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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
We witnessed many changes in the automotive industry since the beginning of the pandemic, but one thing that has stayed consistent is consumers’ desire for larger vehicles, such as SUVs and crossover utility vehicles (CUVs). In fact, they have sustained dominance in the automotive finance market for some time now—partly due to the advancements among newer models, such as increased fuel efficiency and additional cargo space. According to Experian's State of the Automotive Finance Market Report: Q1 2022, SUVs and CUVs made up 60.38% of total vehicle financing, an increase from 58.95% in Q1 2021. Since consumer preferences for larger vehicles have become more prominent, we’ve seen the average loan amounts rising for a while—but this has been exacerbated by the pandemic, with inventory shortages and high consumer demand becoming a core challenge in the automotive industry. In Q1 2022, the average monthly loan payment for a new vehicle was $648, compared to the average monthly lease, which increased to $522. And the average monthly payment for a used vehicle surpassed $500 this quarter, coming in at $503. Larger vehicles dominate top leased models While consumers often lean towards used vehicles as they search for the most budget-friendly option, another option to consider is leasing, as they tend to have a lower monthly payment than a loan. In Q1 2022, there was a $126 difference between average monthly payments of a lease and a new loan. This is why it’s important for professionals to understand the most prevalent leased vehicles on the market and their price points. This enables them to assist consumers when searching for a vehicle that fits their needs and budget. With consumers opting for larger, more expensive vehicles such as SUVs, CUVs and full-size pickup trucks, it’s no surprise they made up majority of the top 10 leased models in Q1 2022. While the Honda Civic made up the highest percentage, it is important to note that it was the only sedan among the top leased vehicles in Q1 2022, accounting for 2.25% of leasing. It’s really in the new CUVs and SUVs where you can see the difference in monthly payments between a loan and a lease. For instance, the Mazda CX-5 had an average monthly loan payment of $460 this quarter and the average monthly lease payment was $365. While the Chevrolet Equinox was not too far behind, with an average monthly loan payment of $444 and an average monthly lease payment of $319 in Q1 2022. Consumers have also opted for new CUVs, such as the Honda CR-V, which had an average monthly loan payment of $474 and an average monthly lease payment of $371. Similarly, the Ford Escape had an average monthly loan payment of $436 and the average monthly lease payment was $349. As we continue to witness automotive financing trends evolve, analyzing the ongoing insights will enable dealers and lenders to help consumers find the most budget-appropriate options in their search for a vehicle that best fits their needs. To learn more about leasing and other automotive finance trends, watch the entire State of the Automotive Finance Market: Q1 2022 presentation on demand.
This post was updated in 2022. Fraud prevention can seem like a moving target. Criminals often shift from one scheme to the next, forcing organizations to play catch up to protect consumers’ identities and funds. But with the right technology, it’s possible to implement a fraud solution that provides protection and enhances the consumer journey. The pandemic fraud boom Government stimulus funds, COVID-19 testing and the loosening of business controls were a boon for criminals and levied an immense cost against businesses and consumers. Consumer fraud losses rose to $3.3 billion in 2020, up from $1.8 billion in 2019. The rapid increase in digital activity had two significant impacts. First, it shifted new account applications to the digital channel, where increased anonymity favors fraudsters by creating an environment where identity thieves could hide among the immense volume of applicants and monetize stolen personally identifiable information (PII). Second, it fueled account takeover (ATO) attacks by introducing digital “newbies” with unsophisticated password habits and limited ability to recognize and protect themselves from malware or social engineering, making them easy targets for credential theft. The return of old-school fraud Now that businesses and consumers are growing wise to some of the fraud schemes brought on by the COVID-19 pandemic, criminals are turning to new avenues, including tried-and-true methods like account opening and ATO fraud. New account fraud is expected to cost U.S. financial institutions $3.5 billion in 2021 alone. Fraud organizations will take the PII available and match it with automated tools to increase their efficiency and success rates while continuing with phishing and other schemes to gain new information that can fuel further attacks. Building a fraud solution Staying ahead of fraudsters may feel like a losing proposition but equipped with the proper fraud controls, you can enhance the customer experience, increase operational efficiency and protect against developing fraud schemes. With a fraud solution that uses multiple tools in concert, it’s possible to recognize, verify and holistically risk assess most consumers that pass through your portfolio. The right platform — ideally one that can call upon different services to perform each job — will enable your organization to flag suspicious activity, increase insight into large-scale attacks, track risky users and break down traditional internal silos. By coordinating efforts and adding multiple touchpoints to run both in the foreground and background, you can ensure the right friction is applied at the right time without diminishing the end-user experience. In fact, by improving your recognition tools, you can make the experience for recognized, legitimate customers even easier. To learn more about the potential impacts of traditional fraud and how your organization can leverage a fraud prevention solution to achieve your retention and growth goals, read our latest white paper or request a call. Read white paper Schedule a call
Mortgage lenders are no stranger to income and employment verification. Leveraging a third-party solution provider for automated verifications is a standard practice in mortgage underwriting. Yet many lenders still struggle with time-consuming and complex verification experiences, which can be manual, inefficient and painful for borrowers. Since introducing Experian Verify™ to the market, we’ve had countless conversations with key players in the industry – from the largest banks to small independent mortgage brokers and everything in between. Through these conversations, we’ve learned quite a bit about some of the dos and don’ts when it comes to implementing a successful strategy for income and employment verification for mortgage. Lead with instant verification Digital transformation has forever changed borrower expectations for online experiences. The first key to a successful verification strategy is starting your workflow with an instant verification solution. This allows you to verify information in real time, delivering a completely frictionless experience for you and your borrowers. Consider building a waterfall process For instances when a borrower’s income and employment information is unable to be verified through an instant verification solution, add a consumer-permissioned (bank or payroll) option as a backup. Cascading from one digital solution to the next will ensure you can verify borrower information in seconds or minutes, as opposed to days or weeks. The goal is to prevent as many borrowers as possible from going through a costly manual process. Tap into unique data sources Many verification solutions in market today tap into the same data sources, which can make it difficult to differentiate between solutions and measure additive benefits. When evaluating options, look for verification solutions that leverage unique and exclusive data sources – allowing you to optimize hit rates and maximize value. Avoid a “one-size-fits-all” approach There is no silver bullet. Every market is unique and every lender has different needs. Your verification requirements are likely specific to your business, which means you need to leverage verification solutions that offer flexible options and enable you to build a verification experience that works best for you and your borrowers. Find a solution provider who’s all in It’s important to find a solution provider where income and employment verification isn’t just a “side hustle,” but is core to their business strategy. Find a provider who is fully committed – delivering new innovations, investing in key partnerships, maximizing accessibility through leading LOS / POS technology providers, and offers eligibility for key industry programs, such as Day 1 Certainty® from Fannie Mae. Challenge the status quo Many lenders have an existing relationship with a third-party solution provider. But it’s important not to put all your eggs in one basket. If your existing provider is not meeting all your needs, challenge the status quo. Consider adding a second provider to the top of your waterfall to help contain costs and tap into unique data that is not available from your existing provider. Ready for further insight? Learn more about income and employment verification for mortgage.