3 ms·
I read somewhere that before acquisition, they were losing something like $1m/day in fraud? Wasn't it in founders at work? That level of fraud and cases like t
by axod 17y ago
I read somewhere that before acquisition, they were losing something like $1m/day in fraud? Wasn't it in founders at work?
That level of fraud and cases like the one you highlight seems like a really big problem that isn't easily solved.
- zandorg 17y agoMax Levchin in Cringely's interview series said calmly that they burned through $100 million TO (not incidental) solve the problem. Anyone who wants the same level of fraud protection is looking at a cost of $100 million. However, I think the credit card companies have shrunk down that barrier to entry by making their own anti-fraud systems.