The 850 Cows That Never Existed

Fraud is changing, and “does this look legitimate?” is no longer the right question to be asking. In Episode 2 of Rule of Thumb by Money Thumb, Shy and Chandler break down some of the wildest recent fraud stories affecting lending, finance, and the broader business world. From an AI-powered hack of ChatGPT to 850 cows that never existed, massive pandemic-era fraud, and the rise of AI-generated voices and seller impersonation, the stories all point to the same problem - something can look completely real and still be completely fraudulent. This conversation dives into why lenders need to look beyond individual documents and start reconciling the entire story behind a transaction. They also discuss California's upcoming commercial financing licensing changes, the latest New Markets Tax Credit allocation for CDFIs, and what our team heard from the floor at a recent trade-show. Thanks for listening!