Risk Management Show AI and Identity Theft: Revolutionizing PropTech with Andrew Borovsky
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Dec 9, 2024 Andrew Borowsky, Founder and CEO of Rent App, shares his expertise in fintech and real estate, drawing from his experience at Cash App and Apple. He delves into how AI is transforming identity theft prevention, revealing hidden threats in property transactions. The discussion highlights the challenges of verification in a digital age and innovative solutions like stablecoins. Andrew also shares real-world examples of rental scams and emphasizes the importance of due diligence in securing safe property deals.
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Fake Landlord Scam
- Scammers impersonate landlords, list fake properties, and collect deposits.
- Renters lose money by sending deposits without verifying ownership.
Mitigating Rental Scams
- Verify the landlord's ownership with proof and meet them in person.
- Use revocable payment methods like checks instead of irreversible ones like Zelle.
AI-Powered Identity Theft
- AI and data analytics make identity theft easier by providing access to personal data and creating realistic fake identities.
- Stolen identities are often used for seemingly legitimate business transactions, increasing risk in financial transactions.