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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
The AutoCheck FREE Flood Risk Check site has been updated with Hurricane Ida information New cars have been in short supply due to the worldwide microchip shortage, so consumers quickly turned their attention to used cars. Unfortunately, dealers continue to struggle with obtaining enough used car inventory to meet demand. To add to an already challenging year, Hurricane Ida hit the gulf coast in August resulting in an estimated 250,000 cars sustaining flood damage. It’s more important than ever that dealers be careful about obtaining pre-owned cars that could potentially have flood damage. The best way to mitigate the risk of purchasing a flood damaged vehicle is to start by running an AutoCheck Free Flood Risk Check. Visitors simply enter any vehicle's 17-digit VIN and the tool will check for flood brands and provide information if the vehicle was registered in a region impacted by a FEMA disaster declaration. Two levels of reporting available The first level of reporting determines whether the vehicle has been titled/registered 12 months prior in a county that has been identified as requiring public and individual assistance (FEMA categories A and B) for a FEMA-declared major disaster. This would yield a “Yes” result. For instance, you would get a “Yes” result if the vehicle was registered in an impacted area during the time of a FEMA-declared major disaster like Hurricane Ida. The “Yes” result should not be interpreted as confirmation of flood damage or even possible flood damage. The data is provided merely as information regarding the location of the vehicle’s registration/title history so users can be aware of risk exposure. For example, the Hurricane Ida region had thousands of damaged cars, but some cars in the region may not have been damaged by the hurricane — the owner could have driven the car when they evacuated, or a child or other family member may have been out of town with the car when the hurricane hit. The second level of reporting is based on search results from Experian data such as flood title and problem records, including flood State title brands, auction flood announcements, salvage auction flood designations, and other vehicle records determined by Experian to relate to or suggest an increased likelihood of flood damage or risk exposure. It takes time for claims and updates to vehicle title information to appear on a vehicle’s history and although the DMV requires that title brands be issued for vehicles damaged by floods, not every vehicle flood event is reported by car owners. Unreported flood events may not appear on an AutoCheck Flood Risk Check or AutoCheck Vehicle History Report. Although Experian provides flood related records from available data sources, we cannot provide assurance that an AutoCheck Flood Risk Check that does not produce any records means that the subject vehicle has not experienced flood damage. That’s why it’s important to review a full AutoCheck Vehicle History Report, which—in addition to potential flood damage—includes reported accidents, branded titles, recalls, number of owners and more. Once you run the full Vehicle History Report we recommend an independent evaluation and inspection of the vehicle to determine and confirm a vehicle’s condition prior to purchase. Try the AutoCheck Flood Risk Check today to help mitigate the risk of purchasing flood damaged vehicles. Not an AutoCheck subscriber? Contact us to become an AutoCheck client.
Used vehicle prices have been a hot topic in the automotive industry, and for good reason—the average used vehicle loan amount reached a record high in the second quarter of 2021, as the industry works to navigate challenges created by current microchip-driven inventory shortages. In Q2 2021, the average used vehicle loan amount was $23,365, up from $21,357 in Q2 2020. The average monthly payment and loan terms also saw an increase, with the average monthly payment reaching $430 in Q2 2021, up from $397 in Q2 2020, The average loan term came in at 65.88 months, up from 65.52 months in the same time period. As average used vehicle loan amounts and vehicle prices increase, affordability remains a question, but it’s important to not make a conclusion based on a single data point. Instead, taking in a variety of data points helps paint a more complete picture of how consumers are managing these increases—and so far, so good. Despite used vehicle prices rising, loan-to-value (LTVs) ratios are dropping. Year-over-year, the average LTV for a used vehicle saw a 10% drop, from 120.83% in Q2 2020 to 108.43% in Q2 2021. The data also shows that this is a significant decline from 2019 when the average used LTV was 120.77%, which is important to pay attention to, given how we know 2020 was an anomalous year, due to the pandemic. While there’s a variety of factors that could be driving the drop, one is likely stronger trade-in values amid soaring prices and limited inventory. This often means a consumer will have more money to put down toward their new transaction. Ultimately, lower LTVs are a positive trend for consumers because it puts them into positive equity on their vehicle faster. Another important point to look at as we consider rising vehicle prices and loan amounts is delinquency rates. The data shows that more than 99% of accounts that were current last quarter stayed that way. Thirty- and 60-day delinquency rates have remained stable year-over-year and dropped since Q2 2019. In Q2 2021, 30-day delinquencies were 1.31%, and while that is up slightly from that of Q2 2020 (1.26%) it is still down significantly from Q2 2019, when it was at 2%. Sixty-day delinquencies saw year-over-year decreases, dropping form 0.44% in Q 2020 to 00.41% in Q2 2021. This was also a notable decrease from Q2 2019, when 60-day delinquencies clocked in at 0.62%. If vehicle prices continue to rise at the rate they have been, there is no doubt affordability will continue to be a dominant topic of conversation in the industry. But the data shows that consumers are doing a good job of managing these higher vehicle prices. Instead of focusing on a single data point, taking in a broader set of data for more context will be essential to navigate the current environment, and make the most strategic decisions for the future. To learn more, watch the full webinar: State of the Automotive Finance Market: Q2 2021.
Experian recently announced that it has made the IDC 2021 Fintech Rankings Top 100, highlighting the best global providers of financial technology. Experian is ranked number 11, rising 33 places from its 2020 ranking. IDC also refers to Experian as a ‘rising star.’ The robust data assets of Experian, combined with best-in-class modeling, decisioning and technology are powering new and innovative solutions. Experian has invested heavily in new technologies and infrastructures to deliver the freshest insights at the right time, to make the best decision. For example, Experian's Ascend Intelligence Services™ provides data, analytics, strategy, and performance monitoring, delivered on a modern-tech AI platform. With the investment in Ascend Intelligence Services, Experian has been able to streamline the delivery speed of analytical solutions to clients, improve decision automation rates and increase approval rates, in some cases by double digits. “Recognition in the top 20 of IDC FinTech Rankings demonstrates Experian’s commitment to the success of its financial clients,” said Marc DeCastro, research director at IDC Financial Insights. “We congratulate Experian for being ranked 11th in the 2021 IDC FinTech Rankings Top 100 list.” View the IDC Fintech Rankings list in its entirety here. Focus on Data, Advanced Analytics and Decisioning Creates Winning Strategy for Experian Experian’s focus on data, advanced analytics and decisioning has continued to gain recognition from various notable programs that acknowledge Fintech industry leaders and breakthrough technologies worldwide. Beyond the IDC Fintech Rankings Top 100, Experian won honors from the 2021 FinTech Breakthrough Awards, the 2021 CIO 100 Awards and was most recently shortlisted in the CeFPro Global Fintech Leaders List for 2022 in the categories of advanced analytics, anti-fraud, credit risk and core banking/back-end system technologies. “At Experian, we are committed to supporting the Fintech community. It’s great to see our continued efforts and investments driving positive impacts for our clients and their consumers. We will continue to invest and innovate to help our clients solve problems, create opportunities and support their customer-first missions,” said Jon Bailey, Vice President for Fintech at Experian. Learn more about how Experian can help advance your business goals with our Fintech Solutions and Ascend Intelligence Services. Explore fintech solutions Learn more about AIS