{"id":43763,"date":"2024-05-06T01:42:24","date_gmt":"2024-05-06T01:42:24","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/05\/06\/states-banks-tap-startups-to-foil-frauds\/"},"modified":"2024-05-06T01:42:24","modified_gmt":"2024-05-06T01:42:24","slug":"states-banks-tap-startups-to-foil-frauds","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/05\/06\/states-banks-tap-startups-to-foil-frauds\/","title":{"rendered":"States & online gaming regulations; banks tap startups to foil frauds"},"content":{"rendered":"
\"States<\/div>


\n<\/p>\n

Happy Monday! In the absence of central government\u2019s self-regulatory mechanisms, states are framing laws for online real money gaming. This and more in today’s ETtech Morning Dispatch.<\/p>\n

Also in this letter:
<\/span>\u25a0 Rise of gig workers in data annotation industry
\u25a0 Behind Bitcoin\u2019s current market volatility
\u25a0 Cognizant, Capgemini hired 1.5 lakh less in 2023<\/p>\n

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Emergence of regulatory offshoots in online gaming sector <\/p>\n

<\/div>\n

Multiple regulatory offshoots are emerging in the online gaming sector <\/a>given the lack of self-regulatory mechanisms at the central government level.<\/p>\n

Driving the news:<\/span> While states such as Tamil Nadu and Karnataka are coming up with laws to curb online real money gaming, the Telecom Regulatory Authority of India (Trai) has launched consultations on the proposed National Broadcasting Policy 2024<\/a>, which included issues pertaining to a regulatory framework for online gaming.<\/p>\n

\"Regulating<\/div>\n

Unsuccessful SRO bid:<\/span> MeitY had notified the amended IT rules in April 2023 to regulate the online gaming sector and establish three self-regulatory organisations<\/a> (SROs). It subsequently received three proposals from the industry, but none were approved. <\/p>\n

A senior IT ministry official said the SROs were not cleared because they had a high degree of representation from the industry, which was \u201cmore than what the ministry intended to have and was comfortable having.\u201d<\/p>\n

Also read | <\/span>Real-money gaming companies look for an ace to beat tax blues<\/a><\/p>\n

Trai\u2019s plans: <\/span>In its consultation paper floated last month, Trai said, \u201cSeveral concerns have also been raised about the increased usage of online gaming. Like lack of clear definitions between skill-based gaming and gambling introduces regulatory ambiguity, sparking ethical debates and diverse interpretations about the nature of these gaming activities. \u201dResponding to it, tech industry lobby group IndiaTech said online gaming regulation should be handled by MeitY, the nodal ministry for the sector, \u201cto ensure consistency and avoid potential confusion.\u201d<\/p>\n

\n

Startups arm banks with tech to tackle fraud attacks<\/p>\n

\"digital<\/div>\n

A massive rise in attacks on the country\u2019s digital banking ecosystem from fraudsters<\/a>, coupled with regulatory pressure on stringent implementation of customer verification guidelines, has forced legacy financial institutions to turn to data analytics startups for tech support.<\/p>\n

What\u2019s happening: <\/span>These startups use advanced technology to help strengthen the customer onboarding processes of financial institutions and help them manage risk. One such startup is Mumbai-based Data Sutram, which supports institutions such as IndusInd Bank, IDFC First Bank, Union Bank of India, DMI Finance and IIFL Finance. Another is Quona and GMO Venture Partners-backed Bureau Inc, which recently introduced a \u2018Money Mule Score’ to empower financial institutions to detect potential money mules during user onboarding.<\/p>\n

Go deeper:<\/span> Banks which have been building digital platforms to engage with their customers have often been found wanting in adequate data security systems. Recently, Kotak Mahindra Bank was on the receiving end of the RBI\u2019s wrath<\/a> due to issues with its very popular neo-banking application, 811. HDFC Bank was in a similar position some years ago.<\/p>\n

The big picture:<\/span> Industry insiders believe banks alone cannot update their systems to keep pace with fraudsters; fintechs need to pitch in too. Kunal Varma, cofounder of fintech company Freo (previously Moneytap) said organisations that prioritise early investment in data analytics gain a competitive advantage over those that delay such investments.<\/p>\n

Also read | <\/span>Govt teams up with SBI Cards, telcos to combat OTP frauds<\/a><\/p>\n

\n

Rise of gig workers in India’s data annotation industry<\/p>\n

\"gig<\/div>\n

Thousands of gig workers are becoming the backbone for training AI large language models <\/a>(LLMs) by taking up microtasks such as transcribing audio files, labelling images, translating language, marking boxes to identify objects in a self-driving clip as well as marking the best responses generated by a chatbot.<\/p>\n

Driving the news:<\/span> India is fast emerging as the hub of data annotation services with flexible workers, mid-tier business analysts and even skilled data engineers contributing to build high-quality datasets.<\/p>\n

\"ai<\/div>\n

Tell me more:<\/span> Data annotation, or simply data labelling, is the most crucial and foundational step for building high-quality datasets to train AI models, enhance accuracy, curtail hallucinations and build safety guardrails against inappropriate or harmful content.<\/p>\n

Number wise:<\/span> As per industry estimates, by 2028, the global market for data annotations will be valued at $8.22 billion, and is predicted to grow at 26.2% annually. Of this, the market serviced by India\u2019s can exceed $7 billion by 2030, with an up to 1 million workforce.<\/p>\n

HR services company TeamLease said, 20,000 full-time workers are engaged in the managed services paradigm as annotators in India. Across international platforms, 50,000 Indian annotators are actively employed as independent contractors.<\/p>\n

\n

Other Top Stories By Our Reporters<\/p>\n

\"Bitcoin\"<\/div>\n

ET Explainer: Behind Bitcoin\u2019s current market volatility | <\/span>After recording a remarkable price surge in the past 7 months, Bitcoin lost over 16% in April, making it the worst month since November 2022. This marks a notable shift from the euphoria of the hype cycle built around the halving event which occurred on April 18. The downward spiral was mainly because of outflows from spot ETFs <\/a>(exchange-traded funds) in the US which is recording its fastest pace of withdrawals lately. <\/p>\n

Cognizant and Capgemini together hired 1.5 lakh less employees in 2023 |<\/span> Cumulative hiring by IT majors Cognizant and Capgemini declined by 1,51,607 employees <\/a>in 2023 as compared to 2022, as per their regulatory filings. Both global IT majors have around four lakh employees based in India. Cognizant hired 72,000 fewer people, while for Capgemini the number was 79,607.<\/p>\n

ARTPARK: From legged robots to advanced cargo drones, a look at India’s first robotics park | <\/span>ARTPARK is not just a regular park in your neighbourhood. For tech enthusiasts, it\u2019s an ecosystem fostering inclusivity and driving equitable access to artificial intelligence (AI) and robotics solutions.<\/a> Established in 2020 within the Indian Institute of Science (IISc) campus in Bengaluru, ARTPARK is the country\u2019s first AI and robotics technology hub.<\/p>\n

AI has hit human-level performance on some parameters: Stanford report |<\/span> The open source brigade of artificial intelligence\u2019s large language models (LLM) is growing, with over 65.7% of all new models being released for free access in 2023 following the open source route. However, despite strength in numbers, they are not necessarily the best performers. Closed-source models outperformed their open-sourced counterparts <\/a>on 10 select benchmarks, achieving a median performance advantage of 24.2%, a study by Stanford Institute said.<\/p>\n

\n

Global Picks We Are Reading<\/p>\n

\u25a0 How far-right extremist militias organise on Facebook (Wired<\/a>) <\/p>\n

\u25a0 The Google antitrust verdict looms. Here\u2019s what to look for. (WSJ<\/a>)<\/p>\n

\u25a0 Musk shows us that moral binaries are of little use (FT<\/a>)<\/p>\n<\/div>\n


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Happy Monday! In the absence of central government\u2019s self-regulatory mechanisms, states are framing laws for online real money gaming. This and more in today’s ETtech Morning Dispatch. Also in this letter:\u25a0 Rise of gig workers in data annotation industry\u25a0 Behind Bitcoin\u2019s current market volatility\u25a0 Cognizant, Capgemini hired 1.5 lakh less in 2023 Emergence of regulatory […]<\/p>\n","protected":false},"author":2,"featured_media":43764,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/msid-109868405\/ONLINE%20GAMING%20REGULATIONS%20online%20gaming%20THUMB%20IMAGE%20ETTECH.jpg","fifu_image_alt":"","footnotes":""},"categories":[607],"tags":[3331,44913,4074,3278,39599,35985,44912,3729,3279,18302,44911,44910,922,44909,309,555,5657],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/43763"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=43763"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/43763\/revisions"}],"predecessor-version":[{"id":43765,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/43763\/revisions\/43765"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/43764"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=43763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=43763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=43763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}