Founder's Story Episode 200: Ricardo Amper on Combating AI-Driven Scams

In Episode 200 of "Founder's Story" by IBH Media, host Daniel Katz sits down with Ricardo Amper, CEO and founder of Incode, to discuss the escalating threat of AI-driven scams and the innovative solutions his company is deploying to combat them. This comprehensive conversation delves into Ricardo's entrepreneurial journey, the critical role of identity verification in today's digital age, and the profound impact AI has on both business and society.

1. Introduction to Ricardo Amper and Incode

The episode opens with Daniel Katz expressing enthusiasm about having Ricardo Amper on the show. Recognized as a visionary leader in identity verification, Ricardo brings a wealth of experience and a unique perspective on tackling AI-related fraud.

Notable Quote:

"Founder’s Story is not just a show—it’s an immersive journey into the lives of the world’s most inspiring business figures." (01:29)

2. Ricardo's Entrepreneurial Journey

Ricardo shares his early forays into entrepreneurship, influenced by his father. He recounts his initial venture, "the Bubble," an early social network akin to Facebook, launched in 1999. Despite the project's innovative nature, Ricardo emphasizes the harsh lessons learned from its failure due to poor timing and market readiness.

Notable Quote:

"Timing is a defining feature, but you don’t control it. It’s luck or blessing." (02:09)

After his first setback, Ricardo ventured into the beverage industry, successfully selling his company to a major consumer packaged goods (CPG) firm. A personal tragedy led him to take over his father's business, eventually selling it to a large multinational chemical company. These experiences fostered resilience and adaptability, traits that would prove invaluable in his subsequent endeavors.

3. The Genesis of Incode

Transitioning back to his passion for technology, Ricardo founded Incode in 2015. Initially, the company focused on a photo-sharing app utilizing facial recognition—a precursor to technologies like Facebook's facial features. However, recognizing the potential and pitfalls of facial recognition, Ricardo pivoted Incode towards identity verification through document scanning and biometrics.

Notable Quote:

"We pivoted into doing something more interesting, which is how do you verify someone's identity by scanning their document and doing biometrics." (02:09)

The onset of the COVID-19 pandemic accelerated the need for secure digital identity solutions, propelling Incode into a position of industry prominence.

4. Navigating Exits and Acquisitions

Daniel probes into what makes a company acquisition-worthy. Ricardo believes it hinges on solving significant, unsolved problems with superior solutions. He highlights that founders often possess a unique advantage: the ability to identify gaps in the market without preconceived notions.

Notable Quote:

"Founders have an inherent advantage... if you don’t have that context, it’s much easier to see it." (05:10)

His experiences across various industries underscore the importance of innovation and understanding market needs, which have been instrumental in Incode's growth and acquisition appeal.

5. The Impact of AI on Fraud and Identity Verification

A significant portion of the discussion centers on the rise of AI-driven scams. Ricardo recounts incidents where deepfakes have been used to manipulate financial transactions and corporate operations, underscoring the urgent need for robust identity verification.

Notable Quote:

"Our treasurer was almost tricked to sending money to fund the escrow account for an M and A. And it was very credible." (08:37)

Incode addresses these challenges by leveraging advanced AI to authenticate identities, making it exponentially harder for fraudsters to deceive systems and individuals.

6. Recognition and Trust as Cornerstones

Incode's efforts have not gone unnoticed. Recently named a top visionary company in its field, Ricardo underscores that true recognition comes from customer trust. Serving clients like Citibank, Chime, and even national election bodies, Incode plays a pivotal role in reducing fraud and fostering genuine interactions.

Notable Quote:

"The best recognition we get is the trust of our customers." (10:01)

Ricardo also highlights the broader societal impact, drawing parallels to India's digital biometric system, which transformed trust levels and economic stability.

7. The Future Landscape: Collaboration Over Competition

Daniel and Ricardo explore the shifting paradigm from competitive to collaborative approaches in combating fraud. Ricardo envisions a networked ecosystem where companies and governmental bodies share data to enhance security and trustworthiness.

Notable Quote:

"We are going into the era of collaboration... instead of competition." (21:13)

Incode is building a private network that integrates data from various sources, making fraudulent activities exceedingly difficult and fostering a safer digital environment.

8. AI’s Role in Shaping Democracy and Voting

Looking ahead, Ricardo is optimistic about AI's potential to revolutionize democratic processes. He foresees a future where voting is entirely digital, secure, and highly granular, enabling more nuanced and efficient decision-making.

Notable Quote:

"Voting is going to be digital... it’s going to get to a granular level where you can vote on specific topics swiftly." (22:35)

An example of Incode's impact is their collaboration with the state of Nevada to verify contested votes, demonstrating the practical applications of their technology in reinforcing democratic integrity.

9. Conclusion: Building a Trustworthy Future

The episode concludes with Ricardo emphasizing the critical importance of trust in the digital age. As AI continues to evolve, so does the sophistication of scams, making solutions like those offered by Incode indispensable.

Notable Quote:

"Without trust, the world will fall apart." (11:47)

Ricardo's vision is clear: by enhancing identity verification and fostering collaboration, we can mitigate the risks posed by AI-driven fraud and build a more secure, trustworthy global society.

Key Takeaways:

• Resilience and Adaptability: Ricardo's entrepreneurial journey underscores the importance of learning from failures and pivoting strategies to meet evolving market needs.

• AI-Driven Solutions: Incode leverages advanced AI to address complex identity verification challenges, significantly reducing the potential for fraud.

• Trust as Foundation: Building and maintaining trust with customers and society at large is paramount for sustainable business growth and societal well-being.

• Collaborative Ecosystems: The future of combating fraud lies in collaborative networks that integrate data and resources across industries and governments.

• Democratic integrity: AI has the potential to transform democratic processes, making voting more secure, efficient, and accessible.

For those interested in learning more about Ricardo Amper and Incode, Ricardo can be reached via email at ampere@incode.com or through Incode's Twitter handle.