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An employee who never uses a mobile device – personal or company-supplied – for business purposes is becoming a rare creature, indeed. Use of mobile devices is prevalent across virtually every industry, and the convenience and flexibility these devices offer professionals can be great for business. Provided, that is, those devices are secure. Mobile devices continue to be a significant source of data breaches, and a particular concern for anyone engaged in cyber security, according to eSecurity Planet’s Data Breach Roundup. Mobile-related data breaches stem from a range of circumstances, including loss or theft of devices, failure to use anti-malware, or failing to password-protect a device being used for business purposes. Devices can put your data at risk if an employee stores any proprietary information on a mobile device, or if workers use unsecured devices to access your network – even if you’ve taken steps to secure the network itself. Managing mobile devices can be one of the most challenging aspects of your overall cyber security program, but it’s imperative and – fortunately – not impossible. Minimizing mobile device risks CTIA, The Wireless Association, offers some guidelines for mobile device cyber security in its whitepaper “Today’s Mobile Cybersecurity: Blueprint for the Future.” The organization points to five cornerstones of mobile cyber security: Education about the importance of mobile security Devices with security features like anti-malware and anti-spam settings Strong, enforced network security policies Authentication for all network users Secure connections, from cloud to network Many tools exist to help your organization ensure secure footing on each of those cornerstones. CTIA cites options like risk management, security policies and monitoring. We would add to that list, and emphasize the importance of a data breach response plan that addresses the specific challenges and risks associated with a mobile-spurred data breach incident. While your organization can take strong, reasoned steps toward minimizing risks, it’s equally important to be ready to respond when a breach occurs. Mobile device security is sure to be a growing issue throughout 2014, as more people than ever use smartphones, tablets and other mobile devices to work more efficiently. With the right precautions, you can help ensure your employees work safely, as well. Learn more about our Data Breach solutions
In the days following the Target breach, both clarity and objectivity are in short supply. Everything that didn’t already exist became suddenly the cure-all – EMV being one. Retailers bristle, albeit in private – due to the asymmetry in blame they have come to share compared to banks – despite having equal ownership of the mess they have come to call payments. Issuers and Schemes scramble to find an empty deck chair on the Titanic, just to get a better view of the first of the lifeboats capsizing. Analogies aside, we may never fully eliminate breaches. Given an infinite amount of computing power and equal parts human gullibility – whether its via brute forcing encryption systems or through social engineering – a breach is only a matter of time. But we can shorten the half-life of what is stolen. And ensure that we are alerted when breaches occur – as fraudsters take care to leave little trace behind. Yet today our antiquated payments system offer up far too many attack vectors to a fraudster, that the sophistication in attempts of the likes of what we saw at Target, is the exception and not the norm. But are the retailers absolved of any responsibility? Hardly. Questions from a breach: According to Target, malware was found on Target’s PoS – presumably pushed by unauthorized outsiders or via compromised insiders. If so, how is it that unauthorized code managed to find its way to all or most of its PoS terminals? Could this have been uncovered by performing a binary or checksum comparison first, to ensure that files or packages are not tampered with, before they are deployed to the Point-of-Sale? Such a step could have certainly limited the attack vectors to a small group of people with administrative access – who would have the need to handle keys and checksums. Further, depending on the level of privilege accorded to every binary that gets deployed to the point of sale – Target could have prevented an unauthorized or remotely installed program from performing sensitive functions such as reading consumer data – either in transit or in RAM. That said – I am not sure if PoS manufacturers provide for such layered approach towards granting access and execution privileges to code that is deployed to their systems. If not, it should. Where DOES EMV come in? EMV helps to verify the card – indisputably. Beyond that, it offers no protection to either the consumer or the merchant. The risk of EMV, and it’s infallibility in the eyes of its true believers, is that it can lull the general public in to a sense of false security – much like what we have now under Reg E and Reg Z. With EMV, PAN and PIN continues to be passed in the clear, unencrypted. Retailers could deploy EMV terminals and still be riddled like cheese by fraudsters who can siphon off PANs in transit. Fraudsters who may find it nearly impossible to create counterfeit cards, instead will migrate online where inadequate fraud mitigation tools prevail – and those inadequacies will force both banks and retailers to be heavy handed when it comes to determining online fraud. Friction or Fraud should not be the only two choices. Solving Card Not Present Fraud: There are no silver bullets to solve Card Not Present fraud. Even with EMV Chip/Pin, there is an opportunity to put a different 16 digit PAN on the front of the card versus the one that is on the magstripe/chip. (I am told that Amex does this for its Chip/pin cards.) The advantage is that a fraudster using a fraudulently obtained PAN from the chip for an e-commerce purchase will standout to an card issuer compared to the legit customer using a different PAN on the front of the card for all her e-commerce purchases. This maybe one low tech way to address CNP fraud alongside of an EMV rollout. But if asking a consumer to enter his Zipcode or show his ID was enough for retail purchases, there exists equivalent friction-bound processes online. Authentication services like 3-D Secure are fraught with friction, and unfairly penalize the customer and indirectly – the retailer and issuer, for its blind attribution of trust in a user provided password or a token or a smart card reader. Where it may (in some cases) undeniably verifies consumer presence, it also overwhelms – and a customer who is frustrated with a multi-step verification will simply shop somewhere else or use Paypal instead. Ever had to input your Credit Card Verification code (CVV2 or CVC2) on an Amazon purchase? Me neither. Fraud in connected commerce: As connected devices outnumber us, there needs to be an approach that expands the notion of identity to look beyond the consumer and start including the device. At the core, that is what solutions like 41st Parameter – an Experian company, focuses on – which enables device attributes to collectively construct a more sophisticated indicator of fraud in an e-commerce transaction – using 100 or so anonymous device attributes. Further it allows for more nuanced policies for retailers and issuers, to mitigate fraud by not only looking at the consumer or device information in isolation – but in combination with transactional attributes. As a result, retailers and issuers can employ a frictionless, smarter, and more adaptive fraud mitigation strategy that relies less on what could be easily spoofed by a fraudster and more on what can be derived or implied. If you want to know more why this is a more sensible approach to fighting fraud, you should go here to read more about 41st Parameter. Remnants from a breach: Even though the material impact to Target is still being quantified, little doubt remains as to the harm done to its reputation. Target RED card remains largely unaffected, yet it is but a fleeting comfort. Though some, thus had been quick to call decoupled debit a more secure product, those claims choose to ignore the lack of any real consumer protection that is offered alongside of these products. Though Reg E and Reg Z have been largely instrumental in building consumer trust in credit and debit cards, they have also encouraged general public to care less about fraud and credit card security. And this affects more than any other – MCX, whose charter calls for reduction of payment acceptance costs first, and to whom – decoupled debit offered a tantalizing low cost alternative to credit. But when it launches this year, and plans to ask each customer to waive protections offered by Reg E and Reg Z and opt for ACH instead – those consumers will find that choice harder to stomach. Without offering consumers something equivalent, MCX Retailers will find it exceedingly difficult to convince customers to switch. Consumer loyalty to retailer brands was once given as the reason for creating a retailer friendly payment backbone, but with Target’s reputation in tatters – that is hardly something one can bank on these days – pun intended. Where does this leave us? To be completed… This blog post was originally featured at: http://www.droplabs.co/?p=964
According to Experian Marketing Services’ holiday peak week analysis, social media proved to be a key research tool for holiday shoppers and a crucial driver of traffic to retail Websites. Based on a comparison of upstream search traffic to leading retail Websites with the Hitwise Retail 500, social networking sites increased their share of traffic by a relative 46 percent year over year during the week ending November 30. Social networking Websites with highly visual content, such as Instagram and YouTube, saw dramatic year-over-year increases. This trend provides a significant opportunity for retailers to customize cross-channel marketing strategies and provide a more personal experience for the consumer. View our recent Webinar: Unique insights on consumer credit trends and the impact of consumer behavior on the economic recovery Source: Experian Marketing Services reveals top four holiday shopping trends from Thanksgiving weekend
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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.