Back
Havish Gupta
Learning by Trying • 6m
How Elon Solved a Major Problem at PayPal, Easily! In the early days of PayPal, fraud was a major issue, costing the company millions annually. These frauds included account takeovers, using stolen cards to make transaction, creating fake accounts for referral benefits, and even money laundering. As PayPal grew rapidly, these frauds became a big problem. Thus, Elon had to act fast! So Elon implemented some unique and unpopular solutions to handle this! He asked every employee at the company, no matter what their position or role was, to monitor and detect potential fraud. Based on this, they tried to look for certain patterns in fraud transactions. For eg, opening a new acc and making large transactions right away. Using this approach, he was able to create better automatic fraud detection tools and set up rules that reduced fraud (like transaction limits) And that’s how Elon solved a major problem at PayPal easily.
Replies (9)
More like this
Recommendations from Medial
Neelambar Sonwani
100x target through ... • 1y
In the era of DigitalIndia, it's surprising when transaction details are not readily available. What's happening here? Even if a wrong transaction or fraud occurs, what can cybercell really do? They will eventually extract the details. Therefore, one
See More
Anonymous
Hey I am on Medial • 10m
Concept validation needed ? India is full of black money and many people has lot's of Courrupted black money but most of them are try to making it white but the main problem is that government agencies are tracking them easily and now it's really h
See More
Chamarti Sreekar
Passionate about Pos... • 1m
A guy in Delhi used his card at a store. Swiped it three times. Each time the machine said "transaction failed" and third transaction was finally successful , he went back home. a week Later, all money was gone from his account. What actually happe
See More
Account Deleted
Hey I am on Medial • 1y
Let's Discuss Payal Mafia and Some Famous Names behind this 🚀♥️🤑 •The PayPal Mafia is a group of former PayPal employees and founders who have since founded and/or developed additional technology companies, collectively impacting the tech industry
See More
Download the medial app to read full posts, comements and news.