Good Morning! 🌞 

Do yourself a favor this morning and start your day by watching this short video of the probably smartest dog in the world! I couldn’t believe the part where she had to get the new toy (you’ll know what I mean…)

Economy

AI Reduces Credit Card Fraud by 300%

Mastercard has announced the development of a cutting-edge generative artificial intelligence (AI) model, designed in-house to enhance fraud detection across its extensive network of banking partners. This innovative AI tool, named Decision Intelligence Pro, aims to provide banks with the capability to more accurately evaluate suspicious activities on Mastercard's network, facilitating real-time determinations of transaction legitimacy.

In an exclusive dialogue with CNBC, Ajay Bhalla, the president of Mastercard's cyber and intelligence business unit, shared insights into the technology underpinning this advancement. According to Bhalla, Decision Intelligence Pro leverages a bespoke recurrent neural network, a key element of generative AI technology, meticulously crafted by Mastercard's cybersecurity and fraud prevention teams. This model incorporates transformer models to harness generative AI's capabilities, offering a robust solution constructed entirely in-house utilizing diverse data sources within the company's ecosystem.

“We are using the transformer models which basically help get the power of generative AI,” Bhalla told CNBC “It’s all built in house we’ve got all kinds of data from the ecosystem. Because of the very nature of the business we are in, we see all the transaction data which comes to us from the ecosystem.”

Bhalla revealed the strategic use of open-source resources as necessary, but the bulk of the technology was developed internally. The proprietary algorithm undergoes training with data from approximately 125 billion transactions processed through Mastercard's network each year. This vast dataset enables the AI to discern patterns between merchants, focusing on transactional relationships rather than textual analysis, to pinpoint potential fraud.

Mastercard's algorithm uniquely assesses the likelihood of a cardholder visiting a merchant involved in a transaction, using merchant visitation history as a basis for analysis. This approach generates a predictive score through the network, akin to a heat-sensing radar, to gauge transaction authenticity within an impressive timeframe of just 50 milliseconds.

Bhalla highlighted the technology's significant impact, with financial institutions witnessing an average fraud detection rate improvement of 20%, and in some cases, up to 300%. Over the past five years, Mastercard has allocated over $7 billion towards cybersecurity and AI technologies, including strategic acquisitions like the purchase of Swedish cybersecurity company Baffin Bay Networks in March 2023.

The company's efforts in AI innovation parallel those of its competitors, such as Visa, which recently established a $100 million venture fund focused on generative AI startups in October 2023. Mastercard anticipates that its AI model will not only enhance fraud detection capabilities but also offer substantial cost savings for banks by reducing expenditures related to the investigation of fraudulent transactions.

Bhalla envisions the technology's long-term potential to identify and predict emerging fraud trends within the global payment ecosystem, leveraging the comprehensive transaction data from Mastercard's worldwide customer base. This development comes amidst a wave of AI-driven innovations in the payments and digital banking sectors, highlighted by companies like PayPal introducing new AI-based features and enhanced checkout processes.

Certain types of AI get the majority of attention, namely the Large Language Models (LLM) like ChatGPT and Grok, as well as AI art. But there is actually a whole world of AI applications and innovations that do (generally) more specific and useful tasks. We have covered some of these awesome applications such as advanced farming that could completely change monoculture farming, to a AI fire-detection system that reduced forest-fires by an amazing amount.

Overall, this is a fantastic example of AI being used for something good! Having experienced credit card fraud myself last year, I’m really glad to see Mastercard addressing this issue.

Science

Artemis V and the Path to Mars (Part 5 of 5)

Artemis V: Advancing Lunar Exploration

Scheduled for 2029, Artemis V continues the expansion of the Lunar Gateway with the delivery of the ESPRIT module. This mission is another crewed mission and will enhance the Gateway's capabilities by providing additional refueling infrastructure, telecommunications, and a viewing port, akin to the cupola on the ISS. Furthermore, Artemis V includes plans for another crewed lunar landing, continuing the program's commitment to ongoing lunar exploration and scientific discovery.

ESPRIT: Enhancing Gateway's Capabilities

The ESPRIT module, developed by the European Space Agency (ESA), represents a significant addition to the Lunar Gateway. It stands for "European System Providing Refueling Infrastructure and Telecommunications", its role being to support extended lunar missions and enhancing communication capabilities.

The Artemis Program: A Stepping Stone to Mars

Beyond the immediate goals of lunar exploration, the Artemis missions lay the groundwork for humanity's next giant leap: manned missions to Mars. The technological innovations, international partnerships, and lunar experience gained through Artemis will be instrumental in planning and executing the first human journey to the Red Planet.

Looking Ahead: Artemis 6-12

NASA's vision extends beyond Artemis V, with plans for missions Artemis 6 through 12 already in the works. These future missions will continue to build on the program's successes, further exploring lunar resources, testing new technologies, and preparing for the eventual human exploration of Mars. Through Artemis, NASA aims to establish a sustainable presence on the Moon, creating a blueprint for future exploration of Mars.

The Artemis program represents a bold and ambitious journey back to the Moon. With each mission, we move closer to unlocking the mysteries of the Moon, Mars, and beyond, marking a new chapter in humanity's quest to explore the cosmos.

I hope you enjoyed this 5-part series and are as excited as we are about the next few years of lunar exploration!

World News

Tokyo Farmer Sells Affordable Food to Support Hungry Youth

Nestled in a serene alley of Tokyo's upscale neighborhood lies an unassuming fruit and vegetable stand. Unlike its surroundings, this small stall features rustic tables laden with carrots, potatoes, and oranges. What sets it apart is its unique payment method: customers pay by dropping coins into an antique mailbox, with most items priced at an affordable 100 yen—a stark contrast to the area's premium fresh produce prices.

The stall aims to cater to a younger demographic. It bears a heartfelt message from Tomo-chan, a humble vendor who arrived from Hiroshima with nothing to her name.

"Dear young people,

I arrived here from Hiroshima empty-handed, surviving on watermelon for a month, too proud to seek my mother's aid. Three decades later, I now cultivate an abundance of vegetables," Tomo-chan's note reads. "Remember, Tomo-chan is rooting for you, so fear not the future."

For the past five years, Tomo-chan's stand has resonated deeply with Tokyo's youth, piercing through the city's glamorous façade to address the underlying struggle faced by many. The stand walls are adorned with notes that narrate stories of hardship and the hope Tomo-chan's stand has instilled in their hearts.

Tomo-chan offers her produce at nominal prices, aspiring to instill a sense of worth among the younger generation. She believes in prioritizing support over profit, saying, "I can earn money at any time, but right now, my focus is on extending a helping hand to the youth." On occasions when customers express their gratitude in person, Tomo-chan imparts wisdom, encouraging resilience with words like, "Even in a field overrun with weeds, diligent effort can yield a bountiful harvest."

Environment

Park Ranger Discovers Ancient Evergreens

Australia unveils an intriguing tale – a kind of botanical Jurassic Park or King Kong. A cluster of pine trees, descendants of the Cretaceous Era, thrives in the mountainous regions, surviving extinction events like the comet impact, global firestorms, and ice ages that wiped out the dinosaurs.

The Wollemi pine, originating 91 million years ago and thought extinct for the past 2 million years, emerged in the Blue Mountains in 1994 with a stand of 90 specimens. Over the last 30 years, a covert team from the National Parks and Wildlife Service discreetly planted Wollemi pines in various locations to enhance their chances of survival for another 91 million years.

In contrast to typical pine trees, the Wollemi stands out with Granny Smith apple-green foliage arranged like ferns and bark reminiscent of Coco-puffs. Research scientist Berin Mackenzie notes their extremely slow growth, with seedlings and saplings growing less than a centimeter annually, requiring decades to reach maturity in the rainforest canopy.

Security measures for these trees are unusual. The original 90 trees have multiplied across three sites, but visits are rare and strictly limited. Workers undergo meticulous decontamination to prevent the introduction of diseases or invasive species that could harm the pines.

Unauthorized access to these sites carries severe penalties under the Australian Biodiversity Conservation Act, including imprisonment for up to two years and a hefty fine of $330,000. The risk is not just legal; a parasitical tree disease has already affected the original residents, possibly due to unwarranted visits.

While Wollemi pine seedlings have been distributed globally to botanical gardens and nurseries to promote species preservation, access to the original grove and translocation sites is tightly controlled. The discovery of Wollemi pines presents a unique opportunity to intervene and ensure their persistence, according to Mackenzie.

Mind Stretchers

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Answers to yesterday’s Mind Stretchers:
Your Identity!

Albert Knox was the first to get the correct answer!

The first to send us the correct answer for today’s mind stretcher for a shout-out with the answer tomorrow. Just send us the answer and your name to [email protected] or reply to the email.

If you have any uplifting stories and experience you might want to share, send those over to [email protected] for the chance to be featured.