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Facebook Buys Servicefriend To Boost Cryptocurrency Libra Experience

Aiming to make its cryptocurrency Libra customer friendly when it arrives next year, Facebook has acquired a startup called Servicefriend

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Bitcoin, which has risen in value for eight consecutive days, received a boost after Facebook has said it would offer its own cryptocurrency, the Libra coin by end of June 2020. Pixabay

Aiming to make its cryptocurrency Libra customer friendly when it arrives next year, Facebook has acquired a startup called Servicefriend that builds Artificial Intelligence (AI)-driven bots for messaging apps.

The Israel-based startup is known for building “Hybrid Bot Architecture” – an approach that offers the enterprise the scalability of a bot with the intelligence, comprehension, and empathy of a human.

“We acquire smaller tech companies from time to time. We don’t always discuss our plans,” a Facebook spokesperson told TechCrunch.

“Facebook’s plan is to build a range of financial services for people to use Calibra to pay out and receive Libra as for example, to send money to contacts, pay bills, top up their phones, buy things and more,” said the report.

Servicefriend has been deployed by leading enterprises around the world.

By using a hybrid bot for Messenger from Servicefriend to provide meaningful and efficient customer service, the telecom company Globe Telecom successfully increased employee productivity by 3.5 times and reduced calls to its hotline by 50 per cent.

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Representations of virtual currency are displayed in front of the Libra logo in this illustration picture. VOA

With Servicefriend, the bot is always the front end, and every conversation receives the same branded, consistent and cohesive experience.

The new digital wallet for ‘Libra’ currency would be available in Facebook Messenger, WhatsApp and as a stand-alone app in 2020.

ALSO READ: Facebook Selects Six Projects from India for AI Ethics Research

Facebook has tied up with 27 organisations around the world to start the non-profit Libra Association to create the new currency. (IANS)

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Social Media Giant Facebook Sues Chinese Company Over Alleged ad Fraud

According to a report in CNET, Facebook said it has paid more than $4 million in reimbursements to victims of these hacks

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An iPhone displays the app for Facebook in New Orleans, Aug. 11, 2019. VOA

Facebook has sued a Chinese company for allegedly tricking people into installing a malware, compromising peoples accounts and then using them to run deceptive ads.

Facebook blamed ILikeAd Media International Company Ltd. and two individuals associated with the company — Chen Xiao Cong and Huang Tao – for the fraud.

The defendants deceived people into installing malware available on the Internet. This malware then enabled the defendants to compromise people’s Facebook accounts and run deceptive ads promoting items such as counterfeit goods and diet pills, the social media giant said in a blog post.

The defendants sometimes used images of celebrities in their ads to entice people to click on them, a practice known as “celeb bait”, according to the lawsuit filed on Wednesday.

In some instances, the defendants also engaged in a practice known as cloaking, Facebook said.

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The social media application, Facebook is displayed on Apple’s App Store, July 30, 2019. VOA

“Through cloaking, the defendants deliberately disguised the true destination of the link in the ad by displaying one version of an ad’s landing page to Facebook’s systems and a different version to Facebook users,” said Facebook’s Jessica Romero, Director of Platform Enforcement and Litigation and Rob Leathern, Director of Product Management, Business Integrity.

Cloaking schemes are often sophisticated and well organised, making the individuals and organisations behind them difficult to identify and hold accountable.

Also Read: New Account of Twitter named @TwitterRetweets to Highlight Best Tweets

As a result, there have not been many legal actions of this kind.

“In this case, we have refunded victims whose accounts were used to run unauthorised ads and helped them to secure their accounts,” they wrote.

According to a report in CNET, Facebook said it has paid more than $4 million in reimbursements to victims of these hacks. (IANS)