As consumers, we may realize the need to be vigilant by using two-factor authentication and password managers, but there are so many scams out there that can impersonate legitimate organizations, websites, and people. We really can’t let our guard down.

Today’s guest is Soups Ranjan. Soups has over 18 years of experience in software engineering, data science, and risk management. He is the co-founder and CEO of Sardine. This behavior-infused platform offers fraud prevention, compliance, and payment solutions for various industries including banking, online marketplaces, FinTech, crypto, online gaming, and gift card exchanges. Previously, Soups led the Risk and Data Science teams at CoinBase, where he scaled the platform and enabled millions of users to buy, sell, and store cryptocurrency securely and efficiently.

• [1:15] - Soups shares his background and information about his company, Sardine.
• [4:30] - He has not been a victim of a scam online but did experience an in-person scam.
• [6:57] - Sardine works with a diverse set of clients. Trends differ based on the industry. One major trend is an increase in triangulation fraud.
• [9:07] - Once they have card details, they can pretty much do whatever they want with it.
• [11:40] - Even on a contactless card, using tap-to-pay, be careful. Don’t hand over your device.
• [12:43] - It is becoming increasingly difficult to verify the identities of merchants.
• [15:21] - There is a big rise in scams as a result of the demand for real-time money transfers and exchanges.
• [17:45] - Some scammers are instructing victims to install screen viewers and recording tools.
• [19:50] - Machine learning is used to help protect clients.
• [21:41] - There are intrinsic behaviors that Sardine monitors to watch for unusual activity.
• [24:41] - Soups describes some of the other types of data that is observed in addition to behavior.
• [27:08] - Soups explains 3D Secure and what the benefits of this system are.
• [30:41] - Dollars lost to scams have far surpassed the dollars lost to fraud.
• [33:37] - The United States is behind in regulatory measures.
• [35:59] - It is best to work with banks that take fraud and scams very seriously.
• [37:15] - Soups lists some of the red flags and be on the lookout for.
• [39:44] - It is extremely important to protect your email address in the same way you protect your bank account.

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There are a shocking amount of businesses that ultimately fail because of fraud. Many managers and business owners are unaware of their losses because they do not have the systems in place to look for fraud and it may not be their primary concern.

Today’s guest is James Ratley. Jim graduated from the University of Texas at Dallas with a bachelor’s degree in Business Administration. In 1971, he joined the Dallas Police Department as a police officer. He was on numerous task forces with a concentration on major fraud cases. He joined a major forensic accounting practice and was in charge of fraud investigations.

In 1988, he was named the Program Director of The Association of Certified Fraud Examiners and in 2006, became the President. In 2011, he became the CEO and he retired in 2018 after 30 years there. James has been an adjunct professor, published author, and named by Accounting Today as one of the top influencers multiple times.

• [1:14] - James shares his background and the way his career panned out over 30 years.
• [3:35] - When the ACFE was established, there was no information or education around it at all.
• [5:09] - The average organization loses 5% of their revenue to fraud. Out of every ten people hired, statistically, six of them will steal from you.
• [6:46] - Fraud can be prevented and strategies to reduce fraud are typically inexpensive.
• [8:40] - It’s important for business owners not to be afraid to call it fraud.
• [10:25] - Fraud perpetrators believe they deserve what they’ve taken.
• [13:26] - It’s important for businesses to have strong management and leadership. Training is crucial.
• [14:18] - James discusses the most common types of fraud and how even the seemingly minor things could be detrimental.
• [18:24] - Fraud perpetrators are really good at hiding what they are doing and making the business owners believe it could never be them.
• [20:15] - Another strategy is to separate tasks out and be strict about them.
• [21:37] - Surprise cash counts is another good strategy.
• [23:13] - There are no small frauds, only frauds that have not had time to reach maturity.
• [25:44] - You impact rationalization through education.
• [29:16] - James lists some of the red flags that could indicate something more going on.
• [31:31] - There should be policies and regulations that purchasing officers are held to.
• [36:30] - Auditors must be completely independent.
• [40:10] - Some business owners will deny the problem is happening because it is hard to deal with and accept that someone they trust could be stealing.
• [44:35] - Many small organizations go out of business due to operating at a loss. Most of the time this is because of fraud.
• [47:25] - Never judge someone by the standards you have for yourself.
• [51:12] - Something to remember is that most fraudsters will steal in even numbers.
• [53:11] - In most cases that James has worked, the manager had seen all the signs, but never thought anything about it.

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Now that so much of our communications are digital, such as texts, emails, and chats, we miss out on the tone and facial expressions to help us understand the intent and content in communication. It’s important to know ourselves well enough to know what areas we’ll be more easily influenced and are susceptible to being deceived. The greater our desire for something to be true, the easier it is for us to be scammed.

Today’s guest is Mark Bowden. Mark is a world-renowned body language expert, keynote speaker, and best-selling author. He is the founder of the communication training company, TruthPlane. Mark is also a member of The Behavior Panel on YouTube.

• [1:08] - Mark shares his background and what motivated him to specialize in human behavior.
• [2:34] - There are parts of the brain that are activated when we first meet someone new.
• [3:56] - Think about how many people you see on a regular day. Some you will notice and some you will not.
• [7:03] - There are certain parts of the brain that can overwrite natural instinct.
• [10:02] - Mark demonstrates how body language changes when there is perceived risk.
• [14:50] - Body language signals can be perceived inaccurately. People can also change their body language to send different signals.
• [17:15] - So many signals that our brains rely on in communication disappear when we cannot see the person we’re talking to.
• [19:16] - Mark gives an example of how the human brain perceives the bait of a scam.
• [22:48] - The first step in critical thinking is to suspend judgment.
• [25:58] - “You can only con a greedy man.” Think about what you want so much that if it were offered, you lose your sense of judgment.
• [28:33] - If anyone ever tells you that something seems like it isn’t true, suspend judgment and look into it.
• [30:32] - It’s a risky world. There are people who have dedicated their lives to deceiving others.
• [35:13] - Part of critical thinking is asking other people whom you trust about what they think.
• [39:56] - Sometimes we will set people up to see how they will respond.
• [43:11] - It is best to have an open mind and be willing to see things for what they are over what you want them to be.

Thanks for joining us on Easy Prey. Be sure to subscribe to our podcast on iTunes and leave a nice review.

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