"The Riff" with Byrne Hobart and Erik Torenberg cover image

E39: Mental Models and Financial Infrastructure with Patrick McKenzie

"The Riff" with Byrne Hobart and Erik Torenberg

NOTE

Changes in Society and Security Measures

Security measures must adapt to societal changes, as previous decisions may become costly over time due to evolving user patterns and technological advancements. Originally sound choices can turn inefficient when the environment shifts, highlighting the need for continual reassessment of security protocols. For instance, technology now available makes tasks easier than before, as seen in the improved ability of banks to read checks, which contrasts with past challenges. Furthermore, the financial industry is exploring innovative verification methods, such as requiring merchants to provide legitimate invoices to establish credibility. This approach can prevent fraudulent activities, as more sophisticated fakes require significant effort that likely exceeds the capabilities of less experienced fraudsters.

00:00
Transcript
Play full episode

Remember Everything You Learn from Podcasts

Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.
App store bannerPlay store banner