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The optimal amount of fraud is non-zero
Counterintuitively, businesses, customers, and society prefer having fraud to what they'd need to do to not have it.
Patrick McKenzie
Biweekly newsletter about intersection of tech and finance. Deep dives into the plumbing that moves money and the businesses that build those pipes.
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Visit bam.kalzumeus.com → RSS feedOn Hacker News Oct 2021 – Nov 2022
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The Fraud Supply Chain
Fraud is largely conducted by professionals operating in specialized firms, which have their own ecosystem of evil.