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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
“I saw an opportunity to create change instead of asking for it.” Day 2 was charged up with new technology; new ideas; and new, clearer visions of where we can drive change across our industries. Jeff Softley, President, Direct to Consumer, Experian Consumer Services, illustrated how the consumer is at the center of Experian’s business with countless statistics and how our consumer advocacy drives our focus, growth and mission. Wil Lewis, Global Chief of Diversity, Equity and Inclusion; Hiq Lee, President of Business Information Services; and Alex Lintner, Group President, Consumer Information Services, engaged in a panel discussion centered on reimagining inclusion. Keynote: Allyson Felix Allyson Felix, five-time Olympian and most decorated Track & Field athlete, kicked off the day with an inspiring keynote touching on her athletic career, taking challenges head-on and using our platforms to make an impact. Felix, who is racing in the first race of her final season this weekend, is a tireless advocate, life-long learner, who seeks to empower others. “We can all start where we are,” she said. “Small things turn into big things.” Day 2 session highlights From the breakout sessions, the theme of disruption was evident. We dove into how prescreen and prequalification have evolved, a demand that many must adapt to deliver in the post-pandemic world. Financial inclusion was a topic covered across the board, as were the strategies to be enacted to bolster these financial inclusion drivers. One such area addressed was how the rapidly growing buy now, pay later industry advances financial access and inclusion efforts. And speaking of evolution, retention must evolve as well — we heard how retention, recapture and risk strategies are transforming, particularly in the mortgage servicing space. Rapid Model Development and Deployment – Feedback from businesses reflects organizations’ desires for flexible deployment options, flexible integration with existing tech stacks, open source technology and the ability to incorporate multiple data providers. Today’s solutions address that feedback as well as solve for the most rampant market challenges in new, innovative ways. Strategy optimization with Artificial Intelligence and Machine Learning – Over 50% of financial institutions surveyed are using AI/ML in at least one department. Challenges include data management, operation, evolving the analytics program. ML/AI starts with proper data management. For optimization, templatizing ML frameworks is a necessity. ID Verification, Authentication and Fraud – There were $56B in identity fraud losses in 2020, $13B of which were traditional identity fraud losses and $43B related to identity fraud scams. Leveraging strategies is necessary to maintain the critical balance required for identity verification and fraud – mitigating losses and risk exposure, drive optimal customer experience, maintain regulatory compliance. Maximizing Customer Value – The monthly data refresh is a thing of the past. When reimagining account review for risk and marketing purposes, remaining agile is key with increased data freshness for operational efficiency. Keynote: Ashton Kutcher The energy, insights and ideas have been reverberating throughout the venue for the past 48 hours, which set the stage for Ashton Kutcher’s closing keynote. The Chicago Bears fan talked about his career, how hard work wasn’t an option when he was growing up and how part of his assessment process for potential investments – determining whether they create efficiencies in the market – he sometimes thinks of a long-standing, personal benchmark – the air nailer. He talked about his philanthropy efforts, the mission behind his company Thorn, and the ability for people to impact change and achieve "a sense of agency" over the outcome of the future. “That’s the human spirit. That’s the spark that exists – that people understand that you can sit in despair, or you can do something,” he said. It has been an amazing two days – we can’t wait for Vision 2023!
“Disruption has caused enormous amounts of innovation,” said Jennifer Schulz, CEO of Experian, North America. “We must continue to be the disruptors in our industry which takes effort, data, technology, bright minds and vision for what the future will be.” Schulz kicked off the 39th Vision conference with a future-focused keynote delivered to a crowd of more than 400 attendees. Alex Lintner, Group President, Experian Consumer Information Services, talked about the next phase of great, highlighting the digital transformation that has taken place in the generations of the past and the disruption and innovation happening today and in the future. Keynote speaker: Dr. Mohamed A. El-Erian Dr. Mohamed A. El-Erian, renowned economist and author, President of Queens’ College, Cambridge, Chief Economic Advisor at Allianz, Chair of President Obama’s Global Development Council and Former CEO and Co-Chief Investment Officer of PIMCO, spoke about the Fed, inflation, negative interest rates and the labor market, as well as the importance of inclusion. El-Erian, who said he reads the Financial Times religiously, acknowledged that we will make mistakes on the journey as we work to be even more inclusive. To navigate what’s ahead, he said we will need resilience, optionality and agility. “It’s important to connect with information, acknowledge the insecurity, in a language people understand, in order to connect,” he said. Session highlights – day 1 The conference hall was buzzing with conversations, discussions and thought leadership. Buy Now Pay Later A large audience was in attendance for a session that introduced Experian’s Buy Now Pay Later Bureau™ and explored how it’s the first and only solution of its kind — serving consumers, BNPL providers, financial institutions and regulators. Identity Identity is constantly evolving, and while biometrics and authentication may have become ubiquitous, there is much activity around the concepts of eIDs, identity wallets and identity networks. Experian is making identities personal and helping businesses to recognize, manage and connect customer identities in new ways using data, analytics and technology. Marketing In today’s hypercompetitive world, businesses need to engage the freshest data and increase velocity when it comes to time to market. An average of 120 days won’t cut it. Ascend Marketing speeds time to market and helps achieve higher ROI. Regulatory Landscape With so much happening at Capitol Hill, a panel of experts from DC discussed a number of topics and proposals (and their impacts), including the defense for risk-based pricing, the impact of suppressing negative data, and trending topics like Buy Now Pay Later and data portability. All the while, the tech showcase had a constant flow of attendees with demos ranging from data and decisioning to financial inclusion and technology. This is just the beginning. And as Schulz said, “There’s more to do.” More insights from Vision to come. Follow @ExperianVision to see more of the action.
Rewards are among the most appealing features of any credit card. While upfront benefits, like sign-up bonuses and cashback, are most influential in card acquisition, ancillary benefits, like fraud and identity protection, can amplify a card’s overall value.1 Credit card fraud ranked as the second most common form of identity theft in 2021,2 and is expected to become even more frequent as consumers continue to bank and shop online.3 42% of consumers are concerned for the safety of their banking and shopping transactions. With digital identity theft and fraud on the rise, it’s no surprise that safety measures are “very” or “extremely” important to consumers when deciding between different credit cards.4 In response, many card issuers have started to market their security and protection-related benefits more frequently to better capitalize on their cards’ value to consumers. The ways they’ve highlighted these benefits include: A fraud protection campaign From spotlighting their fraud protection benefits in card welcome kits to providing privacy tips on social media, credit card issuers have crafted compelling campaigns to demonstrate their commitment to protecting their customers from fraud and identity theft. In turn, issuers can differentiate their cards from the competition and improve response rates. Reminders about their fraud prevention efforts Issuers have also sent out ongoing reminders outlining the protections their credit cards offer, such as credit monitoring services 5 that notify cardholders of suspicious activity on their credit report. By consistently promoting their efforts to keep their customers’ accounts and data safe, issuers can earn their cardholders’ trust, build loyalty and drive card usage. While benefits like cashback and travel points can help with card acquisition, fraud and identity protection benefits can help drive long-term customer relationships, especially now that card fraud is becoming a growing concern.6 To learn more about how businesses have worked to meet the consumer demand for secure interactions, check out our 2021 Global Identity and Fraud Report. Learn more 1Jonathan O'Connor. "Most Consumers Aren't Aware of Their Credit Cards' Ancillary Benefits. How Does This Impact Card Acquisition and Usage?" TSYS, January 2019 2FTC. "Consumer Sentinel Network" Data Book, 2021 3April Berthene. "Coronavirus pandemic adds $219 billion to US ecommerce sales in 2020-2021" Digital Commerce 360, March 2022 4"Consumers Consider as Many as Six Factors When Choosing Credit Card" PYMTS.com, December 2021 5David McMillin. "Identity theft is a major problem, but these 5 credit card protection programs can help keep you safe" Business Insider, June 2021 6"New FICO Survey Finds Overconfidence Could Put US Consumers at Risk From Scams" Business Wire, February 2022