The TWIF Podcast, feat. Soups Ranjan (Sardine)

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