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Havish Gupta
Figuring Out • 3m
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.
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