As the world moves from digitisation towards artificial intelligence (AI) we are told that these man-made robots may now recognise 'thinking patterns' of humans. Scientists are delighted, social scientists are less enamoured. Estimates suggest that the cost of digital misdeeds will treble that of the past years into trillions of dollars. Major companies have had to foot massive bills to undo hacking and malaware intrusions with the end exult hitting the bottom line and causing further stress on business viability in a world where growth has largely been sluggish. It gets more complicated when funds are transferred to tax-havens before being channelled under fictitious or cover names in business and industry, frighteningly so in social media.
Now that everyone knows that there was targeted use of Facebook and other social media to dubiously influence innocent voters in the United States, the likes of Mark Zuckerberg are falling over themselves to clean up their dirty linen even as they do the Ostrich and hide their heads in the sand. Whizz kids and geeks exist everywhere and openly laugh at the ridiculous ease with which they can penetrate supposedly sophisticated systems. The ever alluring factor is - well, money.
Take the almost miraculous turnaround in numbers relating to remittances, a vital cog in Bangladesh's economy. From a record low, the genii has turned it to an impressive high. The same economists and experts that pointed to a slump in development activities in the destination countries and the cost of remitting through official channels will have to pit this 'new phenomenon' in their pipes and smoke it. Simply put, little has changed internationally in a month. Simpler still, the blame is now being put on mobile finance, Bikash being top of the 'dubious' roost. With banks requiring commas and full stops in describing the smallest of deposits in accounts, it would appear that 'suspicious' large transaction through Bikash is of concern. Thousands of such accounts have been closed or frozen and the regulator is chortling. The matter of concern is, in an environment where transfers have ceilings, accounts are transparent in details of the holders, how does this happen? In Bob Dylan terminology, the answer is blowing in the wind.
Changing times require new thinking. Instead of fighting a losing battle, regular reporting by Bikash of the high-end transfers could be taxed differently. The traditional hundi system will probably never stop. Prevalent throughout the world, it's easy, convenient and difficult to trace or track. If countries can find ways to dodge sanctions, the hundi process is a piece of cake. Digital safety systems allow for email and social media communications to be easily trackable. Given the ease with which the country's foreign exchange reserves were filched, mobile money tracking really has to be a walk in the park. What happens when robots and the like get minds of their own, is a scary prospect.
