- Cognitive computing technology developer Verses AI (CBOE:VERS) announced that a leading Australian telecommunications company has joined its Genius beta program
- This collaboration aims to tackle one of the most pressing issues in the telecom industry: fraudulent or illegal use of telecommunications services
- AI company DeepSeek recently presented a ChatGPT-like model called R1, which boasts all the familiar capabilities of models from OpenAI, Google, and Meta, but at a fraction of the cost
- Verses AI stock (CBOE:VERS) opened trading at C$1.37
Cognitive computing technology developer Verses AI (CBOE:VERS) announced that a leading Australian telecommunications company has joined its Genius beta program.
This collaboration aims to tackle one of the most pressing issues in the telecom industry: fraudulent or illegal use of telecommunications services.
According to credit reporting agency TransUnion, telecom fraud resulted in a US$38.95 billion loss in 2023. The Global Leaders’ Forum, a network of leaders from the world’s largest international carriers, reported that 64 per cent of carriers consider fraudulent traffic a top priority. One of the most common challenges telecom operators face today is the prevalence of fraudulent access or hijacked accounts. Despite advances in multi-factor authentication, there are still numerous workarounds and hacks that circumvent these security measures.
The Australian telecom provider is out to implement Genius Agents due to their unique ability to model complex dynamic systems, quantify uncertainty, and continuously learn to make increasingly accurate predictions. This innovative approach is expected to significantly reduce the incidence of telecom fraud and enhance overall security.
Leadership insights
“Verses is attracting more large-scale opportunities at an enterprise level where the organization is excited about the capabilities and prospects that Genius provides,” Michael Wadden, Verses chief commercial officer, said in a news release. “Genius’ unique ability to continuously reason, predict and act addresses a category of real-world problems that the latest LLMs like OpenAI’s o1 or Deepseek’s R1 still struggle to reliably solve. In this scenario potentially mitigating fraud at scale would create exceptional value for the provider.”
DeepSeek’s disruptive impact on tech stocks
In related news, the artificial intelligence company DeepSeek has been making waves in the tech industry. The one-year-old startup recently presented a ChatGPT-like model called R1, which boasts all the familiar capabilities of models from OpenAI, Google, and Meta, but at a fraction of the cost. According to CNN, DeepSeek’s open-source AI model, released last week, reportedly outperformed OpenAI’s in several tests.
DeepSeek’s rapid rise has had a significant impact on tech stocks. The company launched an open-source large-language model in December for less than US$6 million, a figure that has raised eyebrows on Wall Street. Despite skepticism, DeepSeek’s success has sparked concerns that the billions being spent to develop large AI models could be done much more cheaply.
The convergence of these two stories highlights the transformative potential of AI in various industries. While Verses AI Inc. is leveraging its Genius Agents to combat telecom fraud, DeepSeek is challenging the status quo in the AI industry by demonstrating that powerful AI models can be developed at a fraction of the cost. Both companies are paving the way for a future where AI plays a major role in solving complex problems and driving innovation.
About Versus AI
Verses is a cognitive computing company building next-generation intelligent software systems modeled after the wisdom and genius of nature.
Verses AI stock (CBOE:VERS) opened trading more than 13 per cent lower at C$1.37.
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(Top image generated by AI.)
