How AI is detecting Billions in Fraud with CEO of Inscribe Ronan Burke
There’s a lot of hype around AI—both its capabilities and the extreme predictions of its utility and potential harm to society. Our guest today is using AI to help reduce harm by detecting fraud at scale in the financial sector. Ronan Burke is Co-Founder and CEO of Inscribe, a platform that has a mission to save billions of dollars lost to fraud by onboarding trusted customers faster and finding bad-faith users quicker using AI.
About Ronan Burke:
Ronan Burke is the Co-Founder of Inscribe.ai, which he founded after graduating from University College in Dublin. He participated in YCS18 and Inscribe is trusted by companies like BlueVine, Petal, Fair, and Ramp, and backed by Y Combinator, Uncork Capital, Crosslink Capital, and Foundry Group.
In this episode we discuss:
01:37 Ronan’s path to founding Inscribe with his twin brother
03:02 How they viewed startups growing up in Ireland
04:44 Growing the startup ecosystem in Dublin
05:20 The launch of Inscribe
08:06 Deciding which brother was CTO and which was CEO
09:52 Ronan experience at YC
12:54 What fraud means to Inscribe and how the pandemic made their service even more urgently needed
16:09 The ROI of Inscribe to onboarding customers and detecting fraud from preexisting customers
19:29 The three steps Inscribe uses to validate customers
21:54 How Inscribe searches the dark web for templates and other fraudulent activities
23:33 How the volume of data helps their ML
24:00 What a typical fraud case looks like
25:28 The market size for fraud detection
26:55 Competition to Inscribe
28:00 What the sales process looks like when selling to large FinTechs
30:19 Case studies for Inscribe
31:53 How their fundraising process went
33:23 Plans for the next few years
34:20 Plans for a hybrid model workplace
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