'The Computer-Science Bubble Is Bursting'
theodp writes: The job of the future might already be past its prime," writes The Atlantic's Rose Horowitch in The Computer-Science Bubble Is Bursting. "For years, young people seeking a lucrative career were urged to go all in on computer science. From 2005 to 2023, the number of comp-sci majors in the United States quadrupled. All of which makes the latest batch of numbers so startling. This year, enrollment grew by only 0.2 percent nationally, and at many programs, it appears to already be in decline, according to interviews with professors and department chairs. At Stanford, widely considered one of the country's top programs, the number of comp-sci majors has stalled after years of blistering growth. Szymon Rusinkiewicz, the chair of Princeton's computer-science department, told me that, if current trends hold, the cohort of graduating comp-sci majors at Princeton is set to be 25 percent smaller in two years than it is today. The number of Duke students enrolled in introductory computer-science courses has dropped about 20 percent over the past year."
"But if the decline is surprising, the reason for it is fairly straightforward: Young people are responding to a grim job outlook for entry-level coders. In recent years, the tech industry has been roiled by layoffs and hiring freezes. The leading culprit for the slowdown is technology itself. Artificial intelligence has proved to be even more valuable as a writer of computer code than as a writer of words. This means it is ideally suited to replacing the very type of person who built it. A recent Pew study found that Americans think software engineers will be most affected by generative AI. Many young people aren't waiting to find out whether that's true."
Meanwhile, writing in the Communications of the ACM, Orit Hazzan and Avi Salmon ask: Should Universities Raise or Lower Admission Requirements for CS Programs in the Age of GenAI? "This debate raises a key dilemma: should universities raise admission standards for computer science programs to ensure that only highly skilled problem-solvers enter the field, lower them to fill the gaps left by those who now see computer science as obsolete due to GenAI, or restructure them to attract excellent candidates with diverse skill sets who may not have considered computer science prior to the rise of GenAI, but who now, with the intensive GenAI and vibe coding tools supporting programming tasks, may consider entering the field?
Read more of this story at Slashdot.
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How Foreign Scammers Use U.S. Banks to Fleece Americans
U.S. banks have failed to prevent mass-scale money laundering in the face of approximately $44 billion per year in pig-butchering scams conducted by Asian crime syndicates, according to a ProPublica investigation.
Chinese-language Telegram channels openly advertise rental of U.S. bank accounts to scammers who use them to move victims' cash into cryptocurrency. Bank of America allowed hundreds of unverified customers to open accounts, prosecutors alleged, including 176 customers who claimed the same small home as their address.
Major financial institutions whose accounts pig-butchering scammers have exploited include Bank of America, Chase, Citibank, HSBC and Wells Fargo. The scams typically involve fake cryptocurrency trading platforms that convince victims to wire money to seemingly legitimate business accounts. Banks are reluctant to share account information with each other even after identifying suspicious activity, and "no real standards" exist for what banks must do to detect fraud or money laundering.
Read more of this story at Slashdot.
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