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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
Inactive credit card accounts are defined as credit cards that were approved, opened and never used by account holders. They also include credit card accounts that were approved, opened, utilized by account holders but don’t have a balance for the last six to 12 months. Inactive credit card accounts pose several challenges and opportunities to lenders. A review of inactivity rates of credit card portfolios of credit unions across the United States as of March 2018 shows that inactive accounts comprise approximately 11 percent of total accounts on the books. The average credit line of inactive accounts is $8,700. (Data were extracted from Experian’s File One™ database using a sample of credit card accounts with credit unions across the United States as of March 2018. Sample size is approximately 600,000 credit card accounts.) Why do credit card accounts become inactive? One potential reason for inactivity is the convenience of securing a credit card during demand deposit account (“DDA”) opening processes. Lenders today may prequalify or preselect a customer quickly and efficiently for a credit card while a customer’s request to open a checking account or deposit account is being processed. Lenders benefit from this choreographed process with no to very minimal additional effort and time requested from the customer. The removal or significant decrease in friction costs — such as requiring additional customer information that previously would have deterred a customer from proceeding with the credit card application — gave lenders the advantage of processing more applications. (Schruder, Kyle. Feb. 26, 2018. The Top 5 Behavioural Economics Principles for Designers — Bridgeable blog. https://uxplanet.org/the-top-5-behavioural-economics-principles-for-designers-ea22a16a4020.) Because of this convenience, some customers say yes to obtaining a credit card even though they had no intention of securing one in the first place. In behavioral economics, this may be identified as the “yeah, whatever” heuristic. People take the option with the least effort or the path of least resistance. (Thaler, Richard H. and Cass R. Sunstein. 2009. Nudge Improving Decisions About Health, Wealth, and Happiness. New York: Penguin Books. Pages 35, 85.) With low commitment to the credit card, customers who are approved will receive the new plastic and forget about it. An active credit card user may become inactive because the features, benefits and rewards are no longer relevant for their current financial needs. For example, a merchandise purchase or balance transfer promotion has expired and was paid off. Rewards are less attractive compared to other credit card offers in the marketplace. Lack of lender engagement activities may also lead to inactivity. For example, there are no marketing campaigns with promotions or special rewards offers. Revolving accounts with very low credit lines aren’t given credit line increases even though credit risk is acceptable, and accounts generate good interest income. The challenges to lenders with a large segment of inactive accounts include the direct cost of contingent liability. A percentage of unused credit lines is classified as contingent liability in the balance sheet. If contingent liability is reduced, then funds may be used to invest in more productive activities. In the absence of analytics and deep understanding of various customer behaviors in the portfolio, it can become costly for a lender when inactive accounts are included in all kinds of marketing campaigns. Marketing budgets are limited and ought to be used wisely to target segments with high expected returns and to achieve specific and well-defined objectives. Inactive accounts may also come with credit risk challenges. Some customers designate certain credit cards as emergency credit cards. That is, these cards will be used only in emergency situations where payment is needed immediately, and no other funds can be easily accessed at such time. Some situations are significantly more serious and may be accompanied by deep financial stress. During these times, inactive accounts are utilized and may result in collections or charge-offs. How can lenders handle the challenges of inactive accounts? An inactive account strategy that uses data and analytics is very helpful and prudent. Determine which accounts are never active or were inactive within the last 12 months. Identify which accounts pose elevated credit risk. There are various interventions that can be designed to improve card activation, which may include marketing campaigns and account management strategies including credit line options. If inactive accounts were included in marketing campaigns or account management strategies, then track the performance. These performance reports will provide the rationale and guidelines for further action, which may include account closure. Evaluate the multiple relationships of the customer with the lender and estimated cardmember value. Survey the inactive accounts and obtain feedback regarding the reasons for lack of card usage. Those insights will help identify areas for improvement and drive new initiatives. We have seen that inactive accounts aren’t a trivial component of a credit card portfolio. There are real costs and risks associated with inactive accounts. They also provide opportunities for improving card features and benefits and ways to continue engaging existing cardmembers.
2020 has put a lot of industries on edge, the automotive industry included. Having experienced and recovered from many economic events over the years, dealers and the rest of the industry have had a ton of practice navigating these pitfalls. But reacting to these events on the fly can be troublesome and leave their operations vulnerable. What if there was a way to prepare ahead of time? The key to such insight is data. Last year is a testament to how quickly trends can shift, and entire industries can be turned upside down. It’s no longer enough to just react to the immediate challenges. Instead, it is crucial to be proactive. This means identifying and preparing for potential obstacles and challenges before they occur. And while we can’t predict what the future looks like, we can stay close to the trends as they are forming and adjust accordingly. Of course, this is easier said than done. Every economic event is unique, but there are certain occurrences that tend to happen during a crisis. Oftentimes, the unemployment rate increases, interest rates drop, and the housing market shifts, just to name a few. These events translate to changes in the auto industry as well. For example, according to Experian’s Automotive Market Insights dashboard, an increase in unemployment correlates with decreased vehicle registrations. At the onset of the pandemic, the unemployment rate dramatically increased to nearly 14%, while vehicle registrations decreased from 1.1 million at the beginning of the year to around 660,000 in April. But digging a little deeper, the dashboard also shows that the peak of unemployment predates a decline in vehicle registrations by approximately one month. With the ability to see how certain events impact the automotive industry, dealers can plan ahead and make adjustments that can support their business during turbulent times. Prepping for negative events is just one piece of the puzzle. Dealers must also find opportunity for growth during downturns. Identifying conquest opportunity is just one way dealers can expand their businesses. Knowing which consumers are coming off-lease, off-loan or are in positive equity in local surrounding areas can inform growth strategy and fuel sales. For instance, dealers may want to structure attractive lease and trade-in packages, ultimately helping to boost sales activity when it’s needed most. While we may not be able to predict any economic downturn, we can do our best to prepare for them. Data provides crucial insights that can help dealers avoid more stress than necessary during challenging chapters. Market trends ebb and flow, even more so during times of crisis. Staying close to the data allows dealers to take control of their businesses during what feels like an out-of-control situation and see their businesses through to more stable times.
To state the obvious, a lot has changed in the auto space in 2020. Every facet of the industry has been touched by the events of last year. Trends changed month-to-month, manufacturers temporarily halted production, consumer preferences shifted, digital retailing increased, and dealerships navigated inventory shortages. Out of the many events that defined the auto industry last year, perhaps the most intriguing has been the buying habits of Millennial and Gen Z vehicle buyers. While there continues to be much speculation about their interest in vehicle ownership, Millennials and Gen Z consumers have proven to be future trend shapers for the auto industry. According to Experian’s Q3 2020 Market Trends Review, Millennials and Gen Z are the only two generational segments of the automotive industry seeing growth. The report found that new vehicle registrations by Millennials through the third quarter increased from 26.4% last year, to 28.6% this year. Similarly, Gen Z saw growth from 3.0% to 4.2% over the same period. Overall, the type of vehicles both segments are interested in are not that different. In fact, Experian research shows that Millennials and Gen Z share interest in the same vehicles, but they rank them in a different order: The subtle change in the order of most popular vehicles reinforces the importance of reaching out to both generations differently when creating marketing strategies. While the two generations are often clumped together, the behaviors and interests can be quite different. So, how do you reach Millennials and Gen Z consumers? The answer lies with technology. Millennials are often credited for being the most tech savvy, while Gen Z is described as the first truly digital generation. Leveraging technology will be key to reaching this group of car buyers. According to Pew Research, 92% of Millennials say they own a smartphone, 53% own a tablet and 86% use social media. Meanwhile, Hootsuite data found that Gen Z prefers mobile devices, using a smartphone to visit an online retail store (80%), engage on social media (95%) and purchase a product online (61%). With an increased need to go digital, OEM’s and dealers must begin shifting their marketing and sales strategies to reach these consumers in ways that appeal to their browsing and purchasing preferences. The automotive landscape, including how car buyers shop for new vehicles, is changing. As Millennials and Gen Z continue to experience growth in automotive sales, and make up a larger segment of car buyers, it is important to tailor marketing campaigns to reach them. In doing so, OEM’s and dealers can meet consumers where they are, with offers that address their needs. To watch the full Q3 2020 Market Trends Review, click here.