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Amazon Testing A Feature That Will Use AI to Summarize Customers’ Reviews

By
Ojukwu Emmanuel
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0

Giant e-commerce company Amazon is reportedly testing an artificial intelligence (AI) feature that will help to summarize customers’ reviews.

The feature which is currently under testing will provide a brief overview of what customers liked and disliked about a product, which will come along with a disclaimer that the summary is “AI-generated from the text of customer reviews.

Speaking on the rollout of an AI feature to summarize product reviews, Amazon Spokesperson Lindsay Shanahan said, “We are significantly investing in generative AI across all of our businesses”.

A sample of Amazon’s AI-generated reviews was spotted on a children’s toy product which read,

“This toy has received positive feedback from customers regarding its fun factor, appearance, value, performance, quality, charging, and leakage. However, the majority of customers have expressed negative opinions on these aspects. For example, some customers have paid over $100 for a toy that wasn’t worth it, while others have experienced issues with the product’s quality and charging. Despite mixed opinions on ease of use, the product seems to be fun and engaging”.

Technology officer at Amazon Mark Wieczorek stated that Amazon’s AI-generated product review summaries could be useful in guiding customers towards newer reviews, and a step towards reducing review moats.

Recall that in July 2022, Amazon filed a lawsuit against 11,000 people the company said operated Facebook groups that broker fake reviews on the site. The lawsuit stated that Facebook group members would get paid in cash or products in exchange for 5-star reviews. Fake reviews have continued to hamper customers’ confidence in Amazon’s products, which has impacted the business.

It is understood that Amazon’s platform has been saturated with so many Bogus reviews as using AI to summarize reviews could be a positive step taken, to get rid of fake reviews which will be very helpful to shoppers. It is known that fake reviews have made customers more than twice as likely to choose poor-quality products.

An investigation earlier conducted on Amazon product reviews found that many of them were not written by humans. Amazon has therefore assured that it is constantly evaluating emerging technologies and is relentlessly innovating to allow only genuine product reviews on its platform.

The company has also created clear policies that prohibit review abuse, including offering incentives like gift cards to write positive reviews. It will not hesitate to suspend, ban, and take legal action against anyone who violates these policies and removes inauthentic reviews.

The e-commerce giant wants to ensure that customers shop with confidence on the platform, knowing that reviews on any of its products are authentic and trustworthy.

These AI-generated reviews, according to experts, may be the next frontier of fake Amazon product reviews, an issue that Amazon has heavily dealt with in the past.

Central Bank of Nigeria (CBN) Clause For Credit Facilities, Pre-Authorization of Cards

By
Emmanuel Ifeanyi Ogbuka
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0

The Central Bank of Nigeria (CBN) has been at the forefront of implementing regulatory measures to spur credit growth in the economy to accelerate economic expansion and subsequent job creation.

This led to the consideration at the 345th meeting of the banker’s committee held on the 26th of August,2019, of additional measures to improve credit culture and enhance credit risk management in the system, in order to hasten the positive objectives outlined in the preceding paragraph of this article.

Consequently, the committee resolved that banks shall have access to & utilize the deposits of defaulting customers across the banking industry to regularize their non-performing facilities.

The following implementation guidelines were this issued:

– From August 26,2019, the terms and conditions in offer letters & loan agreements must among others, contain the following clause

“By signing this offer letter/loan agreement and by drawing on the loan, I covenant to repay the loan as and when due. In the event that I fail to repay the loan as agreed, and the loan becomes delinquent, the bank shall have the right to report the delinquent loan to the CBN through the Credit Risk management System (CRMS) or by any other means, and request the CBN exercise its regulatory power to direct all banks and other financial institutions under its regulatory purview to set-off my indebtedness from any money standing to my credit in any bank account and from any other financial  assets they may be holding for my benefit.

I covenant and warrant that the bank shall have power to set-off my indebtedness under this loan agreement from all such monies and funds standing to my credit/benefit in any and all such accounts or from any other financial assets belonging to me and in the custody of any such bank.

I hereby waive any right of confidentiality whether arising under common law or statute or in any other manner whatsoever and irrevocably agree that I shall not argue to the contrary before any court of law, tribunal, administrative authority or any other body acting in any judicial or quasi judicial capacity.”

– Accordingly, all loan documentations from that date must contain the undertaking clause referred to in the paragraph above as well as the Bank Verification Number (BVN) of the obligor for individual loans and that of the directors of the company and its Tax Identification Number (TIN) for corporate loans for ease of identification of other deposits of the individual or corporate borrower as the case may be.

– Where personal guarantees are provided, the BVN of the guarantor in respect Individual or corporate loans should equally be provided.

– Upon default on a credit obligation by a borrower, the bank that originated the credit shall request the CBN to invoke the utilization of the defaulting borrower(s) deposits in other banks in repayment of the obligation. 

 Details of the CBN Circular on Pre-Authorization of Cards in Nigeria

On the 30th of December,2019, the Central Bank of Nigeria (CBN), issued a circular in furtherance of its commitment to facilitating the development of the Nigerian payments system & deepening the adoption of various electronic payment options available to users.

The CBN in this circular identified the predominant use of single messaging format for Point of Sale (POS) transactions as an obstacle for the use of pre-authorization as a mode of payment in Nigeria.

In order to enable pre-authorization, the CBN directs as follows :-

– All merchant acquirers are required to obtain acquirer device validation certification or the applicable testing completion notification from CBN licensed card schemes.

– All POS terminals must have the capacity for transaction pre-authorization and sales completion.

– The Nigerian Inter-Bank Settlement Scheme (NIBBS) shall be responsible for ensuring that only banks that have conducted and obtained POS terminal validation certificates for pre-authorization and sales completion from relevant card schemes, have their POS terminals registered in the Central Terminal Management System.

– All card issuers are required to build the capability & enable the processes for the pre-authorization and sales completion of transactions.

– Card schemes are also required to provide online simulators for acquirers and issuers to test their systems when necessary.

– This circular is to take effect from the 31st of July,2020 for full compliance.

Binance-US Hires Former SEC Enforcement Official as Part of its Legal Team

By
Paul Ugbede Godwin
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0

Binance.US, the American branch of the global cryptocurrency exchange Binance, has recently hired a former SEC enforcement official as part of its legal team. George Canellos, who served as the co-director of the SEC’s enforcement division from 2012 to 2014, is one of four lawyers from the international law firm Milbank LLP who will represent Binance.US in its ongoing lawsuit with the SEC.

The SEC sued Binance.US, along with Binance and its founder Changpeng Zhao, on June 5 for allegedly operating an unregistered securities exchange in violation of US laws. The SEC also filed an emergency motion to freeze Binance.US’s assets and prevent it from transferring funds abroad. Binance.US has denied the allegations and challenged the SEC’s motion, arguing that it would effectively shut down its business and harm its customers.

Canellos is a seasoned litigator with extensive experience in both civil and criminal cases involving securities fraud, insider trading, money laundering, cybercrime, and other complex matters. He has previously supervised more than 1,300 attorneys at the SEC and led major investigations against prominent figures such as Raj Rajaratnam and SAC Capital. He has also served as a federal prosecutor in New York and as a senior adviser to former SEC chair Mary Jo White.

His expertise and reputation are expected to give Binance and CZ a strong advantage in their fight against the SEC. According to John Reed Stark, a former head of the SEC’s Office of Internet Enforcement, Canellos’ hiring indicates that Binance and CZ are preparing for a criminal prosecution. Stark tweeted: “Binance/DOJ Newsflash: Binance and CZ just added a uniquely qualified criminal defense all-star lawyer to their legal team: George Canellos, former Chief of the Major Crimes Unit in the U.S. Attorney’s Office for the Southern District of New York and former head of the SEC’s New…”

However, Stark also noted that Binance and CZ still face an uphill task in their defense against the federal regulators, who have accused them of “blatant disregard” of US securities laws and mishandling customer funds. He added: “…But I doubt even Ironman, Captain America, and the Hulk could get Binance out from their current perilous legal quagmire.”

Binance and CZ have denied the SEC’s allegations and have vowed to cooperate with the authorities. They have also hired other former SEC officials as part of their legal team, such as Richard Grime, a former assistant director of the SEC’s enforcement division.

Binance is the largest cryptocurrency exchange by trading volume in the world, but it has faced increasing scrutiny and regulatory pressure from various jurisdictions, including the UK, Japan, Germany, Hong Kong, Singapore, and Canada. The SEC’s lawsuit is one of the most serious challenges that Binance and CZ have ever faced, and it could have significant implications for the future of the crypto industry.

Binance.US’s decision to hire Canellos and his colleagues from Milbank LLP signals its intention to mount a vigorous defense against the SEC’s charges. Canellos is widely respected in the legal community for his expertise and integrity, and his involvement may help Binance.US negotiate a favorable settlement or outcome with the SEC. However, he may also face a formidable opponent in Gary Gensler, the current SEC chair who is known for his tough stance on crypto regulation.

Binance.US is not the only crypto platform facing scrutiny from the SEC. The agency has also sued Coinbase, another leading US-based exchange, for allegedly offering unregistered securities products to its customers. The SEC’s actions have sparked criticism from some lawmakers and industry leaders who accuse the agency of overreaching its authority and stifling innovation in the crypto space.

Binance.US has denied the SEC’s allegations and argued that its proposed remedies would effectively shut down its business and harm its customers. The exchange also claimed that the SEC’s actions were “extremely aggressive and intimidating” and that it had been cooperating with regulators. Binance.US said it would continue to operate as an all-crypto exchange until it can resolve its issues with its payment and banking partners, which have signaled their intent to pause support for its dollar channels.

US Congressman, Warren Davidson, Files Bill to Fire Gary Gensler

By
Paul Ugbede Godwin
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0
WASHINGTON, DC - OCTOBER 03: Securities and Exchange Commission (SEC) Chair Gary Gensler listens during a meeting with the Treasury Department's Financial Stability Oversight Council at the U.S. Treasury Department on October 03, 2022 in Washington, DC. The council held the meeting to discuss a range of topics including climate-related financial risk and the recent Treasury report on the adoption of cloud services in the financial sector. (Photo by Anna Moneymaker/Getty Images)

The Securities and Exchange Commission (SEC) is supposed to be an independent agency that protects investors, maintains fair and orderly markets, and facilitates capital formation. However, under the leadership of Gary Gensler, the SEC has become a rogue regulator that threatens the innovation and growth of the US capital markets.

Gensler has shown a disregard for the rule of law, a lack of transparency and accountability, and a hostility towards emerging technologies such as cryptocurrencies. He has also overstepped his authority and abused his power to pursue a personal agenda that harms investors and businesses.

In a surprising move, Representative Warren Davidson, a Republican from Ohio, has introduced a bill that would remove Gary Gensler from his position as the chairman of the Securities and Exchange Commission (SEC). The bill, titled the “SEC Regulatory Accountability Act“, accuses Gensler of overstepping his authority and harming American investors and businesses.

According to Davidson, Gensler has been pursuing an “aggressive and partisan agenda” that threatens the innovation and growth of the crypto industry, as well as other sectors of the economy. Davidson claims that Gensler has ignored the will of Congress and the courts and has acted in an arbitrary and capricious manner.

That is why I support the SEC Stabilization Act, a bill introduced by Congressman Warren Davidson and co-authored by Congressman Tom Emmer, that aims to reform the SEC and fire Gary Gensler as its chair. The SEC Stabilization Act would make several changes to the structure and governance of the SEC, such as:

Removing Gensler from office and requiring a new chair to be appointed by the President and confirmed by the Senate.

Adding a sixth commissioner to the SEC, so that no party can hold a majority on the commission.

Creating an executive director position to oversee the day-to-day operations of the SEC and report to the commissioners.

Limiting the rulemaking, enforcement, and investigation powers of the chair and requiring consensus among the commissioners for any major actions.

Establishing an advisory committee on digital assets and financial technology to provide guidance and recommendations to the SEC on these issues.

These reforms would ensure that the SEC is more balanced, accountable, and responsive to the needs and interests of investors and market participants. They would also prevent any future chair from abusing their power and imposing their personal views on the market.

Gary Gensler has proven to be a bad faith regulator who does not respect the role and mandate of the SEC. He has created uncertainty and confusion in the market, especially in the crypto space, by refusing to provide clear and consistent guidance on how securities laws apply to digital assets. He has also initiated frivolous lawsuits against crypto companies such as Ripple and Coinbase, without any legal basis or due process.

Gensler’s actions have stifled innovation and competition in the US capital markets and have driven investors and entrepreneurs to seek more friendly jurisdictions abroad. He has also damaged the reputation and credibility of the SEC as a fair and impartial regulator.

It is time for Congress to act and pass the SEC Stabilization Act, which would restore order and stability to the SEC and fire Gary Gensler as its chair. The US capital markets deserve better than a tyrannical chairman who undermines their growth and prosperity.

The bill would require Gensler to submit a report to Congress within 30 days of its enactment, explaining the rationale and legal basis for each rule or regulation that he has proposed or adopted since taking office in April 2021. The bill would also prohibit Gensler from issuing any new rules or regulations until he receives approval from Congress.

Davidson’s bill is unlikely to pass in the Democrat-controlled House of Representatives, let alone in the Senate. However, it reflects the growing frustration and opposition that Gensler has faced from some lawmakers and industry groups, especially in the crypto space. Gensler has been vocal about his intention to regulate crypto assets and platforms more strictly, arguing that they pose significant risks to investors and financial stability.

Gensler has not yet responded to Davidson’s bill, but he has previously defended his actions and vision for the SEC. He has said that he is committed to protecting investors, promoting fair markets, and fostering innovation. He has also expressed his willingness to work with Congress and other stakeholders to create a clear and consistent regulatory framework for crypto.

 

What is the Best 2023 Investment? Comparing Uwerx (WERX), Sui (SUI), and Arbitrum (ARB)

By
TI Partners
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0

Crypto investors seek some of the most profitable coins for their 2023 crypto wallets. Sui (SUI) and Arbitrum (ARB) are tokens that come close to contending for the wallets of most investors.

While these tokens give crypto investors a good shot at tripling their investments, Uwerx has an even higher chance of making this happen.

This article compares Uwerx, Sui (SUI), and Arbitrum (ARB), discussing why Uwerx will be your most profitable investment in 2023.

Sui (SUI) and Arbitrum (ARB): Profitable Tokens for Investors

Sui (SUI) is an unprecedented breakthrough for Layer 1 blockchains and innovative contract platforms. Sui (SUI) was carefully crafted to cause a massive revolution in the world of cryptocurrencies on digital asset ownership, swiftness, privacy, security, and inclusivity for all investors interested.

Sui (SUI) provides a stable foundation for creators and developers seeking to create powerful user-centric experiences. Today, Sui (SUI) is valued at $1.06, with a prediction of reaching $2 by 2024 due to its constant growth in the cryptocurrency industry.

Arbitrum (ARB) is also faring well in the market. The Layer-2 scaling solution uses optimistic rollups to meet its goals of speed improvement, cost-efficiency, and scalability on Ethereum. Unlike Ethereum, Arbitrum (ARB) has a higher throughput and much lower fees. Today, Arbitrum (ARB) is valued at $1.12, predicted to reach $2.80 by 2024.

Uwerx (WERX): Investors’ First Choice

Uwerx is a freelance platform seeking to cause an undeniable revolution in the freelance industry. Uwerx offers a plethora of benefits that no other freelance community has offered and also provides crypto investors with a shot at making remarkable profits on their investments in 2023.

Uwerx has already been listed on CoinSniper, and by the 1st of August, 2023, Uwerx will be listed on Uniswap, thus expanding its reach to even more investors and freelancers alike. Uwerx has already been successfully audited by InterFi Network and SolidProof, testifying to the platform’s authenticity and standards.

Uwerx offers its users a 1% transaction fee, unlike the hefty fees offered by other freelance platforms such as Upwork and Fiverr. Uwerx’s fee shows that it prioritizes the needs of its users and is creating a community that provides freelancers with the financial freedom and protection of their intellectual properties.

As soon as Uwerx is launched on centralized exchanges, the Uwerx team will renounce contract ownership. In doing so, they will ensure transparency, even as taxes are reduced to zero. The Uwerx Team is also making significant moves to unveil the Alpha platform. The unveiling has already begun in stages with the recent release of the PDF version of the Alpha platform, and in the coming week, more pages will be launched.

Uwerx is currently witnessing unprecedented support from its growing community. This support has led to extraordinary demands, which have led the Uwerx team to make necessary modifications to the platform.

In addition to the token modifications the team will make, there will also be a Test Airdrop happening on the 31st of July, 2023. 98.2% of Uwerx users voted for this, and their needs are being heard. Uwerx will also be having an imminent token lock. The WERX tokens will be locked for 25 years, and this will happen before the end of the Uwerx Presale, according to the desires of 82.8% of Uwerx users.

The Uwerx team will begin transitioning from the Alpha platform to the Beta platform, allowing users to test it for themselves. Feedbacks, comments, observations, questions, and suggestions are highly welcome. Users are encouraged to share their feedback with the team at feedback@uwerx.network.

 

The Uwerx (WERX) Presale is Witnessing Exponential Growth

Before we delve into the immense growth the Uwerx presale is witnessing, we must mention that the Uwerx Vault has now been unveiled. Through this vault, Uwerx users will be able to store their WERX tokens for varying time lengths, just like staking.

The first stage of the Uwerx presale took only 17 days, while the second stage took only eight days. Uwerx is in its fifth presale stage, selling at $0.041 per token with a 15% bonus on all purchases. The Hard-cap Presale End date has been set for the 31st of July, 2023, and Uwerx is predicted to have risen to $3.5 by 2024.

There’s no better time to join the Uwerx presale than now. Click on any of these links to access a 15% bonus on your purchases:

Presale: www.invest.uwerx.network

 Telegram: https://t.me/uwerx_network

 Twitter: https://twitter.com/uwerx_network

 Website: https://www.uwerx.network/

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