On Tuesday I will write about a way to combat document signature fraud, but today I will focus on extremely obvious fraudulent activity.
You probably haven’t tried to alter your appearance before going through an airport security checkpoint, but it’s hard to pull off.
Um…no.
The most obvious preventive measure is that airport security uses multi factor authentication. Even if the woman in the video encountered a dumb Transportation Security Administration (TSA) expert who thought she truly was Richard Nixon, the driver’s license “Nixon” presented would fail a security check.
But not all fraud is this easy to detect. Not for job applicants, not for travelers.
In reality, job applicant deepfake detection is (so far) unable to determine who the fraudster really is, but it can determine who the fraudster is NOT.
Something to remember when hiring people for sensitive positions. You don’t want to unknowingly hire a North Korean spy.
Another SoCal Tech Forum presentation on Saturday, this one on banking technology from Carey Ransom of BankTech Ventures.
FoundrSpace.
Only a small reference to financial identity, but excellent nonetheless. While I live-posted the event here on my personal LinkedIn account, I wanted to summarize my three main takeaways from Bredemarket’s perspective.
One: Differentiate
Yes, community banks need to differentiate. Perhaps back in the 1980s before the advent of national banks, community banks could offer a standard suite of services for their communities. But now they’re competing against national banks that do business in their prospects’ communities, and in their prospects’ phones. (We will get to phones in a minute.)
One example Ransom gave: why do community banks offer credit cards? Are their credit cards better than the credit cards from the Really Big (Banking) Bunch? Probably not.
But unlike the Capital Ones and Chimes of the world, community banks know their communities. And they know what local businesses need, and are ideally suited to deliver this. (We will get to services in two minutes.)
Yes, I know that Bank of America may have someone attending and sponsoring your local events, but that person is not Brian Moynihan. And if you don’t know who Moynihan is, your prospects don’t know him either.
But John, you may be saying to yourself, you can’t bank on a phone. How do you deposit checks? And how do you get cash?
Well, let’s look at this:
Bredemarket hasn’t received a check in over three years, but when one of my clients was paying me by check, I would use my phone to take a picture of it and deposit it.
And as for cash, this is needed less and less, especially since many merchants take Apple Pay and Google Pay.
In fact, bank branches are so irrelevant to today’s—and tomorrow’s—bank prospects and customers that Ransom referred to a $3 million dollar bank branch as a really expensive billboard. Probably none of the people who are reading this post WANT to go into a bank branch.
And those that do? Here’s a little secret: if the average age of the people who bank at your bank is in their 70s, they will…um…not be long-term bank customers. The 18 year olds that will bank for decades? They’re opening accounts on their phones. Can they use a phone to open an account at your bank? And why would they do so? (See the differentiation discussion above.)
Three: Supplement
One way a bank can differentiate is via the services they offer.
At the most basic level, a bank can make money by loaning the funds they receive from deposits.
But they can offer many more services to 21st century clients, thanks to legislation such as the Gramm-Leach-Billey Act that allow financial holding companies to own financial or complementary firms.
And not just investments and wealth management.
Ransom provided an illustrative example: cybersecurity.
Banks need to have expertise in cybersecurity to stay alive, and to comply with Know Your Customer and other financial regulations.
So why not offer cybersecurity services to their customers?
This not only gives the banks another revenue stream, but also reduces the risk that their own customers will experience fraud from hacks.
Four: Market
I know I said there were three takeaways. I lied.
Ransom also noted that CapitalOne spends 20% on marketing, including everything from TV ads to cafes. Your typical community bank spends much less, maybe 1%.
How are your prospects going to know what differentiates your bank if they don’t have awareness of those differentiators?
Or perhaps you need proposal or analysis services.
Bredemarket, a provider of content, proposal, and analysis services to technology (and identity) firms, can work with you to create the words you need. Learn about my offerings and book a free meeting here.
The perfect is the enemy of the good, and I proved that today by creating a video…and then another one…and then another one.
I planned to write on GoFundMe “helper” scammers, ways to detect scammers, and ways to flush out scammers via a honeypot: a post prominently featuring the word “GoFundMe.”
So I created a video.
Version One. 89 seconds.
After posting that video I decided it was too long and created a shorter version.
Version Two. 44 seconds.
You’ve never seen this before…because just before I was going to post that video I decided it was too long and edited it further.
Version Three. 30 seconds.
I went ahead and posted that third version, leaving the first version active.
And for all I know I will create a fourth version.
And I don’t know whether the first or third video is better. My intuition tells me the third one is better, but maybe the prospects will prefer the first version. Or the second one, which almost never saw the light of day.
Which one do you prefer? Tell me in the comments.
The unavoidable call to action
You know, all this iterating teaches us a lot about B2B sales.
I know some marketing leaders who are afraid to post anything, waiting for the perfect moment.
They’re still waiting.
Don’t let your competitors steal your prospects from you while you delay. Bredemarket can help. Book a free meeting with me: https://bredemarket.com/mark/
On LinkedIn, the hashtag “#opentowork” isn’t the only magic phrase that attracts all sorts of people. I found this out Sunday morning when I reshared my September 26 “Graber Olives is in Foreclosure…But There’s a GoFundMe” post on Bredemarket’s Inland Empire LinkedIn page.
I should note this is Kelsey Graber’s GoFundMe. This is not my GoFundMe.
Anyway, I reshared the post on LinkedIn…and got all sorts of reposts…with additional commentary. The commentary was not addressed to the GoFundMe fundraiser…but to me. (The resharers probably never read my original post; they just saw the word “GoFundMe” and jumped.) I’ve redacted the redirects to WhatsApp…a common fraud scam tactic.
The scammers’ what
Foone Berkeley:
“Hi, I came across your campaign, really impressive work. It reminded me of an independent group I’ve seen quietly helping project owners connect with private contributors who genuinely want to make a difference.
I’m not part of their team, but I’ve seen them support a few people in my circle. If you’re open to exploring new sources of backing, you can reach them directly here:
📞 WhatsApp: [REDACTED]
They usually prefer to speak one-on-one with campaign owners to understand their goals and see if there’s a good fit.
Wishing you continued success, your work truly deserves attention.”
Alex Mary:
“Hello 🌸 I just read your campaign, and it truly touched me. I know how tough fundraising can be, but there are genuine people out there who want to help. A trusted charity once helped me raise over $38,000 after I’d almost given up. If you’d like, you can message them on WhatsApp 👉 [REDACTED] they might be able to guide you too. 💙”
Olivia Williams:
“If you’re looking to grow your campaign donations fast, I truly recommend reaching out to Crowd. She’s an expert in GoFundMe promotions and helped me raise over $180,000 a few months ago! he knows exactly how to attract real donors and get results. You can contact her directly here [REDACTED]”
The scammers’ how
Let’s look at the red flags common to all three:
The person is touched by the fundraising effort, but doesn’t say anything specific about them. (And doesn’t acknowledge that this is someone else’s fundraiser, not mine.)
The person resharing is not the person who can provide help. It’s always someone else: an independent group, a trusted charity, or a woman (or man?) named Crowd.
The person wants to get you off LinkedIn as soon as possible. Private email, SMS, or an encrypted service like WhatsApp or Telegram.
The scammers’ goals
So why are these people so willing to recommend helpers who can assist desperate GoFundMe fundraisers? GoFundMe itself has addressed this:
“If someone you don’t know is reaching out to offer something that sounds too good to be true, we always recommend validating the individual before sharing any personal information. Donors and donor networks shouldn’t expect anything from you in return for their generosity.”
Two common tactics include:
Guarantee reaching your fundraising goal in exchange for a service fee or percentage of funds raised
Make a donation if you provide personal information such as email address, phone number, or banking information
There are other tactics, but the goal is the same. Instead of helping you raise money, the “helper” wants to get money from you.
Now there are legitimate companies that assist charities in their fundraising efforts…but they can be contacted via methods other than WhatsApp.
Today’s honeypot
And now that I’ve written this warning, I’m going to conduct a little experiment.
I’m going to reshare THIS post on LinkedIn.
With quotes from the first and fourth paragraphs that include several mentions of the word “GoFundMe”…plus the additional honeypot word #opentowork. (I haven’t planted an opentowork honeypot in a while. Oh, and not that they’ll notice, but the words “fraud” and “scam” also appear.
Grok.
Let’s see what moths are attracted to the new flame.
And consider what YOU are doing to fight fraud.
Bredemarket specializes in helping anti-fraud firms market their products.
(Image sources: Gemini (still), GoFundMe, Grok (video). Only the GoFundMe is real.)
While the deepfake video generators that fraudsters use can be persuasive, the 6-second videos created by the free version of Grok haven’t reached that level of fakery. Yet.
In my experience, Grok is better at re-creating well-known people with more distinctive appearances. Good at Gene Simmons and Taylor Swift. Bad at Ace Frehley and Gerald Ford.
So I present…Willie Nelson.
Grok.
Willie with two turntables and a microphone, and one of his buds watching.
If you thought “Stardust” was odd for him, listen to this.
Once Grok created the video, I customized it to have Willie rap about bud.
Unfortunately, or perhaps fortunately, it doesn’t sound like the real Willie.
And for the, um, record, Nelson appeared in Snoop’s “My Medicine” video.
As an added bonus, here’s Grok’s version of Cher, without audio customization. It doesn’t make me believe…
Grok.
Reminder to marketing leaders: if you need Bredemarket’s content-proposal-analysis help, book a meeting at https://bredemarket.com/mark/
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