This Week in Startups Next Unicorns: Preventing future fraud using AI with Sardine CEO Soups Ranjan | E1802
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Sep 5, 2023 Soups Ranjan, CEO and Co-founder of Sardine and former Coinbase risk management director, shares insights on the evolving landscape of online fraud. He discusses alarming tactics like 'pig butchering' scams and examines how generative AI poses new challenges for security. Soups highlights Sardine's innovative machine learning solutions for fraud prevention. The conversation also delves into the differences between intrinsic and extrinsic AI and emphasizes the necessity of enhancing security across various sectors to combat persistent fraud threats.
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Crypto and Faster Payments
- Crypto's fungibility, irreversibility, and instant transferability make fraud impactful.
- These characteristics now appear in faster payment methods globally, increasing fraud.
Types of Financial Fraud
- Financial fraud comes in various forms, from synthetic identities and money mules to credit card theft and scams.
- Scammers exploit instant money movement methods like crypto and neo-banking.
Pig Butchering Scams
- "Pig butchering" scams involve trafficked individuals coercing victims into fake investments.
- Victims are shown fake screenshots of doubled money, losing life savings.