Home Blog Page 108

Frammer AI gets $2m to venture into sports and entertainment sectors

TCN Bureau
-
0
Frammer AI gets $2m to venture into sports and entertainment sectors
  • Core objective of Frammer AI is to leverage artificial intelligence to streamline video creation for businesses targeting social media platforms.

Frammer AI, a nascent venture established by the former management team of NDTV, recently garnered attention by securing a $2 million seed investment from Lumikai, a venture capital firm specialising in interactive media and gaming.

The financial backing is poised to accelerate Frammer AI’s growth trajectory, bolster its technology team, and facilitate comprehensive product development.

The core objective of Frammer AI is to leverage artificial intelligence to streamline video creation for businesses targeting social media platforms.

With an impressive roster of clients—including prominent media organizations such as The India Today Group and Zee News, alongside eCommerce leader Acko—Frammer AI’s services cater to a diverse clientele spanning various sectors. This versatility underscores the startup’s commitment to enhancing content creation in a rapidly evolving digital landscape.

Meeting demands

A pivotal strategic alliance has been forged between Frammer AI and Brightcove, a publicly listed company recognised for its streaming solutions.

The partnership not only consolidates Frammer AI’s position in the competitive content creation market but also amplifies its reach to a global clientele. Salone Sehgal, Founding Partner at Lumikai, expressed optimism about this collaboration, noting the leadership team’s history of transforming businesses from inception to profitability.

The synergy of seasoned expertise and innovative technology positions Frammer AI favourably in addressing the growing need for engaging, shareable video content in today’s media environment.

The platform developed by Frammer AI differentiates itself by automating the typically labour-intensive processes associated with video production.

Remarkably, it can transmute a half-hour video into 35 segments within a mere five minutes while generating essential elements such as transcripts and captions, as well as optimising content for popular formats like Instagram Reels and YouTube Shorts.

This efficiency is particularly appealing to organisations striving to amplify their marketing efforts through short-form video content.

Looking ahead, Frammer AI aims to utilise its Lumikai funding to diversify its offerings, specifically seeking to penetrate the sports and entertainment sectors.

By expanding its technology team and investing in data training, the company is poised to enhance its service quality and meet the evolving demands of its client base.

Telegram aids underground market for Southeast Asia cybercriminals

Naushad K. Cherrayil
-
0
Telegram aids underground market for Southeast Asia cybercriminals
  • Prominent criminal tactics include use of deepfake technology and data-stealing malware.
  • UN report indicates that the app is a central hub where hacked data, including credit card details and personal information, is sold openly.

United Nations Office for Drugs and Crime (UNODC) has revealed that the messaging application Telegram has become a crucial tool for powerful criminal networks in Southeast Asia.

The development marks a significant shift in the operational landscape of organised crime, enabling illicit activities on an unprecedented scale.

The findings highlight serious concerns regarding the platform’s role in facilitating an extensive underground market that includes the trafficking of sensitive data and cybercrime-related tools.

Telegram, known for its encrypted communication, has faced increasing scrutiny due to its minimal moderation and lack of regulatory oversight.

The UN report indicates that the app is a central hub where hacked data, including credit card details and personal information, is sold openly. This alarming trend raises critical questions about the responsibilities of app providers in curbing criminal activities on their platforms.

Chinese syndicates

The situation escalated after France arrested Telegram’s founder, Pavel Durov, on charges linked to enabling criminal conduct, including the distribution of child sexual exploitation material.

The financial implications of these underground markets are staggering, generating estimates of between $27.4 billion and $36.5 billion annually. The report underscores that many of these sophisticated criminal enterprises are operated by Chinese syndicates housed in fortified locations, often employing trafficked individuals.

The multi-billion-dollar industry not only victimizes individuals worldwide but also exposes consumers to significant risks associated with online scams and criminal exploitation.

Laws need to get more teeth

Prominent criminal tactics include the use of deepfake technology and data-stealing malware, which are increasingly prevalent in the online marketplaces hosted on Telegram.

With organised crime groups adopting innovative methods and technologies, there is an urgent need for cooperative international efforts to counter these threats.

The UNODC’s identification of over ten service providers specialising in deepfake software aimed at cyber fraud within Southeast Asia illustrates the alarming evolution of crime facilitated by emerging technologies.

Furthermore, the broader implications of Telegram’s operational model challenge traditional notions of free speech and lawful enforcement. As authorities grapple with the app’s enabling role, there remains a delicate balance to be struck between preserving digital communication rights and implementing necessary regulations to protect citizens from harm.

India to probe Rs2,000cr WazirX hack as millions of users seek refunds

Mohammed Fahad
-
0
India to probe Rs2,000cr WazirX hack as millions of users seek refunds
  • Reports indicate that WazirX has acknowledged that nearly 43% of its customer base may lose the funds stolen during the breach.
  • Hackers have begun utilising the Tornado Cash platform, a decentralised cryptocurrency mixer, to withdraw the stolen assets.

WazirX, a prominent cryptocurrency exchange in India, is currently under significant scrutiny following a staggering cyber theft of approximately Rs2,000 crores (about $234 million) in July. Millions of affected users remain in limbo, anxiously awaiting the return of their digital assets.

The situation has drawn the attention of top government agencies, notably the Financial Intelligence Unit (FIU) and the Indian Computer Emergency Response Team (CERT-In), which have engaged with WazirX’s leadership to investigate the hacking incident and assess its ramifications for users.

Legal experts have urged a comprehensive investigation by state authorities, emphasizing the unprecedented scale of this cyber-crime.

Reports indicate that WazirX has acknowledged that nearly 43 per cent of its customer base may lose the funds stolen during the breach, disproportionately impacting users in India.

Need for tough measures

The revelation highlights the need for rigorous regulatory measures in the burgeoning cryptocurrency sector, where user protection remains a critical concern.

Compounding the challenges for WazirX, the hackers responsible for the theft have begun utilising the Tornado Cash platform, a decentralised cryptocurrency mixer, to withdraw the stolen assets.

The development raises alarm over the potential for the theft to go unchallenged, as such platforms obfuscate transaction trails and complicate recovery efforts.

Additionally, WazirX’s recent actions have sparked controversy. The company removed a live town hall session from its YouTube channel, during which management had promised affected users that they would receive “100 per cent profits from any crypto price appreciation” during their ongoing restructuring efforts.

The retraction has led to further questions regarding WazirX’s transparency and commitment to its users. Nischal Shetty, the co-founder, indicated that 87 per cent of WazirX’s 4.4 million users hold only 8 per cent of the exchange’s total funds, underscoring the vulnerability of smaller investors in times of crisis.

As the investigation continues, the cryptocurrency community is watching closely. The unfolding events surrounding WazirX serve as a stark reminder of the risks inherent in the digital assets market and the vital importance of robust security measures and effective regulatory frameworks to protect investors.

Ola shares nosedive as angry customers flood social media

Ana Mary Joseph
-
1
Ola shares nosedive as angry customers flood social media
  • An alarming wave of reports detailing numerous hardware and software failures plaguing the e-scooters, alongside widespread dissatisfaction with the company’s service centers across the nation.
  • Company’s market share has diminished considerably, dropping to 27% in September from 38% earlier this year.

Ola Electric, a prominent player in India’s electric vehicle (EV) market, has witnessed a catastrophic decline in its share price, plummeting to approximately Rs90 in morning trading on October 7, 2024.

The 8.5 per cent drop from previous sessions reflects a broader crisis fueled by angry customers voicing their grievances on social media regarding the company’s flagship electric two-wheeler, the S1 series.

Since its debut on the stock market at an initial price of Rs76, Ola Electric’s shares reached a peak of Rs157.40.

Widespread dissatisfaction

However, the steady descent that followed can be attributed to an alarming wave of reports detailing numerous hardware and software failures plaguing the e-scooters, alongside widespread dissatisfaction with the company’s service centers across the nation.

Such prevailing issues have led to a significant erosion of customer trust and have contributed to a staggering 42-43 percent decline from its highest value.

The company’s market share has diminished considerably, dropping to 27 per cent in September from 38 per cent earlier this year, primarily due to escalating competition and burgeoning complaints regarding service quality.

Sales figures further underscore this decline, with a noticeable drop from 27,587 e-scooters sold in August to just 24,665 units in September, as per the government transportation portal Vahan.

A concerning outlook

Compounding these issues, competitors have begun launching newer models, often at similar price points, further eroding Ola’s market standing.

The level of customer dissatisfaction has reached alarming proportions, as evidenced by incidents such as the destruction of an Ola showroom in Karnataka by a disgruntled customer.

Reports indicate that Ola Electric receives around 80,000 complaints each month, reflecting systemic issues that require urgent attention. Industry analysts have noted that under these circumstances, Ola’s shares are currently deemed overvalued, marking a concerning outlook for the company.

UAE ranks third globally for password forgetfulness

Naushad K. Cherrayil
-
0
UAE ranks third globally for password forgetfulness
  • Iceland leads rankings; Luxembourg follows closely in second place while UK is ranked fifth and US at tenth place.
  • PSONO emphasises importance of utilising password managers, which can securely store login details and generate robust, unique passwords for each account.

A study conducted by password management company PSONO has highlighted a significant trend in the UAE: the nation ranks third globally in terms of residents frequently forgetting their passwords.

The research analysed search behaviours across 55 countries, revealing alarming insights into the digital struggles faced by many individuals. The data considered factors such as search trends related to “password reset,” the average interval between password resets, and the number of online accounts each person manages.

Iceland leads the global rankings, with over 13,000 searches for “password reset,” while Luxembourg follows closely in second place with a composite score of 90.5.

The UAE, with a composite score of 86.7, showcases a pressing issue among its digital populace, as approximately 101,705 residents search for password resets.

Digital literacy

Notably, the average time between resets in the UAE is an astonishing 24 months—the shortest interval recorded in the study. In comparison, residents in New Zealand manage to reset their passwords at a much more leisurely pace, averaging 72 months.

Despite an average of around 55 accounts per person, UAE residents encounter significant forgetfulness, particularly regarding their Gmail passwords.

The situation raises questions about digital literacy and personal security management in a country characterised by its technological advancement.

In light of these findings, a spokesperson from PSONO provided practical recommendations to alleviate the frustrations related to password management. They emphasised the importance of utilising password managers, which can securely store login details and generate robust, unique passwords for each account.

Furthermore, regular review and updating of passwords were advocated, along with setting reminders to ensure these best practices are consistently applied.

The spokesperson also cautioned against the common yet perilous practice of reusing passwords across multiple platforms, as this significantly increases the risk of security breaches.

Interestingly, the United States ranks tenth in the study, with over 3 million searches for password resets, yet its vast population means this still constitutes a substantial figure. US residents average about 80 accounts each, making password management a considerable challenge on the global digital landscape.

Saudi Arabia’s PIF seeks to raise stakes in Japanese gaming firms

Mohammed Fahad
-
1
Saudi Arabia’s PIF seeks to raise stakes in Japanese gaming firms
  • The diversification strategy emphasises economic transformation through investment in industries such as games and animation.

Saudi Arabia’s Public Investment Fund (PIF) is contemplating increasing its shares in prominent Japanese gaming companies, including the renowned Nintendo Co.

The initiative reflects a broader strategy to pivot from an oil-dependent economic model to a more varied entertainment landscape.

Prince Faisal bin Bandar bin Sultan Al-Saud, vice chair of the fund’s gaming subsidiary, Savvy Games Group, told Kyodo News  that the transfer of shares to this entity is aimed at fostering synergies and enhancing growth within Saudi Arabia’s entertainment sector.

The PIF currently holds significant stakes in several Japanese firms, including an 8.58 per cent share in Nintendo, known for its iconic Super Mario Bros. franchise, and an 8.97 per cent stake in Koei Tecmo Holdings.

The fund has also invested in other game developers such as Nexon and Capcom.

Strategic shift

The diversification strategy aligns with Saudi Arabia’s Vision 2030, which emphasises economic transformation through investment in industries such as games and animation.

The Crown Prince, Mohammed bin Salman, who chairs Savvy Games, is a driving force behind this strategic shift. The government’s intent is not merely to invest but to also enhance collaboration with Japanese companies, leveraging their intellectual property for localised content that resonates with diverse audiences.

The collaboration aims to capitalise on the growing worldwide demand for gaming and multimedia experiences, as evidenced by the successes of adaptations like “The Super Mario Bros. Movie” and various cinematic ventures from Square Enix.

Furthermore, Saudi Arabia’s development of an entertainment city, Qiddiya, exemplifies its commitment to creating a thriving entertainment ecosystem that encompasses various attractions, including esports facilities and thematic parks.

As the country navigates its economic transformation, maintaining open lines of communication with partners in Japan is paramount, as emphasised by Prince Faisal. The intention is to approach future investments thoughtfully and consensually, ensuring a collaborative path forward.

1...107108109...273Page 108 of 273