Keith Rabois: I Was Excited About Fraud At Square

Paypal’s Scott Thompson, Square’s Keith Rabois and GSI’s Michael Rubin took the stage at Web 2.0 Summit today to talk about the future of digital commerce.

As a continuation of John Battelle’s argument that a credit/debit card payment counts as a “check-in,” Rabois explained that there is data other than what we historically use to prevent fraud that can be used to protect users, including social data from Facebook and Twitter that can be used to verify purchases.

Rabois started to get into an anecdote (which he never finished) about the first fraud attempt at Square, revealing that he was excited about the unique milestone. Why? Well, apparently fraud attempts in the mobile payments world mean that you’re succeeding as a company.

Congrats Keith, we’re so proud.