The optimal amount of fraud is non-zero

Every company that sells products and services digitally factors in assumed losses due to fraud. Albeit a small percentage of revenue, fraud can add up to millions of dollars over time. It will continue to rise due to fraudsters getting more sophisticated and the patched-up nature of banking infrastructure. I’m excited by the large opportunity to i... See more

But overall, both research efforts themselves (*cough* behavioral economics *cough*) and “debunking” efforts can be naive in this clueless way, causing infinite regress of levels of bunking/debunking that goes nowhere. Because reality is messier than you think and people are more malicious than you think.