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Deployment Made Easy — solving new fraud problems by Adapting Legacy Solutions

Published: June 7, 2016 by Chris Ryan

fraud solutions

Part 3 in our series on Insights from the Vision 2016 fraud and identity track

Our Vision 2016 fraud track session titled “Deployment Made Easy — solving new fraud problems by Adapting Legacy Solutions” offered insights into the future of analytics and the mechanisms for delivering them. The session included two case studies, the first of which highlighted a recently completed project in which an Experian client struggling with rising application fraud losses had to find a way to deploy advanced analytics without any IT resources.

To assist the customer, data passing through an existing customer interface was reformatted and redirected to our Precise ID® platform. Upon arrival in Precise ID, a custom-built fraud scoring model was invoked. The results were then translated back into the format used by the legacy interface so that they could be ingested by the customer’s systems. This case study illustrates the key value proposition of Experian’s new CrossCoreTM fraud and identity platform. CrossCore features a similar “translation layer” for inquiries coming into Experian’s fraud and identity tools that will allow customers to define fraud-screening workflows that call a variety of services. The IT burden for connecting the inquiry to various Experian and non-Experian services will fall on Experian — sparing the customer from the challenge of financing and prioritizing IT resources. Similarly, the output from CrossCore will provide a ready-to-consume response that integrates directly with our customers’ host systems. The audience showed keen interest in the “here and now” illustration of what CrossCore will enable.

Our second case study was provided by Eric Heikkila at Amazon Web Services™ and focused on the future of analytics. For an audience accustomed to the constraints of developing advanced analytics in a rigid data-structure, Amazon’s description of a “data lake” was a fascinating picture of what’s possible. The data lake offers the simultaneous ability to accommodate existing structured customer data along with new unstructured data in an infinitely scalable data set. Equally important is the data lake’s ability to accommodate an unlimited array of data mining and analytical tools. Amazon’s message was clear and simple — the fraud industry’s trepidation around the use of big data is misplaced. The fear of making the wrong choice of data storage and analytical tools is unnecessary.

To illustrate this point, Eric shared an Amazon Web Services case study that used FINRA (Financial Industry Regulatory Authority). FINRA is responsible for overseeing U.S. securities markets to ensure that rules are followed and integrity is maintained. Amid a bewildering set of ever-changing regulations and peak volumes of 35 trillion per day — yes, trillion — Amazon’s data lake supports both the scale and analytical demands of a complex industry.

As the delivery and access to fraud products is made easy by CrossCore, the data and analytics will expand through the use of services like Amazon’s data lake. As the participants will agree, the future of fraud technology is closer than you think!

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Romance scams target individuals of all ages and backgrounds. Financial institutions need to protect their customers from these schemes.

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As data breaches become an ever-growing threat to businesses, the role of employees in maintaining cybersecurity has never been more critical. Did you know that 82% of data breaches involve the human element1 , such as phishing, stolen credentials, or social engineering tactics? These statistics reveal a direct connection between employee identity theft and business vulnerabilities. In this blog, we’ll explore why protecting your employees’ identities is essential to reducing data breach risk, how employee-focused identity protection programs, and specifically employee identity protection, improve both cybersecurity and employee engagement, and how businesses can implement comprehensive solutions to safeguard sensitive data and enhance overall workforce well-being. The Rising Challenge: Data Breaches and Employee Identity Theft The past few years have seen an exponential rise in data breaches. According to the Identity Theft Resource Center, there were 1,571 data compromises in the first half of 2024, impacting more than 1.1 billion individuals – a 490% increase year over year2. A staggering proportion of these breaches originated from compromised employee credentials or phishing attacks. Explore Experian's Employee Benefits Solutions The Link Between Employee Identity Theft and Cybersecurity Risks Phishing and Social EngineeringPhishing attacks remain one of the top strategies used by cybercriminals. These attacks often target employees by exploiting personal information stolen through identity theft. For example, a cybercriminal who gains access to an employee's compromised email or social accounts can use this information to craft realistic phishing messages, tricking them into divulging sensitive company credentials. Compromised Credentials as Entry PointsCompromised employee credentials were responsible for 16% of breaches and were the costliest attack vector, averaging $4.5 million per breach3. When an employee’s identity is stolen, it can give hackers a direct line to your company’s network, jeopardizing sensitive data and infrastructure. The Cost of DowntimeBeyond the financial impact, data breaches disrupt operations, erode customer trust, and harm your brand. For businesses, the average downtime from a breach can last several weeks – time that could otherwise be spent growing revenue and serving clients. Why Businesses Need to Prioritize Employee Identity Protection Protecting employee identities isn’t just a personal benefit – it’s a strategic business decision. Here are three reasons why identity protection for employees is essential to your cybersecurity strategy: 1. Mitigate Human Risk in Cybersecurity Employee mistakes, often resulting from phishing scams or misuse of credentials, are a leading cause of breaches. By equipping employees with identity protection services, businesses can significantly reduce the likelihood of stolen information being exploited by fraudsters and cybercriminals. 2. Boost Employee Engagement and Financial Wellness Providing identity protection as part of an employee benefits package signals that you value your workforce’s security and well-being. Beyond cybersecurity, offering such protections can enhance employee loyalty, reduce stress, and improve productivity. Employers who pair identity protection with financial wellness tools can empower employees to monitor their credit, secure their finances, and protect against fraud, all of which contribute to a more engaged workforce. 3. Enhance Your Brand Reputation A company’s cybersecurity practices are increasingly scrutinized by customers, stakeholders, and regulators. When you demonstrate that you prioritize not just protecting your business, but also safeguarding your employees’ identities, you position your brand as a leader in security and trustworthiness. Practical Strategies to Protect Employee Identities and Reduce Data Breach Risk How can businesses take actionable steps to mitigate risks and protect their employees? Here are some best practices: Offer Comprehensive Identity Protection Solutions A robust identity protection program should include: Real-time monitoring for identity theft Alerts for suspicious activity on personal accounts Data and device protection to protect personal information and devices from identity theft, hacking and other online threats Fraud resolution services for affected employees Credit monitoring and financial wellness tools Leading providers like Experian offer customizable employee benefits packages that provide proactive identity protection, empowering employees to detect and resolve potential risks before they escalate. Invest in Employee Education and Training Cybersecurity is only as strong as your least-informed employee. Provide regular training sessions and provide resources to help employees recognize phishing scams, understand the importance of password hygiene, and learn how to avoid oversharing personal data online. 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By prioritizing identity protection for employees, organizations can reduce the risk of costly breaches and also create a safer, more engaged, and financially secure workforce. Ready to protect your employees and your business? Take the next step toward safeguarding your company’s future. Learn more about Experian’s employee benefits solutions to see how identity protection and financial wellness tools can transform your workplace security and employee engagement. Learn more 1 2024 Experian Data Breach Response Guide 2 Identity Theft Resource Center. H1 2024 Data Breach Analysis 3 2023 IBM Cost of a Data Breach Report

Published: January 28, 2025 by Stefani Wendel

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