Cyber experts predicted that as ChatGPT got more popular, fraudsters would grow more interested in AI.

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

What's New Today: Meesho terminates 251 additional employees in a third round of layoffs and blames a recruiting misstep.

Fast-Track Insights: According to a Northern Trust executive, cryptocurrency has "lost its sparkle" for institutional investors.

Cyber experts expected that fraudsters would become more interested in AI as ChatGPT and other AI technologies gained more use. Additionally, given the growing risk associated with such services, multinational corporations like Meta and Samsung have already issued warnings. Because these services are being abused, South Korean giant Samsung has temporarily prohibited its staff from using well-known generative AI tools like OpenAI's ChatGPT on company computers.

Meesho, an e-commerce startup with headquarters in Bengaluru, has fired 251 workers in its third wave of layoffs in less than a year. According to a statement from the company, "We have made the difficult decision to part ways with 251 Meeshoites, constituting 15% of the employee base, as we look to work with a leaner organizational structure to achieve sustained profitability." Earlier than this, Meesho laid off 150 workers in April of last year after changing the name of its grocery division from Farmiso to Superstore.

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. One of the most significant advantages of AI-based fraud detection systems is their ability to process large amounts of data in real-time.  Read More

According to the head of digital assets and financial markets at Northern Trust, institutional investors lost interest in cryptocurrencies after 2022, and despite this year's surge, they haven't yet regained it. At the Digital Assets Week conference in San Francisco, Justin Chapman stated to "Crypto World" that institutions have shifted their attention to the blockchain technology that underpins cryptocurrencies, but that his company "has capabilities" in place should client interest in crypto assets rebound. The cryptocurrency market "fell off a cliff just after March… In terms of institutional interest in cryptocurrencies, the client interest has unquestionably fallen the same cliff, he claimed.