Unvalidated Ideas #058

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Fraud detection for government fast payments systems (🗒Raw Notes)

💼 🧠 Build government-scale consistent fraud detection for fast payment systems

Governments are getting into payments across the world, and if they're getting into payments, they need to handle fraud detection and prevention (not just mandating it with KYC laws). This is a seismic shift as a responsibility that was once mostly left to private companies is now being effectively nationalized in many places.

While the US is quite late with FedNOW, Europe has been much faster in adopting in-country fast payment systems. There are still many challenges left to be solved in cross border payments and for other countries that do not yet have systems set up.

One system that seems to continously pop up is identity verification & cross-checking for country-specific identification.

Integrations that can be used by governments and large organizations getting their hands dirty with verifying KYC data will be at a premium.

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In the US this means the making it easier to acess the CBSV web service, but there are parallels in every country -- and someone needs to build this highly similar solution, for every country.

NOTE While this particular example is US-centric, but please substitute your country of choice seeing growing usage of fast payment systems and cross-border options.

This is a great time to think of the EU ETH-backed stablecoin, $EURCV. There are lot of problems with it's approach, but banks like Société Générale don't move without a reasonable expectation of success.

What was in this week's uncut edition?

Like being teased? I hope so, because here's what was in the uncut edition this week:

Ideas:

Didact█████████outcome-driven████
Fraud detection for Government fast payments systems
AI█████drop-in█████

Bonus:

Some new formatting -- more attention to sectors, and why that's important

Don't forget, there's always ~~money in the banana stand~~ 3x more in the uncut edition.

Thanks for reading!

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Victor (victor@unvalidatedideas.com)

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