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It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.Paragraph Block- is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
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of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum
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Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for ‘lorem ipsum’ will uncover many web sites still in their infancy.
Data breach notification letters serve multiple purposes. They ensure a breached company is compliant with data breach notification laws, they alert consumers to the breach and their involvement in it, they can warn customers of potential identity theft risks and educate them on how to cope with those risks. The one thing no company wants its notification letter to do, however, is make the recipients any more upset than they already are. Yet that’s the reaction many consumers reported upon having received data breach notification letters, according to the study “The Aftermath of a Mega Data Breach: Consumer Sentiment.” Conducted by the Ponemon Institute on behalf of Experian Data Breach Resolution, the study provides some eye-opening insights into how consumers feel and what they do after receiving a breach notification letter. To put consumer sentiment in perspective, consider these revelations from the study: Among those polled, 63% said they felt the breached company should offer consumers identity theft protection by way of compensation, yet just 25% of people who had received a notification letter said were offered identity theft protection in that letter. The financial impact of the data breach was less significant for consumers than the emotional aspects. 81% of data breach victims said they had not out-of-pocket costs because of the breach. Conversely, 76% said they experienced stress as a result of the breach. Consumers ranked a data breach as the third-most damaging event for a company’s reputation. Only poor customer service and an environmental incident (e.g. an oil spill or pollution) were seen as more damaging. Other than getting stressed, what, then, do consumers do after they’ve received a data breach notification letter? Most do little or nothing at all, which should be just as concerning to companies as the customers who end their business relationship with a company in the wake of a data breach. More than half (55%) said they did nothing to protect their identities after receiving a notification letter, and 32% ignored the notifications and did nothing at all. This may seem counter-intuitive considering that the majority (77%) were at least somewhat to very concerned about becoming an identity theft victim because of the breach. Perhaps if these customers had been offered free identity theft protection in the notification letter, they would have accepted the offer. These survey results underscore the need for companies to send strong, informative and compassionate data breach notification letters – and to offer consumers identity theft protection as part of the company’s data breach response. Learn more about our Data Breach solutions
Today I co-hosted a TweetChat with Experian on mobile fraud trends. To be honest, it was the first Twitter Chat I took part in. It was fun, informative and a great way to connect with folks in our industry – from our customer base, partners and more. The discussion was fast paced and the 140-character limit for tweets means I wasn’t able to elaborate on many of the points I made. Thus, thought I would share my insight through a blog post. What are the most common types of mobile fraud? Malware. According to Forbes, 97 percent of mobile malware is on Android devices. That’s not to say that Apple isn’t seeing it, too. They are, but at a much reduced scale due to their validation processes. Forbes also states that android malware rose from 238 threats in 2012 to 804 new threats in 2013 and continues to rise. Mobile malware has a couple of varieties that everyone should be aware of. They’re increasingly common and you’ve likely seen the first one making media headlines like rapid fire in recent months: Ransomware: locks a user’s phone and fraudsters demand payment to unlock it. Credential stealing malware: attempts to capture the credentials of the victim as they access a service. Premium dialing/texting malware that uses victim phones to increase traffic and charges to rogue accounts. Mobile fraud, as a category, also needs to include the use of the mobile device by fraudsters as the attacking instrument. Fraudsters exploit the fact that organizations may not have applied the same security measures to their mobile access points that they have in their traditional online access. Big mistake. All organizations should make sure that they are not exposed to fraud originating from the mobile channel (either mobile app or mobile web based.) Companies need to ensure they can identify the device regardless of platform. Am I more at risk on my mobile device than I am on my computer? As a consumer, industry data has illustrated that there is no significant difference between the risk of the PC and a mobile device. The PC is still a much more valuable target to fraudsters, considering its wide use. But as the mobile platform continues to grow, mobile exploits are also growing, forcing the industry to build in more robust strategies around mobile access. This includes the platform providers, app developers and businesses that want to increase their mobile offerings. The bigger point here is that the Apple platform has much less malware activity than the Android platform does today. Apple has stringent developer policies and scrutiny. For businesses, as a relative percentage of device activity, we are beginning to see that there is more fraud in the mobile channel than in the traditional channel. Bear in mind that mobile volumes today are still much smaller than the traditional PC. Mobile can also be a fraud staging area, where fraudsters can see balances and activity and then takeover your account… But this is not a vulnerability with the consumer using their device, rather it’s with the fraudsters using the mobile channel since it’s a separate channel where the banks may not have effective cross-channel visibility. How do I know if you have a legitimate app vs a fake / fraudulent app? There are a few simple steps to verify the legitimacy of apps – check for typos, grainy logos and images and check user reviews on the app store. Moreover, this is an issue of where users are getting their apps. Make sure you are only downloading apps from the platforms’ authorized app environments. And keep in mind that the prevalence of malware on the Google Play platform is much higher than that on the AppStore. What other risks do mobile devices pose to personal identity? The phone doesn’t necessarily present greater risks than PCs, but people do tend to use them more frequently, and with less of a thought toward security. My advice: make a habit of locking your phone and don’t buy apps from sketchy platforms. What are the methods that banks and retailers are choosing to secure mobile payments? It’s a device access versus personal access issue. Need for business is to recognize devices regardless of payment type. In the NFC space, there’s also a question of liability… who is on the hook when happens? Is it the merchant? The card issuer? There are still some gray areas when it comes to mobile wallet (NFC) transactions being used for physical purchases. For NFC (in person) payments, the POS makers use industry standards – but they can still be vulnerable to attack based on malware distributed via POS terminals, as we have seen lately. For mobile bank payments – some banks use device recognition and device behavior– but all banks really should use it – best way to detect rogue activity from the device. Most retail mobile payments are tied to a wallet – so wallet providers must also secure access to the wallet ensure that it doesn’t become the weakest link. Will passwords ever die? What other forms of identification might be used? For businesses, passwords are already dead, since most have been stolen over the years. Businesses should be using device recognition – it’s one of the strongest tools to differentiate between good and bad users. Any final tips on how people can protect themselves from mobile fraud? Don’t buy apps from sketchy third party platforms. Don’t click on links from untrusted parties, lock your device, make sure your device is backed up and don’t pay ransomware demands. If you have any other questions that weren’t answered in the #TweetChat, please leave a comment here or tweet to me at @DBritton41st.
A recent Experian Consumer Services survey focusing on the most important attributes in a prospective spouse found that married adults value financial responsibility more than physical attractiveness. Approximately half (49 percent) of married adult respondents stated that credit scores were important to them when selecting a spouse, and 95 percent of respondents rated financial responsibility as important in a spouse. The survey also found that 73 percent of women and 60 percent of men believe having a spouse who is open about personal finances and credit makes him or her more attractive. Lenders can play a role in educating consumers about credit scores and reduce loss rates by offering personalized credit education services. Infographic: Love and Marriage…and Credit
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With the National Automobile Dealers Association (NADA) Show set to kickoff later this week, it seemed fitting to explore how the shifting dynamics of the used vehicle market might impact dealers and buyers over the coming year. Shedding light on some of the registration and finance trends, as well as purchasing behaviors, can help dealers and manufacturers stay ahead of the curve. And just like that, the Special Report: Automotive Consumer Trends Report was born. As I was sifting through the data, one of the trends that stood out to me was the neck-and-neck race between Millennials and Gen X for supremacy in the used vehicle market. Five years ago, in 2019, Millennials were responsible for 33.3% of used retail registrations, followed by Gen X (29.5%) and Baby Boomers (26.8%). Since then, Baby Boomers have gradually fallen off, and Gen X continues to close the already minuscule gap. Through October 2024, Millennials accounted for 31.6%, while Gen X accounted for 30.4%. But trends can turn on a dime if the last year offers any indication. Over the last rolling 12 months (October 2023-October 2024), Gen X (31.4%) accounted for the majority of used vehicle registrations compared to Millennials (30.9%). Of course, the data is still close, and what 2025 holds is anyone’s guess, but understanding even the smallest changes in market share and consumer purchasing behaviors can help dealers and manufacturers adapt and navigate the road ahead. Although there are similarities between Millennials and Gen X, there are drastic differences, including motivations and preferences. Dealers and manufacturers should engage them on a generational level. What are they buying? Some of the data might not come as a surprise but it’s a good reminder that consumers are in different phases of life, meaning priorities change. Over the last rolling 12 months, Millennials over-indexed on used vans, accounting for more than one-third of registrations. Meanwhile, Gen X over-indexed on used trucks, making up nearly one-third of registrations, and Gen Z over-indexed on cars (accounting for 17.1% of used car registrations compared to 14.6% of overall used vehicle registrations). This isn’t surprising. Many Millennials have young families and may need extra space and functionality, while Gen Xers might prefer the versatility of the pickup truck—the ability to use it for work and personal use. On the other hand, Gen Zers are still early in their careers and gravitate towards the affordability and efficiency of smaller cars. Interestingly, although used electric vehicles only make up a small portion of used retail registrations (less than 1%), Millennials made up nearly 40% over the last rolling 12 months, followed by Gen X (32.2%) and Baby Boomers (15.8%). The market at a bird’s eye view Pulling back a bit on the used vehicle landscape, over the last rolling 12 months, CUVs/SUVs (38.9%) and cars (36.6%) accounted for the majority of used retail registrations. And nearly nine-in-ten used registrations were non-luxury vehicles. What’s more, ICE vehicles made up 88.5% of used retail registrations over the same period, while alternative-fuel vehicles (not including BEVs) made up 10.7% and electric vehicles made up 0.8%. At the finance level, we’re seeing the market shift ever so slightly. Since the beginning of the pandemic, one of the constant narratives in the industry has been the rising cost of owning a vehicle, both new and used. And while the average loan amount for a used non-luxury vehicle has gone up over the past five years, we’re seeing a gradual decline since 2022. In 2019, the average loan amount was $22,636 and spiked $29,983 in 2022. In 2024, the average loan amount reached $28,895. Much of the decline in average loan amounts can be attributed to the resurgence of new vehicle inventory, which has resulted in lower used values. With new leasing climbing over the past several quarters, we may see more late-model used inventory hit the market in the next few years, which will most certainly impact used financing. The used market moving forward Relying on historical data and trends can help dealers and manufacturers prepare and navigate the road ahead. Used vehicles will always fit the need for shoppers looking for their next vehicle; understanding some market trends will help ensure dealers and manufacturers can be at the forefront of helping those shoppers. For more information on the Special Report: Automotive Consumer Trends Report, visit Experian booth #627 at the NADA Show in New Orleans, January 23-26.
The automotive industry is constantly changing. Shifting consumer demands and preferences, as well as dynamic economic factors, make the need for data-driven insights more important than ever. As we head into the National Automobile Dealers Association (NADA) Show this week, we wanted to explore some of the trends in the used vehicle market in our Special Report: State of the Automotive Finance Market Report. Packed with valuable insights and the latest trends, we’ll take a deep dive into the multi-faceted used vehicle market and better understand how consumers are financing used vehicles. 9+ model years grow Although late-model vehicles tend to represent much of the used vehicle finance market, we were surprised by the gradual growth of 9+ model year (MY) vehicles. In 2019, 9+MY vehicles accounted for 26.6% of the used vehicle sales. Since then, we’ve seen year-over-year growth, culminating with 9+MY vehicles making up a little more than 30% of used vehicle sales in 2024. Perhaps more interesting though, is who is financing these vehicles. Five years ago, prime and super prime borrowers represented 42.5% of 9+MY vehicles, however, in 2024, those consumers accounted for nearly 54% of 9+MY originations. Among the more popular 9+MY segments, CUVs and SUVs comprised 36.9% of sales in 2024, up from 35.2% in 2023, while cars went from 44.3% to 42.9% year-over-year and pickup trucks decreased from 15.9% to 15.6%. 2024 highlights by used vehicle age group To get a better sense of the overall used market, the segments were broken down into three age groups—9+MY, 4-8MY, and current +3MY—and to no surprise, the finance attributes vary widely. While we’ve seen the return of new vehicle inventory drive used vehicle values lower, it could be a sign that consumers are continuing to seek out affordable options that fit their lifestyle. In fact, the average loan amount for a 9+MY vehicle was $19,376 in 2024, compared to $24,198 for a vehicle between 4-8 years old and $32,381 for +3MY vehicle. Plus, more than 55% of 9+MY vehicles have monthly payments under $400. That’s not an insignificant number for people shopping with the monthly payment in mind. In 2024, the average monthly payment for a used vehicle that falls under current+3MY was $608. Meanwhile, 4-8MY vehicles came in at an average monthly payment of $498, and 9+MY vehicles had a $431 monthly payment. Taking a deeper dive into average loan amounts based on specific vehicle types—as of 2024, current +3MY cars came in at $28,721, followed by CUVs/SUVs ($31,589) and pickup trucks ($40,618). As for 4-8MY vehicles, cars came in with a loan amount of $22,013, CUVs/SUVs were at $23,133, and pickup trucks at $31,114. Used 9+MY cars had a loan amount of $19,506, CUVs/SUVs came in at $17,350, and pickup trucks at $22,369. With interest rates remaining top of mind for most consumers as we’ve seen them increase in recent years, understanding the growth from 2019-2024 can give a holistic picture of how the market has shifted over time. For instance, the average interest rate for a used current+3MY vehicle was 8.0% in 2019 and grew to 10.2% in 2024, the average rate for a 4-8MY vehicle went from 10.3% to 12.9%, and the average rate for a 9+MY vehicle increased from 11.4% to 13.8% in the same time frame. Looking ahead to the used vehicle market It’s important for automotive professionals to understand and leverage the data of the used market as it can provide valuable insights into trending consumer behavior and pricing patterns. While we don’t exactly know where the market will stand in a few years—adapting strategies based on historical data and anticipating shifts can help professionals better prepare for both challenges and opportunities in the future. As used vehicles remain a staple piece of the automotive industry, making informed decisions and optimizing inventory management will ensure agility as the market continues to shift. For more information, visit us at the Experian booth (#627) during the NADA Show in New Orleans from January 23-26.
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typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.