Digital Payments Security- Digital wallets are becoming the new way to pay. The most interesting factor here is to know companies who are most successful in this field actually came out of the payment industry with no prior knowledge or payment intelligence but rather came with Artificial Intelligence. How to pay and where to pay, when to pay etc. Disrupted the most unknown and unsecured payment methods like contactless payment systems.


Innovations – Who Cares for Info Security

Does anyone ask any question from these ventures whether their suggested methods are safer, secured or how much vulnerable than chip-enabled plastic cards, and what it might take for contactless systems to be used as widely as cash? How the data or sensitive data of a customer been treated and used in their systems. The AI sub-field called “Artificial General Intelligence” (AGI) is most relevant. AGI is about autonomous agents interacting in an environment.


Apple is in talks to launch its money transfer service may be as Apple Cash. JPMorgan quits R3 blockchain consortium though. In the Q1 of 2017; $3.2 Billion United States dollars went into FinTech Deals. The world is becoming increasingly interconnected through mobile phones and the Internet. The digital wallet revolution has not have lived up to its expectations yet.

According to Gallup, just 13% of smartphone owners have a digital wallet app, while the majority of those who do have an app (76%), rarely use it. That may be disheartening for those of us involved in the industry, but there’s always a silver lining. Today, you can see how everyone else lives, in his or her own countries and abroad. But while the aspirations of people around the world are converging, opportunities are not.


Machine Learning & InfoSecurity

Machine learning is getting the problem-solving call. Deep learning algorithms and neural networks may be getting their day in the sun now, but they’ve been around for a while. It’s just in the past 15 years these emerging technologies have gained traction. Technology that was once the niche is now becoming more mainstream and cost-effective. Additionally, today’s marketplace is increasingly technology-dependent.


I spoke at the NGT Africa Summit last week in Lusaka-Zambia to demonstrate issues around Privacy, Innovations, and Security in Digital Payments. One point agenda was to highlight the need to accelerate the development of privacy & security as a basic requirement in any innovation. With this advancement, people can lift themselves out of a single mindset (being just inventors or disruptors).  To use limited funds in the most effective way possible, we must fundamentally rethink our approach to development finance.

In 2017, why we don’t have some very basic measure in place for every payment system for example when someone types his/her own password or PIN.


We the Lazy human’s

Our habits of about using computers, mobile devices or almost everything in ways that are unique and consistent with our own biology and physiology. The system should be able to learn the behaviour and style and when the same personality types 3rd person password or PIN system should be able to detect and raise alarm.

We, humans, are same and lazy enough and love not the accept/like changes but wants to shout slogans “change is the only constant thing”.

The way someone clicks and type, the way anyone uses a mouse and other input devices are pretty consistent with that person’s own behaviour, habits, education level, and familiarity with a service or system.

Basic security of typing a wrong password is no longer good or doing anything good. Complexity and cost to be redistributed to implement the considered security measures in innovation. Aspirations, linked to opportunity, can breed dynamism and inclusive, sustainable economic growth. That’s something we all want to see. Meanwhile, tech giants like Apple, Google and Intel are investing billions of dollars in using machine learning AI’s to build out their next big projects.


Who Should Own The Responsibility

We usually encounter in our organization where CMO says my marketing is good, CTO Conclusionsays my network is good and CIO says my IT is good and everyone claims they are best in their work area but still customer says I am not happy as my experience and satisfaction level are not same. In order to change economics and political science of innovation; ISO 12812: released new standards for mobile banking. Apple is looking for new ways to boost usage of Apple Pay, and the debit card could be one way to do that. On the other hand, this makes lots sense as Apple used an invention that was on the table from a long time but still its Pay usage has been lighter than expected since it launched two and a half years ago.


Chatbots to Kill Infosecurity – Maybe !!

Chatbots harness software that uses artificial intelligence (AI) to process language from interaction with humans in chat programs and virtual assistants. For humans, our habits and behaviours are very difficult to change and if we can identify legitimate users by their typical behaviour patterns – we can detect anomalies on a totally new level. Same goes with fraudsters – ability to identify and quantify behaviour patterns of cybercriminal will allow us to uncover and neutralize threats that may be undetectable by other means.

The concept of chatbots are coming up very fast but its limited to smart devices holders. As chatbots make their way into our daily life, financial institutions are laying the groundwork to use the software to automate customer service, move transactions and lower costs. 

Just to reiterate chatbots are not new or very different then audio-based bots such as Apple’s Siri, Samsung Play, Amazon’s Alexa and Google Home are all now household names. AGI can be modelled as a feedback control system. This is an excellent idea of AI great because control systems have many great qualities. The bot uses cloud-based AI developed by LivePerson alongside self-service software to intelligently answer or “surface” answers to frequently asked questions.


Can AI answer this

AI may just be starting to see the era of its own in digital payments but if industry trends are to be believed, it’s fast becoming the soul of the global fraud-fighting mechanic. Applying Robotic Process Automation in Banking, FinTech or any financial services business. Robotics is quickly gaining traction in banks to automate their everyday finance and risk processes.

Screen Shot 2017-08-12 at 10.02.06 AM.pngThe best to protect data from stealing by hackers; maybe by not converting and putting the data in the system, In the old day’s people say keep smiling it does not cost you anything hang on this is not true any more. By not creating digital data can we survive answer is NO, the smile has cost in today’s time as you pay for your bills for shopping with a smile or selfie pic. Threat modelling in the context of security architecture using machine learning to fight frauds, supporting compliances and regulations and taking care of preventive measures of any leakage of sensitive information and data.

BI does not take any action it just tells something about data but if we add AI on top of BI so that AI can trigger and kicks actions on BI findings how it would look like. Bank of England issues statements recently about its plan for next generations settlement system that will be DLT (distributed ledger technology) Compatible. While my regular reading I found on Google search a very interesting fact about Apple, if its free cash meets expectations, will have roughly doubled its holding in a little over 4.5 years in the last quarter of last year Apple was reportedly bringing in about $3.6 million per hour in revenue.


A Glimpse on Current Status

In perspective, that is more cash on hand than the market cap of Walmart and the foreign-currency reserves held by the U.K. and Canada combined.  Applying Robotic Process Automation in Banking, FinTech or any financial services business can bring significant savings and reduction in negative impacts. Robotics is quickly gaining traction in banks to automate their everyday finance and risk processes. The Royal Bank of Scotland is rolling out a customer service “hybrid bot” from vendor LivePerson that hands over to a human colleague if questions flummox its artificial intelligence. With this tool, customers can message for their day to day with queries.

Arguably, the most destructive cyber attack is distributed denial of service attack (DDoS). Other attacks cause great harm—steal computing power, exfiltrate sensitive information, hold files and devices for ransom. But DDoS attacks are brute destruction of critical services. As the Dyn attack demonstrated, they can extend far beyond single organizations. Use of AI servers with AI logics which been learnt over time DNS are essential, so they are a primary DDoS target—but they are preventable or defensible. A variety of techniques exist for fortifying them in today’s time but AI would be much more effective compared to the tools at hand. 

  • Distributing query processing by combining hosted and on-premises DNS services, deploying recursive servers to the network edge and creating redundant DNS architectures
  • Using response policy zones to cut off botnets and create whitelists for legitimate traffic
  • Rate-limiting noncompliant devices
  • Sharing threat intelligence to stay ahead of attackers and create a unified front


Innovations in Banking, Payments and Customer Service

In the Digital Banking industry this year, the leaders who are creating state-of-the-art apps, chatbots, authentication and internet-of-things applications will throw on what they do but why and how answers may not come out. The issues will be debated, like how and with whom to share account data and whether or not to try to compete with top-rated mobile wallet apps. And the brightest minds in the industry should lend hands to share ideas, network and collaborate.

Artificial Intelligence for Digital Payments Security

Business Insider is forecasting that in the U.S. alone mobile payments volume will increase to $503 billion by 2020 and will be used by 56% of the consumer population during that year. Meanwhile, Sweden, Singapore, the Netherlands, France, Canada, Belgium and the U.K. are already on their way to becoming cashless societies – with Australia, Brazil, India and much of Africa following suit.

The million dollar question is: can we recognize the user – or a class of users by some unique ways they use their input devices, such as mouse or keyboard? Can we really develop and enter into behavioural biometrics to level requires? The field of study related to measuring of uniquely identifying and measurable patterns in human activities is still far from such developments and a lot needs to be done.


Points to Note:

All credits if any remains on the original contributor only. We have covered all basics around data models or the importance of quality data and training data. In the next upcoming post will talk about implementation, usage and practice experience for markets.

Books + Other readings Referred

  • Research through open internet, news portals, white papers and imparted knowledge via live conferences & lectures.
  • Lab and hands-on experience of  @AILabPage (Self-taught learners group) members.


Feedback & Further Question

Do you have any questions about AI, Machine Learning, FinTech, Data Science or Big Data Analytics? Leave a question in a comment section or ask via email. Will try best to answer it.



Sign-tConclusion –  To deconstruct fraud with machine learning or Artificial intelligence is possible and feasible but up-to what extent. From offering fraud protection to identity verification, machine learning is increasingly being used by companies small and large to build out their next generation of products. Info-Security should be built as a culture in every organisation no matter what is the nature of the organisation and when its related to payments, money, cash, digital transactions or digital identity then this should be more rigid every day culture and gesture then being imposed as policy.


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Posted by V Sharma

A Technology Specialist boasting 22+ years of exposure to Fintech, Insuretech, and Investtech with proficiency in Data Science, Advanced Analytics, AI (Machine Learning, Neural Networks, Deep Learning), and Blockchain (Trust Assessment, Tokenization, Digital Assets). Demonstrated effectiveness in Mobile Financial Services (Cross Border Remittances, Mobile Money, Mobile Banking, Payments), IT Service Management, Software Engineering, and Mobile Telecom (Mobile Data, Billing, Prepaid Charging Services). Proven success in launching start-ups and new business units - domestically and internationally - with hands-on exposure to engineering and business strategy. "A fervent Physics enthusiast with a self-proclaimed avocation for photography" in my spare time.


  1. Innovation Economy at

    This is one area nopne has focused so far. Thanks for brining this up. I wish and hope big names and brands gets little.more focued on security and privacy aspect on thier payment produducts as you mentioned almost all payment service providers are coming out of payment industry so have no appriciation of basic need around it. Thanks one again.


  2. The Vas People at

    This is virigin area of technology so far this can used for everything


  3. […] Source: Artificial Intelligence for Digital Payments Security […]


  4. Reblogged this on sheetal05.


  5. […] – This is the part 3 in this series first part was Artificial Intelligence for Digital Payments Security and second part was Data Science of Payments. Main objective is depict how Machine learning can and […]


  6. […] To read original blog, click here […]


  7. […] To read original blog, click here […]


  8. Hi Vinod
    Great content,I really liked the way you explained it.


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