Alibaba’s founder and former CEO Jack Ma said the company’s payments arm, Alipay, faces over 300 million hacking attacks every day, but it hasn’t suffered any problem. Alipay has one billion users and handles $50 billion worth of transactions every day and thus a target of cybercriminals.
Check Out These Resources
- Do you need a business bank account for your online business? Take a look at our review of the five best bank accounts for sellers, some of which are free with no minimum balance or deposits. [sponsored]
- Boost your social media engagement with Publer. Learn how you can save time writing engaging content faster with AI. [sponsored]
- Could your online business use capital for growth? Here is a primer on revenue-based loans, and how they work.
Unfortunately for them, the Chinese eCommerce giant’s AI, which stands for Alibaba Intelligence, recognizes all forms of internet crimes and can deter every single one of them before it occurs.
“We teach the machine all the ways people cheat. The machine remembers over millions of ways of cheating, so when we start the cheating, the machine already knows you are cheating. In this way we are protecting all the technology.” – Jack Ma, Founder and Former CEO, Alibaba Group
Everything boils down to a trustworthy machine
In February this year, Alibaba faced a major cyberattack attempt that could’ve put the accounts of 20 million users on its Taobao eCommerce site at risk. The company said it managed to detect the attack “in the first instance.” Ma said collecting a large volume of customer data was an important step to developing a security system that can detect the bad guys.
He added that between a machine and a person, he would entrust his personal data to the former because it cannot be swayed or influenced. It only cares about whether a person does good things or bad things.
Ma graced the Forbes Global CEO Conference in Singapore earlier this week and was awarded the Malcolm S. Forbes Lifetime Achievement Award for his outstanding contributions to entrepreneurship. He retired from Alibaba last month and was succeeded by Daniel Zhang as chief executive.
What do you think of the advanced capabilities of Alibaba’s AI? Is this sort of technology good for the future of online payments and banking? Share your thoughts in the comments below or join our Facebook Group.
Subscribe to Our Newsletter
We do not sell your information.
You can unsubscribe at any time.
Head over to our Facebook Group for Small Business Marketplace Sellers and interact with us and other small business owners. Follow us on Facebook, Twitter, or LinkedIn to stay up to date with relevant news and business insights for your online business.