>A lot of businesses operate on trust networks at some level.

100% this. No one is immune. Not even "savvy tech people;" Theranos and FTX were similar affinity frauds (https://en.wikipedia.org/wiki/Affinity_fraud) commited against Silicon Valley old-money and VC circles, respectively.

To be clear: no biotech VC ever invested in Theranos. The people who are actually “savvy” in that industry (everyone) stayed clear because even cursory due diligence revealed the core problem with the science.

That’s what separates competent people from rubes and tech VCs. A bit of due diligence.

+1. It is also possible for tech savvy people to fall for regular scams (automated text in the middle of the night from your bank etc..).

It is 2025 - still banks can't do everything through their apps. To Fintech: Stop SMS based OTP , have better apps. You no longer have the excuse that you can't hire engineers.