Coping with Fraud

Max Levchin · Peter Thiel, Paypal

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The founders soon realized that a major part of the high burn rate was due to fraud.  They admit to being very naïve about fraud when they started the company.  They had to either find a way to beat fraud or the fraudsters would beat them.  They were able to successfully stay ahead of the fraudsters and reduce the fraud rate dramatically.

Jan 21, 2004

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