Canh Tran is the CEO and cofounder of Rippleshot, a startup that detects payment card data breaches. They take a big-data machine learning approach, more common in search, genetics and advertising, and apply it in a novel way for the payment processing industry to help banks, merchants and processors proactively monitor suspicious fraudulent activity and implement smarter fraud risk management strategies when card compromises do occur. It is a massive industry with a lot of room for improvement.
In this episode, we talk about a wide range of topics that aspiring entrepreneurs should pay attention to including how Rippleshot catches data breaches, why banks need outside help, where their name comes from, and what they are looking for in breaches. In addition, Tran will touch on the ingenious ways credit cards are stolen, how safe our future is when we pay with wearables, how they got their first customers by starting small, why criminals target smaller banks, and the differences between Silicon Valley, Chicago, and St Louis.
Finally, we'll also talk about what Canh would like to see Chicago tech improve on, the differences between 1871 and Catapult, the benefits of growing up abroad, the impact of a handwritten thank you letter, what the future of fraud loss looks like, and what gets Canh up in the morning.