“If you're able to tell me how to properly solve the identity problem, I'll be able to tell you how to solve the fraud problem… we haven't correctly solved like online identity… to like reasonable levels of confidence. But like, you know, that's the fundamental problem of fraud payments is identity.”
The Peel with Turner Novak · Startups & Venture · October 2026
Asked why fraud has been so hard to solve in payments, the Stripe veteran and bank founder says it comes down to identity: payments fraud is someone pretending to be someone else, and the internet still can't verify who anyone is with enough confidence.
Transcript
Yeah. And in very unfortunate ways, right? And there's many things that we can do as an industry to reduce that.
Like, why has it been so hard to solve the fraud problem?
If you're able to tell me how to properly solve the identity problem, I'll be able to tell you how to solve the fraud problem. And I'm not meaning to unfairly throw it back at you. I'm just saying that like we haven't correctly solved like online identity with various versions of it to like reasonable levels of confidence. But like, you know, that's the fundamental problem of fraud payments is identity. Because you're
like pretending to be someone else,
really, at
the end of the
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