Top Tech News: Samsung prohibits employees from using ChatGPT and other AI technologies. Cryptocurrency Scams in April Cost Millions.

Usage of OpenAI's ChatGPT and other popular generative AI tools is forbidden for Samsung employees

Good morning tech fam, here are some quick tech updates for you to catch on to!

What's New Today: In a second round of layoffs, Morgan Stanley will eliminate 3,000 additional positions.

Fast-Track Insights: Cryptocurrency Scams in April Cost Millions.

Samsung has made it illegal for its employees to use popular generative AI tools like Google Bard, OpenAI's ChatGPT, and Bing. In a memo that Bloomberg reviewed, the South Korean company informed employees of one of its largest divisions that a new policy has been implemented. The fact that the data that is sent to artificial intelligence platforms like Google Bard and Bing is causing the company concern because it is stored on external servers and is difficult to retrieve and delete. Samsung is concerned that other users might find out about this data. The organization led an overview last month to check the utilization of man-made intelligence devices inside the association. According to the survey results, 65% of respondents stated that using such services poses a security risk.

According to reports, Morgan Stanley, a major player in the investment banking industry, plans to shed 3,000 positions in its second round of layoffs in the next six months. The decision is being made as the bank struggles with a challenging economic climate and a slowdown in dealmaking. In the second quarter, there will be another round of layoffs. In December 2022, the corporation lost 1,200 positions. The bank's revenues have been hit by decreased fees from its investment banking division, which in turn caused a decline in total revenue of about 2% to US$14.5 billion in the most recent quarter. Given the current market unpredictability and growing inflation, Morgan Stanley's Chief Financial Officer, Sharon Yeshaya, emphasized the need for spending control last month.

Cyberattacks, digital frauds, and other financial crimes with the rising popularity of digital payment apps, e-banking poses an emerging threat to the expansion of many businesses and organizations especially in the financial sector. This led to the demand for AI Fraud detection in improving internal security and simplifying corporate operations.

Artificial Intelligence in fraud detection uses trained AI algorithms to recognize patterns and anomalies in data that indicate fraudulent behavior. Read More

The amount lost in April 2023 accounted for half of the entire amount of cryptocurrency exploited in 2023, making it a very terrible month for exploits. There has been a theft of more than US$103 million in assets from cryptocurrency projects and investors in April, and there is little indication that the exploitation of crypto vulnerabilities, exit scams, and flash loan assaults will abate. According to an April overview of cryptocurrency vulnerabilities, frauds, and hacks issued by crypto security and auditing firm CertiK on April 30, 2023, the total amount of money taken so far this year is US$429.7 million.