11–20 of 123 posts
My immediate reaction to when JPM found out they'd be duped after running an 'email campaign' was, hmmm, maybe well deserved, should have done your homework!
I want to put the blame solely on the executives, lawyers and team that drove the acquisition forward.
Obviously we can open the floodgates of conspiracy theories. Maybe, some from JPM team may have been on this...
This exact kind of fraud, is just what AI should be good for. I made 10K fake users for testing the app I'm developing now. I used thispersondoesnotexist.com, and about a half hour's worth of PHP programming, to make an open-ended user generator. I only need 10K users, and it takes about an hour or so to generate them, but I'm sure that this type of thing could be easily scaled. "Hey, ChatGPT, can you give me the SQL…
How did a financial audit not uncover the dramatic mismatch in actual vs. purported activity? How does a transaction value of $41 per user (x 4.25M users) not translate to an auditable revenue stream?
This doesn't look good on either party.
The gist of what she is alleged to have done: “An internal investigation revealed that Javice and Frank chief growth officer Olivier Amar — referred to as "CC-1" in the federal charges — paid a New York data science professor $18,000 to create nearly 4 million fake accounts in order to juice Frank's user numbers, JPMorgan alleged in its lawsuit. Amar later bought a list of student email addresses from a marketing fir…
Did they really pay a professor $18K to use a Faker library to generate 4 million records?? That's wild.
This exact kind of fraud, is just what AI should be good for. I made 10K fake users for testing the app I'm developing now. I used thispersondoesnotexist.com, and about a half hour's worth of PHP programming, to make an open-ended user generator. I only need 10K users, and it takes about an hour or so to generate them, but I'm sure that this type of thing could be easily scaled. "Hey, ChatGPT, can you give me the SQL…
100% Fake business, fake customers. $175M valuation. What I don't get is why JPM didn't realize that this company had no revenue, unless they completely cooked the books.
> began to question the authenticity of the startup's purported 4 million users after an email marketing campaign ended in "disaster," according to the bank's lawsuit and a filing by prosecutors. Out of 400,000 emails sent to Frank users, more than 70% bounced back and only 103 were opened, the bank claimed. This seems entirely inevitable since the emails were largely not actual customers… Very strange.
Maybe a fancier scam would be parsing for links and randomly fetching them with headless chrome. But I doubt that’d be required.
Earlier quoted context omitted.
Did they really pay a professor $18K to use a Faker library to generate 4 million records?? That's wild.
If they’re that incompetent that they need to fake their database and think it’s a good idea, there’s little surprise that they’re also too incompetent to realize that task is only a couple hours of coding.
""" After the August 3, 2021 Zoom meeting, the Data Science Professor returned a signed version of Frank’s NDA. The Data Science Professor’s usual hourly rate was $300. Javice unilaterally doubled the Data Science Professor’s rate to $600.
[...]
Specifically, on August 5, 2021 at 11:05 a.m., the Data Science Professor provided Javice an invoice for $13,300, documenting 22.17 hours of work over just three days. The invoice entries show that the bulk of his time was spent on the main task that Javice retained the Data Science Professor to perform – making up customer data. The Data Science Professor’s invoice indicated that he performed “college major generation” and “generation of all features except for the financials” while creating “first names, last names, emails, phone numbers” and “looking into whitepages.”
In response to the initial invoice, Javice demanded that he remove all the details admitting to how they had created fake customers – and added a $4,700 bonus. In an email to the Data Science Professor at 12:39 p.m. on August 5, 2021, Javice wrote: “send the invoice back at $18k and just one line item for data analysis.” In total, Javice paid the Data Science Professor over $800 per hour for his work creating the Fake Customer List, which is 270% of his usual hourly rate.
The Data Science Professor provided Javice the revised invoice via email seven minutes later at 12:46 p.m., commenting “Wow. Thank you. Here is the new invoice.” """
https://assets.bwbx.io/documents/users/iqjWHBFdfxIU/rNlNVTl....
I have no problem with charges being filed, but seriously... it's not like the buyer was some kind of low-budget mom and pop shop or community bank. I'm just not very sympathetic to JPMorgan for being scammed in a situation where being wary should be standard.
The gist of what she is alleged to have done: “An internal investigation revealed that Javice and Frank chief growth officer Olivier Amar — referred to as "CC-1" in the federal charges — paid a New York data science professor $18,000 to create nearly 4 million fake accounts in order to juice Frank's user numbers, JPMorgan alleged in its lawsuit. Amar later bought a list of student email addresses from a marketing fir…
I guess it’ll be prison?