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Benzinga spoke with Mehrak Hamzeh, the chief technology officer of AppTech Payments Corp APCX , about the future of fintech.

"Fraud prevention and AI are essential," Hamzeh says. "We can monitor behaviors, detect unusual activities like keystrokes or device orientation, flag anomalies, and raise alerts for fraudulent activities."

Here's an edited transcript of the conversation.Benzinga: Nice to meet you, Mehrak! Please share a bit about yourself, where you come from and where you went to school.

Hamzeh: I grew up in the San Francisco Bay Area and studied management information systems at California Polytechnic State University (San Luis Obispo).Loading… Loading… How did you end up doing what you are doing now?

At my school's career center, I overheard a conversation. Someone asked: "Are you so-and-so?" Without missing a beat, I replied: "No, but I could be."

Thats how I ended up at Silicon Valley Bank, joining their venture capital team under the wing of Greg Becker. I read like 100 business plans a week. I left six months afterward to start Globaltel Media, which AppTech eventually acquired.

This set the foundation for what we currently regard as the cornerstone of mobile payments, completely transforming transaction security.So, what does your role entail?

I am scouting fresh deals, evaluating technologies and markets, aligning our technology with market demands, and creating new revenue streams.

We're launching InstaCash, which has partnerships across various sectors, from airports to healthcare and banking.

We've got our patented two-way SMS and mobile payments. When you receive a text message asking whether you transacted at Taco Bell, a "no" immediately halts the transaction. You build mobile payments and put this intellectual property inside.

I constantly seek new partnerships, evaluate incoming intellectual property and acquire patent portfolios, including, for example, the patent for Uber's ordering anything for delivery.Tell me a little bit about AppTech's potential.

Traditional payment companies operate in a static 1-to-1 model, generating revenue in line with their market capitalization.

For us, the potential for exponential growth is evident. Were not just a payment company. We're a global fintech platform across various sectors. That's the difference.What's the latest among the inbound leads you receive?

Clients want banking and payment functionalities in a single platform with lower fees. We facilitate direct ledger-to-ledger transfers between parties, reducing or removing fees altogether.

This is crucial for businesses, gig workers and immigrant families, where every penny saved counts. Growing up in a family where every penny mattered, I understand the significance of savings.

Fraud prevention and AI are essential, too. We can monitor behaviors, detect unusual activities like keystrokes or device orientation, flag anomalies and raise alerts for fraudulent activities deviating from thresholds based on normal behavior patterns.Looking out a year from now, what do you envision for yourself and the company?

My excitement lies in using technology to drive innovation. Our success is not just for ourselves but also for our shareholders and investors.

The growth potential is substantial and notable institutions like Blackrock and Vanguard are already investing.

Over the next 24 months, we aim to onboard 100 companies into our portfolio, each targeting a specific vertical with the potential for significant monthly revenue. Other companies may focus solely on payments, but were driven to expand in new markets.

Were a publicly traded entity providing the world access to our private ventures through a public platform.Anything else to add?

Each vertical market presents immense potential, propelling us towards our vision of becoming a multi-billion-dollar conglomerate.

For example, Starbucks is one of the premier mobile payment platforms globally. Weve devised a solution that transcends its limitations so you can spend at In-N-Out, Burger King or McDonalds. We will liberate users from being tethered to a single platform.

Photo by MacroEcon via ShutterstockLoading… Loading… Market News and Data brought to you by Benzinga APIs

2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Padres’ Bogaerts leaves after diving for ball

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Padres' Bogaerts leaves after diving for ball

ATLANTA — San Diego Padres second baseman Xander Bogaerts apparently injured his left shoulder and was removed from Monday’s game against the Atlanta Braves.

Bogaerts landed on the shoulder while diving for a bases-loaded grounder hit by Ronald Acuña Jr. in the third inning. Bogaerts stopped the grounder but was unable to make a throw on Acuña’s run-scoring infield hit.

Bogaerts immediately signaled to the bench for assistance and a trainer examined the second baseman before escorting him off the field.

Tyler Wade replaced Bogaerts at second base. The run-scoring single by Acuña gave Atlanta a 5-0 lead over Dylan Cease and the Padres.

Bogaerts entered Monday’s first game of a doubleheader hitting .220 with four homers and 14 RBI.

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Sports

MLB opens investigation into ex-Angel Fletcher

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MLB opens investigation into ex-Angel Fletcher

MLB opened an investigation Monday into allegations that former Los Angeles Angels infielder David Fletcher gambled with an illegal bookie, an MLB source told ESPN, but investigators face a significant hurdle at the start — where they’re going to get evidence.

ESPN reported Friday that Fletcher, who is currently playing for the Atlanta Braves‘ Triple-A affiliate, bet on sports — but not baseball — with Mathew Bowyer, the Southern California bookmaker who took wagers from Shohei Ohtani‘s longtime interpreter, Ippei Mizuhara.

Fletcher’s close friend Colby Schultz, a former minor leaguer, also bet with Bowyer and wagered on baseball, including on Angels games that Fletcher played in while he was on the team, according to sources.

“Government cooperation will be crucial in a case like this where we don’t have evidence,” the MLB source said.

MLB investigators will request an interview with Fletcher at some point, but he has the right to refuse cooperation if he can claim he could be the subject of a criminal investigation.

Fletcher did not respond to multiple requests for comment Friday.

The source declined to say whether MLB has reached out to law enforcement for assistance yet, but investigators are expected to do so.

Fletcher might continue playing during the MLB investigation, according to the source. He went 0-3 with a walk Saturday for the Gwinnett Stripers, the day after ESPN’s report, and made a rare relief pitching appearance in Sunday’s game, giving up three runs in 1⅓ innings. Fletcher had never pitched professionally before this season, but has made three relief appearances for Gwinnett.

MLB sources have said that if a player bet illegally but not on baseball, it’s likely he would receive a fine rather than a suspension. Any player connected to any betting on baseball games could face up to a lifetime ban.

Fletcher told ESPN in March that he was present at the 2021 poker game in San Diego where Mizuhara first met Bowyer. Fletcher said he never placed a bet himself with Bowyer’s organization.

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Politics

Rishi Sunak apologises to infected blood scandal victims and says it is ‘day of shame for British state’

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Rishi Sunak apologises to infected blood scandal victims and says it is 'day of shame for British state'

Prime Minister Rishi Sunak has offered a “wholehearted and unequivocal” apology to the victims of the infected blood scandal, saying it was a “day of shame for the British state”.

Mr Sunak said the findings of the Infected Blood Inquiry’s final report should “shake our nation to its core”, as he promised to pay “comprehensive compensation to those infected and those affected”, adding: “Whatever it costs to deliver this scheme, we will pay it.”

The report from the inquiry’s chair Sir Brian Langstaff blamed “successive governments, the NHS, and blood services” for failures that led to 30,000 people being “knowingly” infected with either HIV or Hepatitis C through blood products. Around 3,000 people have now died.

The prime minister said for any government apology to be “meaningful”, it had to be “accompanied by action”.

Politics live: Thatcher’s health secretary ‘disparaging’ to infected blood victims

Speaking in the Commons, Mr Sunak called it a “calamity”, saying the report showed a “decades-long moral failure at the heart of our national life”, as he condemned the actions of the NHS, civil service and ministers – “institutions in which we place our trust failed in the most harrowing and devastating way”.

The prime minister said they “failed this country”, adding: “Time and again, people in positions of power and trust had the chance to stop the transmission of those infections. Time and again, they failed to do so.

“I want to make a whole-hearted and unequivocal apology for this terrible injustice.”

Victims and campaigners outside Central Hall in Westminster.
Pic; PA
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Victims and campaigners outside Central Hall in Westminster.
Pic: PA

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Pointing to key findings in the report – from the destruction of documents through to failures over screening – Mr Sunak said there had been “layer upon layer of hurt endured across decades”.

He also apologised for the “institutional refusal to face up to these failings and worse, to deny and even attempt to cover them up”, adding: “This is an apology from the state to every single person impacted by this scandal.

“It did not have to be this way. It should never have been this way. And on behalf of this and every government stretching back to the 1970s, I am truly sorry.”

Labour leader Sir Keir Starmer also apologised for his party’s part in the scandal, telling the Commons: “I want to acknowledge to every single person who has suffered that in addition to all of the other failings, politics itself failed you.

“That failure applies to all parties, including my own. There is only one word, sorry.”

Read more:
100 faces of the infected blood scandal
Analysis: Report makes for difficult reading – but vindicates victims
The day as it happens as ‘chilling’ cover-up laid bare

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Infected blood victims ‘betrayed’ by NHS

In his report, released earlier on Monday, Sir Brian issued 12 recommendations – including an immediate compensation scheme and ensuring anyone who received a blood transfusion before 1996 was urgently tested for Hepatitis C.

He also called for compensation – something Mr Sunak said would come and would be outlined in the Commons on Tuesday.

But speaking to Sky News’ Sarah-Jane Mee, he warned the “disaster” of the scandal still wasn’t over, saying: “More than 3,000 have died, and deaths keep on happening week after week.

“I’d like people to take away the fact that this is not just something which happened. It is happening.”

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Inquiry chair Sir Brian Langstaff spoke to Sky’s Sarah-Jane Mee.

Sir Brian said what had happened to the victims was “no accident”, adding: People put their trust in the doctors and the government to keep them safe. That trust was betrayed.

“And then the government compounded the agony by repeatedly saying that no wrong had been done.”

But he hoped the report would ensure “these mistakes are not repeated”.

He told Sky News: “We don’t want another 30,000 people to go into hospital and come out with infections which were avoidable, which are life-shattering, which were no accident.

“And we don’t want the government to end up being defensive about them – but instead to be candid [and] forthcoming in the ways which I’ve just suggested.”

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