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Updated November 17th Related Posts Link to automotive form, business form
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
Credit plays a vital role in the lives of consumers and helps them meet important milestones – like getting a car and buying their own home. Unfortunately, not every creditworthy individual has equal access to financial services. In fact, 28 million adult Americans are credit invisible and another 21 million are considered unscorable.1 By leveraging expanded data sources, you can gain a more complete view of creditworthiness, make better decisions and empower consumers to more easily access financial opportunities. The state of credit access Credit is part of your financial power and helps you get the things you need. So, why are certain consumers excluded from the credit economy? There’s a host of reasons. They might have limited or no credit history, have dated or negative information within their credit file or be part of a historically disadvantaged group. For example, almost 30% of consumers in low-income neighborhoods are credit invisible and African and Hispanic Americans are less likely than White Americans to have access to mainstream financial services.2 By gaining further insight into consumer risk, you can facilitate first and second chances for borrowers who are increasingly being shut out of traditional credit offerings. Greater data, greater insights, greater growth Expanding access to credit benefits consumers and lenders alike. With a bigger pool of qualified applicants, you can grow your portfolio and help your community. The trick is doing so while continuing to mitigate risk – enter expanded data. Expanded data includes non-credit payments, demand deposit account (DDA) transactions, professional certifications, and foreign credit history, among other things. Using these data sources can drive greater visibility and transparency around inquiry and payment behaviors, enrich decisions across the entire customer lifecycle and allow lenders to better meet the financial needs of their current and future customers. Read our latest white paper for more insight into the vital role credit plays within our society and how you can increase financial access and opportunities in the communities you serve. Download now 1Data based on Oliver Wyman analysis using a random sample of consumers with Experian credit bureau records as of September 2020. Consumers are considered ‘credit invisible’ when they have no mainstream credit file at the credit bureaus and ‘unscorable’ when they have partial information in their mainstream credit file, but not enough to generate a conventional credit score. 2Credit Invisibles, The CFPB Office of Research, May 2015.
Creating a consumer experience where a customer receives a series of relevant and timely content is the goal of omnichannel marketing. OEM marketers work hard to develop effective marketing strategies that create fully integrated shopping experiences for customers. Build loyal relationships with omnichannel marketing Well designed, omnichannel marketing strategies foster a sense of relationship between the vehicle/brand and the consumer that can increase brand and dealership loyalty. Today's OEM marketers understand their customers are “everywhere.” Channels have exploded, especially in the past several years so marketers need to know how to best reach consumers. With multiple apps, websites, social media, email, streaming content, videos and brick-and-mortar dealerships the challenge for marketers is how to pull it all together. Recent research shows that 60% of millennials expect brands to provide consistent experiences across multiple channels and that Gen Z and Millennials are most likely to be “bought” by an effective omnichannel strategy.1 According to Forbes, “companies with the best omnichannel customer engagement strategies turn 89% of buyers into loyal customers. And according to Omnichannel Retail Statistics, companies with weak omnichannel strategies retain only 33% of their customers.”1 It is clear, that implementing an effective omnichannel strategy can result in more sales and increased loyalty. Use data insights to identify and segment audiences When approaching omnichannel marketing, we recommend OEM marketers conduct a detailed analysis, backed by automotive research and data. This analysis will help to accurately identify and segment audiences to deliver targeted, tailored content along the journey. Experian leverages our consumer, lender, and vehicle data along with market insights to facilitate powerful segmentation. As a result, OEM marketers can reach audiences in an effective manner allowing for a more personalized experience. For a deeper dive into segmentation, marketers can gain insights and understanding of key attributes using Experian’s CustomerView data. This data includes demographics, buyer personas, wants and needs, buying patterns, customer behavior, preferences, attitudes, and commonalities. These automotive data insights cover over 310 million U.S. consumers, 126 million households containing 1,500+ individual and household level attributes and 2500+ geographic attributes. This type of segmentation will help you create the right content for the right target group to be delivered at the right time in the right channel. If your message is irrelevant to the customer, or on the wrong channel, you just might lose engagement. Enlist the power of the Experian Marketing Engine™ to facilitate market insights, audience targeting, audience activation and measurement to monitor ongoing success. Learn how the Experian Marketing Engine can help you create audience segments that empower more effective omnichannel marketing today. 116 Proven Omnichannel Statistics That Will Boost Your Sales in 2021 (savemycent.com)
There is no doubt the automotive finance market continues to see impacts and shifts resulting from the pandemic. One of the changes we saw was a drop in leasing. While many trends have returned to pre-pandemic levels, leasing has not. In fact, it’s continued to decrease. According to Experian’s State of Automotive Finance Market: Q3 2021 report, leasing comprised 24.03% of new vehicle financing in Q3 2021, compared to 27.62% in Q3 2020, and 30.51% in Q3 2019. Some attribute the drop in leasing to consumers extending their current leases or purchasing their vehicles once the lease expires—a cost-effective way to purchase a vehicle, particularly amid rising prices. But while we don’t know the exact reasons driving the decrease in leasing, we do know that it continues to be a vital option for consumers looking for a lower monthly payment on a vehicle. In Q3 2021, the average monthly lease payment was $506, compared to the average monthly loan payment for a new vehicle, which hit a record high of $617. With the average new vehicle monthly payment more than $100 higher, consumers shopping for a vehicle based on monthly payment may opt for a lease, rather than a loan. For example, in Q3 2021, the Ford F150 had an average monthly lease payment of $542, while the average monthly loan payment was $768. Consumers also continue to opt for CUVs, such as the Jeep Grand Cherokee, which had an average monthly lease payment of $470, compared to the average loan payment of $608. Consumers still choosing bigger vehicles In recent years, consumers have been looking for larger, more expensive vehicles like SUVs, CUVs and full-size pickup trucks, and the pandemic has not altered these preferences at all, which is demonstrated by the top 10 vehicles leased in Q3 2021. It is important to note that the Honda Civic was the top leased vehicle, accounting for 2.92% of leasing, but also the only sedan among the top ten—the rest being made up by SUVs, CUVs, and full-size pickups. With consumers opting for larger and more expensive vehicles, leasing will continue to remain an important option for those looking to get a new vehicle with a lower monthly payment. It also has a large impact on the used vehicle market in the future—the leases of today are the used vehicles of tomorrow. As we continue to see challenges like the inventory shortages, data can help dealers and lenders properly navigate their way through this evolving trend and help consumers choose the vehicle that best fits their budget and needs. To learn more about leasing and other automotive finance trends, watch the entire State of the Automotive Finance Market: Q3 2021 webinar.