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To get a sense of how big a problem this is - americans reportedly had to recover 2 Billion USD* as a result of nigerian scams in 2013 alone, followed by China
by bosky101 12y ago
To get a sense of how big a problem this is - americans reportedly had to recover 2 Billion USD* as a result of nigerian scams in 2013 alone, followed by China at $1750M, UK at $1210M and India at $870M.
What % of that was recovered is unknown.
Any team recovering even a small percentage of this makes it a fine acquisition target for the biggest banks in the world for a solution that works.
time saved in prevention of fraud; is time saved for banks not handling fraud, angry customers or hiring lawyers or training staff.
Expect one team applying to YC, trying to tackle this problem.
[*] See page 33 of http://www.ultrascan-agi.com/public_html/html/pdf_files/Pre-Release-419_Advance_Fee_Fraud_Statistics_2013-July-10-2014-NOT-FINAL-1.pdf http://www.ultrascan-agi.com/public_html/html/pdf_files/Pre-...