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Content type: Examples
In 2018 a report from the Royal United Services Institute found that UK police were testing automated facial recognition, crime location prediction, and decision-making systems but offering little transparency in evaluating them. An automated facial recognition system trialled by the South Wales Police incorrectly identified 2,279 of 2,470 potential matches. In London, where the Metropolitan Police used facial recognition systems at the Notting Hill Carnival, in 2017 the system was wrong 98% of…
Content type: Examples
In January 2018 the Cyberspace Administration of China summoned representatives of Ant Financial Services Group, a subsidiary of Alibaba, to rebuke them for automatically enrolling its 520 million users in its credit-scoring system. The main complaint was that people using Ant's Alipay service were not properly notified that enrolling in the credit-scoring system would also grant Ant the right to share their personal financial data, including information about their income, savings, and…
Content type: Examples
In 2015, a small number of Silicon Valley start-ups began experimenting with assessing prospective borrowers in developing countries such as Kenya by inspecting their smartphones. Doing so, they claimed, enabled them to charge less in interest than more traditional microlenders, since many of their target customers lack traditional credit ratings. The amount of data on phones - GPS coordinates, texts, emails, app data, and more obscure details such as how often the user recharges the battery,…
Content type: Examples
Because banks often decline to give loans to those whose "thin" credit histories make it hard to assess the associated risk, in 2015 some financial technology startups began looking at the possibility of instead performing such assessments by using metadata collected by mobile phones or logged from internet activity. The algorithm under development by Brown University economist Daniel Björkegren for the credit-scoring company Enterpreneurial Finance Lab was built by examining the phone records…