumbai-based company, focused on serving financial institutions, plans to use the capital to expand its team, enhance product capabilities, and advance its AI-driven platform. Founded in 2018, Data Sutram helps curb fraud by analyzing digital footprints with a proprietary trust score. It intends to expand into sectors like cryptocurrency, real-time payments, gaming, ecommerce, and insurance.
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AI & Cyber vs cybercrime-as-a-service
Techradar
·
1y ago
Medial
The future of AI in cybersecurity is likely to involve a battle between fraud and fakes and authentication and resilience. As AI becomes weaponized at scale, digital processes need to be prepared for defense. This includes deploying tools with strong machine learning algorithms that can analyze incoming threats in real-time. AI should be used at multiple points, including authenticating identity and safeguarding access to critical data. It is also important to continuously scan for suspicious behavior and manage data securely. Validating AI models with human interaction and oversight is crucial for accuracy and reliability. Despite the disruptions AI brings, it also offers benefits that can be harnessed with proper testing and adaptation.
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Deepfake detection startup Neural Defend secures pre-seed funding
Entrackr
·
5m ago
Medial
Deepfake detection startup Neural Defend secures pre-seed funding Cybersecurity startup Neural Defend has raised over $600K in a pre-seed funding round led by Inflection Point Ventures (IPV) along with participation from MIT SBXI, Techstars, and Soonicorn Ventures. The capital will be used to enhance its agentic AI capabilities for real-time, multimodal deepfake detection, further advancing R&D efforts and product development, Neural Defend said in a press release. Co-founded in 2024 by Piyush Verma, Sivashankar Selvarajan, and Sumit Singh, Neural Defend focuses on deepfake detection and cybersecurity innovation, leveraging AI agentic technology to offer scalable and resilient solutions. Neural Defend aims to address the growing risks posed by AI-generated digital deception. The startup intends to redefine identity protection and fraud prevention on a global scale. It is scaling its operations by engaging with global enterprises, fintech companies, and financial institutions for product validation and market expansion. According to Neural Defend, unlike traditional methods, its proprietary AI models detect deepfakes across multiple data formats, including video/image, audio, real-time streams, ensuring robust fraud prevention for businesses and governments. Neural Defend claims to work with fintech companies and financial institutions focusing on Video verification and KYC use cases.
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Boom’s first test flight could signal the return of supersonic air travel
The Verge
·
1y ago
Medial
Aviation startup Boom Supersonic successfully completed the first flight of its XB-1 prototype aircraft, a significant milestone in their mission to bring back commercial supersonic aviation. The XB-1 reached a top speed of 283 mph and a maximum altitude of 7,120 feet during its 12-minute flight over the Mojave Desert. Boom has contracts with major airlines like American and United and plans to launch Overture, the first supersonic commercial aircraft since the Concorde, by 2030. However, the company has faced challenges, including the loss of partnerships with engine manufacturer Rolls-Royce. Sustainability and regulatory issues also pose barriers to supersonic travel.
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RBI advises banks to integrate DoT's financial fraud technology
Economic Times
·
1m ago
Medial
The Reserve Bank of India has urged banks to adopt the Financial Fraud Risk Indicator tool from the Department of Telecom to tackle online fraud. This tool assesses mobile numbers based on their fraud risk, utilizing data from various sources, including the National Cybercrime Reporting Portal. The initiative is seen as a significant step in combating cyber-enabled financial fraud, particularly with the rise of digital payments like UPI, emphasizing the need for real-time data sharing between banks and the telecom sector.
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Visa agrees to buy AI-focused enterprise tech firm Featurespace
Economic Times
·
10m ago
Medial
Visa is set to acquire Featurespace, an AI-focused company specializing in fraud prevention and financial crime detection. The terms of the deal have not been disclosed. The acquisition will allow Visa to enhance its clients' fraud management capabilities in real time and protect its payment ecosystem. Featurespace, headquartered in the UK, has over 400 employees and operates globally. Its AI-enabled solutions are used by major banking and payment institutions like HSBC, NatWest, and Worldpay.
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Sam Altman's tech villain arc is underway
Business Insider
·
1y ago
Medial
Sam Altman, CEO and co-founder of OpenAI, has recently faced criticism and negative headlines, leading to a shift in public perception. After the success of ChatGPT, Altman gained fame and was named Time Magazine's 2023 CEO of the year. However, murmurs within the tech industry cast doubt on his investments and worldview. OpenAI's release of GPT-4o, an AI model that faced backlash for being sexualized and reminiscent of the movie "Her," further damaged Altman's reputation. Additionally, the departure of key team members and reports of discontent among former employees raised concerns about safety standards and trust in Altman's leadership. Altman's reputation as a tech do-gooder is slowly unraveling, but a potential rebranding opportunity could still arise.
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