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As Valentine’s Day approaches, hearts will melt, but some will inevitably be broken by romance scams. This season of love creates an opportune moment for scammers to prey on individuals feeling lonely or seeking connection. Financial institutions should take this time to warn customers about the heightened risks and encourage vigilance against fraud. In a tale as heart-wrenching as it is cautionary, a French woman named Anne was conned out of nearly $855,000 in a romance scam that lasted over a year. Believing she was communicating with Hollywood star Brad Pitt; Anne was manipulated by scammers who leveraged AI technology to impersonate the actor convincingly. Personalized messages, fabricated photos, and elaborate lies about financial needs made the scam seem credible. Anne’s story, though extreme, highlights the alarming prevalence and sophistication of romance scams in today’s digital age. According to the Federal Trade Commission (FTC), nearly 70,000 Americans reported romance scams in 2022, with losses totaling $1.3 billion—an average of $4,400 per victim. These scams, which play on victims’ emotions, are becoming increasingly common and devastating, targeting individuals of all ages and backgrounds. Financial institutions have a crucial role in protecting their customers from these schemes. The lifecycle of a romance scam Romance scams follow a consistent pattern: Feigned connection: Scammers create fake profiles on social media or dating platforms using attractive photos and minimal personal details. Building trust: Through lavish compliments, romantic conversations, and fabricated sob stories, scammers forge emotional bonds with their targets. Initial financial request: Once trust is established, the scammer asks for small financial favors, often citing emergencies. Escalation: Requests grow larger, with claims of dire situations such as medical emergencies or legal troubles. Disappearance: After draining the victim’s funds, the scammer vanishes, leaving emotional and financial devastation in their wake. Lloyds Banking Group reports that men made up 52% of romance scam victims in 2023, though women lost more on average (£9,083 vs. £5,145). Individuals aged 55-64 were the most susceptible, while those aged 65-74 faced the largest losses, averaging £13,123 per person. Techniques scammers use Romance scammers are experts in manipulation. Common tactics include: Fabricated sob stories: Claims of illness, injury, or imprisonment. Investment opportunities: Offers to “teach” victims about investing. Military or overseas scenarios: Excuses for avoiding in-person meetings. Gift and delivery scams: Requests for money to cover fake customs fees. How financial institutions can help Banks and financial institutions are on the frontlines of combating romance scams. By leveraging technology and adopting proactive measures, they can intercept fraud before it causes irreparable harm. 1. Customer education and awareness Conduct awareness campaigns to educate clients about common scam tactics. Provide tips on recognizing fake profiles and unsolicited requests. Share real-life stories, like Anne’s, to highlight the risks. 2. Advanced data capture solutions Implement systems that gather and analyze real-time customer data, such as IP addresses, browsing history, and device usage patterns. Use behavioral analytics to detect anomalies in customer actions, such as hesitation or rushed transactions, which may indicate stress or coercion. 3. AI and machine learning Utilize AI-driven tools to analyze vast datasets and identify suspicious patterns. Deploy daily adaptive models to keep up with emerging fraud trends. 4. Real-time fraud interception Establish rules and alerts to flag unusual transactions. Intervene with personalized messages before transfers occur, asking “Do you know and trust this person?” Block transactions if fraud is suspected, ensuring customers’ funds are secure. Collaborating for greater impact Financial institutions cannot combat romance scams alone. Partnerships with social media platforms, AI companies, and law enforcement are essential. Social media companies must shut down fake profiles proactively, while regulatory frameworks should enable banks to share information about at-risk customers. Conclusion Romance scams exploit the most vulnerable aspects of human nature: the desire for love and connection. Stories like Anne’s underscore the emotional and financial toll these scams take on victims. However, with robust technological solutions and proactive measures, financial institutions can play a pivotal role in protecting their customers. By staying ahead of fraud trends and educating clients, banks can ensure that the pursuit of love remains a source of joy, not heartbreak. Learn more
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. Implement Multi-Factor Authentication (MFA) MFA adds an extra layer of security, requiring employees to verify their identity using multiple credentials before accessing sensitive systems. This can drastically reduce the risk of compromised credentials being misused. Partner with a Trusted Identity Protection Provider Experian’s suite of employee benefits solutions combines identity protection with financial wellness tools, helping your employees stay secure while also boosting their financial confidence. Only Experian can offer these integrated solutions with unparalleled expertise in both identity protection and credit monitoring. Conclusion: Identity Protection is the Cornerstone of Cybersecurity The rising tide of data breaches means that businesses can no longer afford to overlook the role of employee identity in cybersecurity. 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
With consumers having more credit options than ever before, it’s imperative for lenders to get their message in front of ideal customers at the right time and place. But without clear insights into their interests, credit behaviors or financial capacity, you may risk extending preapproved credit offers to individuals who are unqualified or have already committed to another lender. To increase response rates and reduce wasted marketing spend, you must develop an effective customer targeting strategy. What makes an effective customer targeting strategy? A customer targeting strategy is only as good as the data that informs it. To create a strategy that’s truly effective, you’ll need data that’s relevant, regularly updated, and comprehensive. Alternative data and credit-based attributes allow you to identify financially stressed consumers by providing insight into their ability to pay, whether their debt or spending has increased, and their propensity to transfer balances and consolidate loans. With a more granular view of consumers’ credit behaviors over time, you can avoid high-risk accounts and focus only on targeting individuals that meet your credit criteria. While leveraging additional data sources can help you better identify creditworthy consumers, how can you improve the chances of them converting? At the end of the day, it’s also the consumer that’s making the decision to engage, and if you aren’t sending the right offer at the precise moment of interest, you may lose high-value prospects to competitors who will. To effectively target consumers who are most likely to respond to your credit offers, you must take a customer-centric approach by learning about where they’ve been, what their goals are, and how to best cater to their needs and interests. Some types of data that can help make your targeting strategy more customer-centric include: Demographic data like age, gender, occupation and marital status, give you an idea of who your customers are as individuals, allowing you to enhance your segmentation strategies. Lifestyle and interest data allow you to create more personalized credit offers by providing insight into your consumers’ hobbies and pastimes. Life event data, such as new homeowners or new parents, helps you connect with consumers who have experienced a major life event and may be receptive to event-based marketing campaigns during these milestones. Channel preference data enables you to reach consumers with the right message at the right time on their preferred channel. Target high-potential, high-value prospects By using an effective customer targeting strategy, you can identify and engage creditworthy consumers with the greatest propensity to accept your credit offer. To see if your current strategy has what it takes and what Experian can do to help, view this interactive checklist or visit us today. Review your customer targeting strategy Visit us
When it comes to online personal data, the majority of Americans believe it has become more and more difficult to control who has access to that information.[1] And as international data breaches continue to feed the dark web, the cost is high for consumers. Identity theft by the numbers At least 16 billion records have been exposed through data breaches since 2019, and 31% of data breach victims later have their identity stolen[2]. The cost of obtaining a full range of documents and account details allowing identity theft is about $1,275.[3] With a 290% increase in stolen data found on the dark web in the past three years, monitoring is a must-have for data-driven service providers[4]. Now more than ever, consumers expect businesses that collect their information to keep it secure. A solution for your customers Here’s the good news: Experian CyberAgent® is a proprietary, patented dark web technology that proactively detects compromised confidential data online around the world. With more than 21 billion records found, this software is designed for proactive cyber detection on an international level. CyberAgent® monitors a variety of identity elements and captures all the data being exchanged, including: Social Security numbers National identification numbers Email addresses/ domains and phone numbers Medical identifications numbers Passport and driver’s license numbers Credit/debit card information Retail card numbers Bank account and routing numbers International banking numbers Global protection As the only internet surveillance tool that can match data on an international level, CyberAgent® breaks language barriers and detects identity theft across the globe. By monitoring thousands of websites and millions of data points, this technology enables you to notify your customers if a match to their monitored personal information is found. Alert your customers before they become a victim of identity theft and offer unrivaled protection from dark web threats. Click here to learn more [1]Ipsos. 2022. Most Americans say it is increasingly difficult to control who can access their online data. [2]Selfkey. 2020. All Data Breaches in 2019 – 2022 – An Alarming Timeline. [3]Privacy Affairs. 2020. Dark Web Price Index 2020. [4]Experian CyberAgent® monitoring counts as of June 2022.
You walk into your home, flick the light switch, head to the fridge and grab a glass of cold water. Suddenly, you feel a chill and turn the thermostat up. These habitual acts are basic, but fundamental to our lives. Unfortunately, not everyone has equal access to such luxuries. There is a substantial amount of people who are impacted by heavy energy burdens. What is an energy burden? An energy burden is the percentage of gross household income that goes towards energy costs. Two families can have similar energy bills, but different household incomes. Like many other industries, the utility sector is shifting its’ focus toward equitable outcomes and establishing and implementing effective efficiency programs. Who do energy burdens impact? Due to the energy burden, many communities of color have been historically underserved by energy efficiency and clean energy programs. The energy burden can also impact those who rent, have less efficient appliances or live in older homes. According to the U.S. Census Bureau, as of August, 2022, 23.1% of U.S. adults lived in households that were unable to pay an energy bill in the last 12 months. Additionally, The American Council for Energy-Efficient Economy (ACEE) found that low-income Black, Hispanic and Native American households face dramatically higher energy burdens than average. How can Experian be a partner for energy equity? As the “Consumer’s Bureau,” Experian is deeply committed to putting consumers’ best interests first as we make key decisions to support our clients. Like the energy industry, Experian wants to lessen the energy burden for underserved and low-income communities. This is a business of critical consequence, and we are focused on helping our clients accelerate progress and equity within the communities they serve. As we navigate along this inclusion journey together, we can assist with three core areas: Measure and track: Understand geographies and audience segments containing the largest opportunities for inclusion within the communities you serve. Benchmark and track progress towards your internal diversity and inclusion goals. Determine who qualifies for energy efficiency programs by getting a more accurate view of the communities you serve. Include and reach: By incorporating supplementary data sources, we can help you identify and reach underserved consumers and small business owners who are often excluded from the traditional credit ecosystem. Inform and empower: Develop and educate vulnerable populations, offering the tools and support needed to advance their financial health journey. Enabling your consumers to obtain the assistance they need. By leveraging our leading data assets, businesses can obtain a more holistic consumer view to drive better outcomes and opportunities while making smarter decisions and minimizing risk. With accurate data you can effectively prioritize field work, get correct assessment of household income, increase productivity of field personnel, and improve field collection rates. We care about doing the right thing and are here to ensure you meet your energy efficiency and equity goals. Together, we can make a positive impact on our communities and consumers. To learn more about how Experian is helping the utility industry drive inclusion and bring equity to energy, visit us or request a call. Access the infographic Energy Burden Research. Aceee.org. (2022). Household Pulse Survey. Census.gov. (2022). Low-Income Households, Communities of Color Face High Energy. Aceee.org. (2022). Experian and Oliver Wyman find expanded data and advanced analytics can improve access to credit. Experian plc. (2022).