Jim Elliott

Risk @eBay, formerly @PayPal. Trying to stop people from stealing from other people. All views, etc, ibid.
#fintech #payments #fraud #AML #credit #identity

[John Bull @garius]

Do you know what's really effing fun?

Sticking people who do the retention calls in a room, with a white board, and lots of GOOD food and drink, and getting them to list all the stuff they CONSTANTLY hear but have stopped bothering to report up the chain.

[John Bull @garius]

There's this odd thing where companies with a trust problem start to treat retention as a normalised process. And a 'good' retention rate as an indicator of success.

It isn't.

It means you have growing trust issues with your userbase and are DELAYING your issue, not fixing it.

[John Bull @garius]

But the BIGGEST sign you are at risk of hitting your Truth Thermocline, if you are a relatively large company, is this:

Do you have a customer retention process? Do you have a sales retention TEAM? Do you have a customer retention DEPARTMENT?

Alarm bells.

[John Bull @garius]

Okay, so a few people have asked how you spot the where your Trust Thermocline is, and how to avoid hitting it. I'll give you the same answer I give senior execs:

I don't know.

But the people working on the ground level in the customer-facing sections of your company do. /1

[John Bull @garius]

Classic examples of this behaviour are digital subscription services, where the product gets squeezed over time, or print magazines (particularly in B2B) that constantly ramp up their prices a little bit each year until it's too late.

[John Bull @garius]

So why does this happen? As I explain to these people and places, it's because they breached the Trust Thermocline.

I ask them if they'd been increasing prices. Changed service offerings. Modified the product.

The answer is normally: "yes, but not much. And everyone still paid"

[John Bull @garius]

One of the things I occasionally get paid to do by companies/execs is to tell them why everything seemed to SUDDENLY go wrong, and subs/readers dropped like a stone.

So, with everything going on at Twitter rn, time for a thread about the Trust Thermocline /1

[Jim Elliott @jimelliottrisk]

yikes
https://t.co/hKntmspTfv

[Jim Elliott @jimelliottrisk]

Pssst: fraudsters might not be using their own cards... that's a lotta unauth chargebacks...

[Guslabu @guslabu]

@tomwarren The beauty of this is each account that gets verified paid $8. Twitter keeps the money and suspends the account.

It’s genius and I hope more folks do this. It’s free money for Twitter.

[Ethan Mollick @emollick]

As Twitter is getting new leaders, reminder that moderation is vital:
1) A few trolls ruin everything: Just 0.1% of all Reddits make 38% of attacks on others
2) Short well-explained bans for 1st offenses, followed by perma-bans, work well
3) Toxic communities turn new users toxic

[Gergely Orosz @GergelyOrosz]

Now that more companies are doing (and will be doing) layoffs: it's a good reminder that many leaders underestimate the *real* impact of layoffs. Consistently.

Speaking myself, Uber's layoffs in spring/summer of 2020 was the direct trigger for me to decide it was time to leave.

[Omer Tene @omertene]

"LinkedIn v. HiQ and the trans-Atlantic privacy divide." Read my take on this week's dramatic court decision. Tl;dr In Europe, you're only allowed to do what the law expressly permits; in the US, you can do anything the law doesn't prohibit. https://t.co/WhnzwrHwqI

[angela strange @astrange]

1/ Every [fintech, crypto, marketplace, vertical SaaS] co is faced with a hard trade-off: let your newly recruited customers transact right away (great experience!), but accept potentially crippling financial risks:

[Jim Elliott @jimelliottrisk]

https://t.co/bWq5G91zed

[Jim Elliott @jimelliottrisk]

@GlennF The Creative Zen player.

[Jim Elliott @jimelliottrisk]

I really like this article.

[The Atlantic @TheAtlantic]

As we approach year three of the pandemic, we need to (finally) change how we train people, @edzitron writes.

https://t.co/495JDHnRES

[Brian Armstrong @brian_armstrong]

Inspired me to look up the same numbers.

For Coinbase, Q1 2019 was 30% outside the Bay Area, and last quarter (Q4 2021) was 89% outside the Bay Area.

Tech is definitely decentralizing. Silicon Valley is now in the cloud.

[Jim Elliott @jimelliottrisk]

Delighted to have received the official ratified transcript from @iobLearn - I got the Diploma in Compliance and am eligible to use the LCOI designation. @ACOIrl

[Jim Elliott @jimelliottrisk]

FINALLY

[Dave "Someone you trust is one of us" Birch @dgwbirch]

In New York, you will soon be able to exchange checks for gift cards at the Post Office https://t.co/r6x604oXUy

No wonder The Economist called the American payment system "bafflingly archaic".

[Jim Elliott @jimelliottrisk]

Hey Enterprise Risk Management: y'all about to be real popular at work on Tuesday.
Better dust off that ol' BCP.