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LATEST TECH NEWS: FAE Limited unveils product to eliminate ATM fraud. 2 other things and a trivia you need to know today, December 14, 2020
These latest stories from the tech space will keep you updated with trends today.
1. FAE Limited unveils product to eliminate ATM fraud
Leading envelope manufacturing, customizing, supplying and producing company, FAE Limited, has unveiled a new product to tackle ATM fraud.
The product, a Radio Frequency Identification (RFID) blocking ATM card cover, is built as a card guard to eliminate card fraud and scam across the globe, especially in Nigeria where a rise has been recorded in recent times.
According to Funlayo Bakare-Okeowo, Managing Director/Chief Executive officer, with the RFID card cover, information on credit cards, debits cards are well protected from hackers and fraudsters who engage in electronic pickpocket.
Speaking further on the development, the director noted that the paper industry is aware of the change in the narrative and decided to be innovative with RFID.
She said: “As technology evolves, it is no news that the future of making payments is going contactless,” explaining that the need for the product was born since “contactless cards can be read with powerful RFID readers from a distance of 100-meters by malicious hackers on the quest to steal the financial data of unsuspecting users.
Tech Trivia:
What was the first computer virus released in the wild?
A. Brain
B. WinVir
C. Creeper
D. Melissa
Answer: See end of post.
2. Appboxo secures $1.1m seed to add mini apps to its ecosystem
To support its efforts in building a mini-app ecosystem for all developers, Appboxo, a Singapore-based startup, has secured $1.1 million in seed funding. The funding, according to reports, was led by FF APAC Scout, a Founders Fund vehicle; 500 Startups’ Southeast Asia-focused 500 Durians fund; Plug and Play Ventures; and Antler. However, the new funding will be used on product development and to add more mini-apps to Appboxo’s ecosystem.
On size, the startup currently works with about 10 host apps, including Booking.com, Klook and Zalora, and has about 80 mini-apps on its platform. The startup cited examples of how host apps have used mini-apps to include travel apps that added hotel, restaurant and activities bookings; and mobile wallets that integrated insurance-buying and e-commerce services. Appboxo was founded in 2019 by chief executive officer Kaniyet Rayev and chief technology officer Nursultan Keneshbekov while participating in Antler’s Singapore incubator program.
3. Ola signs $327M deal to set up ‘the world’s largest scooter factory’ in Tamil Nadu
Today, Monday, December 14, Ola, Indian ridesharing company offering services that include vehicle for hire and food delivery, signed a memorandum of understanding with the government of Tamil Nadu in India to set up what it claims would be the “world’s largest scooter manufacturing facility” in the South Indian state. The development comes on the heels of the startup’s push to deal in electric vehicles. According to the SoftBank-backed Indian ride-hailing firm, it will invest about $327 million in setting up the factory.
In turn, press noted that the project will create almost 10,000 jobs and have an initial capacity to produce 2 million electric vehicles in a year. The move comes as Ola plans to launch and expand its two-wheeler electric vehicles in several markets in the next two quarters, according to a person familiar with the company. Earlier, Ola Electric, which spun out of the startup last year, acquired Amsterdam-based Etergo. The Dutch has a fleet of scooters that uses swappable, high energy battery that delivers a range of up to 240 km (149 miles). The startup plans to replicate production of similar model of vehicles.
Tech Trivia Answer: Brain
While the first computer virus (Creeper) was released on the ARPANET as a harmless experiment, the first computer virus to be released in the wild didn’t have malicious intent either.
Called “Brain,” the program was created in 1986 by the Farooq Alvi brothers of Pakistan as a method to deter copying the medical software they wrote. It targeted IBM PCs and would replace a floppy disk’s boot sector with a copy of the virus and flag the real boot sector as bad.
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