Episode Details

FinTech news, scams, and fraud with a special guest. 0:00

• Helen discusses changes to Hey Fintech Friends podcast now the TWIF podcast,

  News, and fintechtionary: with a focus on the difference between scams and fraud.

Fraud prevention and scams in the digital age. 4:47

• Sardine prevents fraud and identity theft by detecting and preventing unauthorized transactions.

• Sardine's API helps financial institutions detect fraud and scams, with a focus on young adults who are frequent online users.

Fraud and scams in payments. 8:03

• Soups clarifies fraud and scam differences: fraud is unauthorized use, scam is authorized but misleading.

• Helen was scammed out of money by someone claiming to be a landlord in Lisbon, who requested additional payment after she had already sent a deposit.

• Helen felt embarrassed and ashamed about being scammed, and struggled to come forward due to the emotional impact.

• Soups explains that the core problem with faster payment methods is that there is no built-in dispute mechanism, making it difficult to determine if the payment instrument matches the identity of the individual on the other side.

• Sardine's long-term vision is to create a database of trustworthy parties for faster payments, allowing for more secure transactions and reducing the risk of fraud.

Banking and payment scams, solutions to prevent fraud. 14:14

• Soups highlights the rapid growth of scams and fraud, particularly in the UK and US, where faster payment systems have led to increased losses due to authorized push payment scams.

• Soups predicts that regulators will soon take a closer look at this issue, potentially leading to changes in how victims of scams are treated.

• Soups explains the core problem of sender verification in online transactions, which is the lack of built-in sender verification in internet protocols like DNS, email, and voice over IP.

• Sardine's solution is to build in signals to detect if someone is being scammed in real time, using tools like screen sharing and remote session detection.

Regrets and lessons learned as a founder. 19:50

• Soups reflects on their experience with Sardine, a startup they co-founded, and shares two key insights: prioritizing health and not hiring a salesperson too early.

• Soups advises other entrepreneurs to prioritize their health and wait until they reach $1 million in ARR before hiring a salesperson.

FinTech, fraud detection, and compliance. 23:18

• Helen and Soups discuss the importance of authenticity and building relationships in sales, with Soups sharing their experience of learning through rejections and following up quickly.

• Soups predicts that in the next 12-24 months, we will see a FinTech story that has not yet been seen, possibly related to the impact of the pandemic on time and its effects on the industry.

• Soups predicts increasing interconnection of faster payment methods worldwide, leading to competition for Visa and Mastercard.

• Soups company aims to provide fraud and compliance solutions for fintechs and banks building new products on faster payment methods.

Quick Fire, Signals and Events. 29:35