Soups Ranjan, CEO of Sardine, discusses fraud prevention in online transactions, introducing Sardine's fraud detection algorithm, no-code rule builder, and all-in-one dashboard. They talk about the challenges of combating fraud with generative AI and the application of behavior biometrics. The discussion also addresses future risks, opportunities, and trends in the anti-fraud industry.
Sardine combines KYC with fraud prevention to combat fraud in the digital space through behavior biometrics.
Sardine focuses on capturing behavioral data and leveraging behavior biometrics to stay ahead of emerging fraud threats.
Deep dives
Sardine: Bridging the Gap between KYC and Fraud Prevention in Digital Payments
Sardine is a fraud detection and prevention platform that combines the world of KYC (Know Your Customer) with the world of payments to combat fraud in the digital space. The company focuses on analyzing consumer behavior to understand high-risk users, offering a unified platform for fraud and compliance. With clients in various sectors such as banks, fintechs, and online marketplaces, Sardine's unique value proposition lies in its use of behavior biometrics, including typing speed, device usage, and other behavioral signals, to detect fraud and prevent identity theft. By bringing the worlds of KYC and fraud prevention together, Sardine aims to provide a comprehensive solution for the evolving threat landscape in the digital payments industry.
The Rising Threat of Fraud in the Digital Space
As digital penetration continues to increase in e-commerce, cryptocurrencies, and digital payments, the threat of fraud and scams has grown significantly. E-commerce sales reached $5.4 trillion worldwide by the end of 2022, while there are approximately 425 million cryptocurrency users globally. Additionally, the volume of digital payments globally is expected to reach $10 trillion by 2026. However, with the increase in online activity, fraud losses are projected to hit $340 billion between 2023 and 2027. Sardine aims to address these growing concerns through its fraud detection and prevention platform, offering a solution to the rising tide of fraud in the digital space.
The Aha Moment: Combining KYC and Fraud Prevention
The CEO of Sardine, Supestrone John, was inspired to start the company after witnessing a million-dollar identity fraud incident while managing fraud at Coinbase. Despite having fully verified entities with Social Security Numbers and driver's licenses on file, payment fraud still occurred. This led to the realization that there was a need for a solution that combines KYC identity verification with fraud prevention measures in the world of payments. Sardine's platform analyzes consumer behavior, such as typing speed and device usage, to detect high-risk users and prevent fraud. The company's focus on behavior biometrics sets it apart, offering a comprehensive approach to combating fraud.
The Future of Fraud Prevention and Sardine's Role
Looking ahead, Sardine sees the future of fraud prevention as a battle against emerging threats, such as generative AI and scams. The company emphasizes the importance of capturing behavioral data, leveraging behavior biometrics, and data analysis to detect fraud and identity theft. Sardine's platform provides real-time insights and aggregates thousands of features to assess risk accurately. As the world of payments evolves and new fraud vectors emerge, Sardine aims to stay ahead of the curve and address the changing needs of its clients. By combining machine learning models, data analysis, and behavior biometrics, Sardine continues to position itself as a leading player in the anti-fraud industry.
Sardine is a company that helps companies prevent fraud. Sardine has focused their product around a fraud prevention system. This is made up of a few key parts: (1) a fraud detection algorithm, (2) a no-code rule builder, and (3) an all-in-one dashboard and case manager for risk operations teams
Sardine Co-Founder and CEO, Soups Ranjan, joined Research Radio to talk about the rising risk of fraud in most online transactions, and what the cutting edge looks like for tackling those types of risks.
