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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
Data has become one of the most powerful tools in the automotive industry. It’s opened the door to innovative design, predictive maintenance, improved operations and more accurate risk assessments. And now, as we navigate COVID-19, the industry is leaning on data more than ever to move ahead. It can start with deeper insight into what’s on the road. A keen understanding of market trends can inform operational strategy for the coming months—and if there’s ever been a time to be strategic, it’s now. Experian recently released its Q1 2020 Market Trends report, which provides insights about the vehicles on the road and the most popular vehicle segments. Entry-level crossover vehicles continue to gain significant market share When looking at the top 20 segments of vehicles in operation, you likely won’t be surprised to find full-size pickups are the most popular vehicle, with 15.9 percent market share. It’s followed by standard mid-range cars (10 percent), but that will likely change soon. Entry-level crossover vehicles (CUVs) reached 9.9 percent of market share in Q1 2020—coming close to eclipsing mid-range cars. CUVs such as the Toyota RAV4, Ford Escape, and Honda CRV have seen continuous growth since Q1 2009, and are unlikely to stop anytime soon. In fact, as Q1 2020, CUVs comprised just over 50 percent of new vehicle registrations, more than any other vehicle segment. While the first inclination would be to think about this in terms of inventory impact, there are clear marketing implications. While full-size pickups remain the vehicle of choice for many car shoppers, increases in other vehicle types reinforce the need to understand your local market—particularly during this time. In-market car shoppers have different needs—extra legroom, fuel efficiency, more seats, etc. Gone are the days of the one-size-fits-all campaigns. Understand the preferences of your local market and adjust messaging accordingly—just because full-size pickups are the most popular nationwide, doesn’t mean other areas are not in-market for a different vehicle. Aftermarket “sweet spot” is growing Vehicles that are 6 – 12 years old fall into what’s known as the aftermarket “sweet spot,” meaning that they’ve aged out of general manufacturer warranties, and will require consumers to pay closer attention to maintenance and potentially replace critical components—an opportunity for many aftermarket companies and dealers. As of Q1 2020, 31.5 percent of vehicles in operation fell into that “sweet spot.” As the industry continues to think about consumers’ most pressing needs—what about consumers who aren’t in market to purchase but do have a vehicle in the “sweet spot”? Do they understand what service their vehicle may need, and why it’s important? This can be a good time to educate consumers on why routine upkeep is vital to keeping their vehicles on the road. This will build rapport with customers that will keep your brand top of mind for service needs, but also the next time they’re in market for a vehicle. At the end of the day, data is at its most powerful when it enables us to make actionable decisions, whether they’re about marketing, inventory, or reopening in the current environment. The automotive industry will continue to remain resilient if we focus on the data available to us to make the right decisions as we move the industry forward, together. To view the full Q1 2020 Market Trends presentation, click here
Everyone in the automotive industry has considered the same questions: What is the sales impact of COVID-19, and how will it influence the future of our industry? While the long-term impacts remain largely unknown, origination data from April and May provide some insight into the more immediate effects of the pandemic. Both April and May saw vehicle registrations decrease year-over-year—however, it’s important to note, we saw slight improvement during the month of May. In April, new vehicle registrations dropped 50.8 percent, while used vehicles dropped 54 percent. We still saw declines in May, though the drops were significantly smaller–new vehicles were down 33.3 percent and used vehicles were down 32.4 percent. Captives see jump in market share One of the biggest changes since the start of COVID-19 is a shift in lender market share; specifically, captive lenders saw a dramatic increase in market share over the last three months. At the beginning of March, captive lenders comprised 52.7 percent of the auto finance market. That jumped to 55.7 percent in April, and as of May 1, reached 62.1 percent of the market. Much of the increase in April and May was driven both by numerous incentives offered to encourage consumers to purchase vehicles and historically low interest rates. Consumers choosing loans over leases Another emerging trend from the last two months is more consumers choosing loans over leases. In April of 2019, 30 percent of all new vehicles were leased, while in April of 2020 that dropped to 24 percent. May showed a similar pattern: 30.1 percent of new vehicles were leased in May of 2019, but only 23.3 percent in May of 2020. The decrease in leasing could be attributed to dealer closures or consumer inability to transact. While this may not have an immediate industry impact, it may down the road. For the past few years, leasing has hovered around 30 percent of new vehicle sales. This has helped to drive used vehicle sales since late-model off-lease vehicles have become increasingly popular with prime consumers. In fact, in Q1 2020, prime consumers made up more than 50 percent of used vehicle loans. We may not know the long-term effects of the pandemic but staying close to the latest data will help lenders and dealers make informed decisions as they navigate the current landscape. Ultimately, this is a time in which lenders and dealers can build relationships with consumers by meeting their most pressing needs, which not only builds loyalty – it keeps the industry moving forward.
Experian’s Chris Ryan and Bobbie Paul recently re-joined David Mattei from Aite to discuss how emerging fraud trends and changes in consumer behavior will have long-term impacts on businesses. Chris, Bobbie, and David have combined experience of more than 60 years in the world of fraud prevention. In this discussion, they bring that experience to bear as they review how businesses should revise their long-term fraud strategy in response to COVID-19 and the subsequent economic shifts, including: The requirements to authenticate a digital customer Businesses’ technology challenges Differentiating between first party and third party fraud The importance of businesses’ technology investment How to build a roadmap for the next 90 days and beyond Experian · Make Your Fraud Plan Recession-Ready: Your 90 Day and Beyond Plan