In this article…
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Phasellus at nisl nunc. Sed et nunc a erat vestibulum faucibus. Sed fermentum placerat mi aliquet vulputate. In hac habitasse platea dictumst. Maecenas ante dolor, venenatis vitae neque pulvinar, gravida gravida quam. Phasellus tempor rhoncus ante, ac viverra justo scelerisque at. Sed sollicitudin elit vitae est lobortis luctus. Mauris vel ex at metus cursus vestibulum lobortis cursus quam. Donec egestas cursus ex quis molestie. Mauris vel porttitor sapien. Curabitur tempor velit nulla, in tempor enim lacinia vitae. Sed cursus nunc nec auctor aliquam. Morbi fermentum, nisl nec pulvinar dapibus, lectus justo commodo lectus, eu interdum dolor metus et risus. Vivamus bibendum dolor tellus, ut efficitur nibh porttitor nec.
Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Maecenas facilisis pellentesque urna, et porta risus ornare id. Morbi augue sem, finibus quis turpis vitae, lobortis malesuada erat. Nullam vehicula rutrum urna et rutrum. Mauris convallis ac quam eget ornare. Nunc pellentesque risus dapibus nibh auctor tempor. Nulla neque tortor, feugiat in aliquet eget, tempus eget justo. Praesent vehicula aliquet tellus, ac bibendum tortor ullamcorper sit amet. Pellentesque tempus lacus eget aliquet euismod. Nam quis sapien metus. Nam eu interdum orci. Sed consequat, lectus quis interdum placerat, purus leo venenatis mi, ut ullamcorper dui lorem sit amet nunc. Donec semper suscipit quam eu blandit. Sed quis maximus metus. Nullam efficitur efficitur viverra. Curabitur egestas eu arcu in cursus.
H1
H2
H3
H4
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vestibulum dapibus ullamcorper ex, sed congue massa. Duis at fringilla nisi. Aenean eu nibh vitae quam auctor ultrices. Donec consequat mattis viverra. Morbi sed egestas ante. Vivamus ornare nulla sapien. Integer mollis semper egestas. Cras vehicula erat eu ligula commodo vestibulum. Fusce at pulvinar urna, ut iaculis eros. Pellentesque volutpat leo non dui aliquet, sagittis auctor tellus accumsan. Curabitur nibh mauris, placerat sed pulvinar in, ullamcorper non nunc. Praesent id imperdiet lorem.
H5
Curabitur id purus est. Fusce porttitor tortor ut ante volutpat egestas. Quisque imperdiet lobortis justo, ac vulputate eros imperdiet ut. Phasellus erat urna, pulvinar id turpis sit amet, aliquet dictum metus. Fusce et dapibus ipsum, at lacinia purus. Vestibulum euismod lectus quis ex porta, eget elementum elit fermentum. Sed semper convallis urna, at ultrices nibh euismod eu. Cras ultrices sem quis arcu fermentum viverra. Nullam hendrerit venenatis orci, id dictum leo elementum et. Sed mattis facilisis lectus ac laoreet. Nam a turpis mattis, egestas augue eu, faucibus ex. Integer pulvinar ut risus id auctor. Sed in mauris convallis, interdum mi non, sodales lorem. Praesent dignissim libero ligula, eu mattis nibh convallis a. Nunc pulvinar venenatis leo, ac rhoncus eros euismod sed. Quisque vulputate faucibus elit, vitae varius arcu congue et.
Ut convallis cursus dictum. In hac habitasse platea dictumst. Ut eleifend eget erat vitae tempor. Nam tempus pulvinar dui, ac auctor augue pharetra nec. Sed magna augue, interdum a gravida ac, lacinia quis erat. Pellentesque fermentum in enim at tempor. Proin suscipit, odio ut lobortis semper, est dolor maximus elit, ac fringilla lorem ex eu mauris.
- Phasellus vitae elit et dui fermentum ornare. Vestibulum non odio nec nulla accumsan feugiat nec eu nibh. Cras tincidunt sem sed lacinia mollis. Vivamus augue justo, placerat vel euismod vitae, feugiat at sapien. Maecenas sed blandit dolor. Maecenas vel mauris arcu. Morbi id ligula congue, feugiat nisl nec, vulputate purus. Nunc nec aliquet tortor. Maecenas interdum lectus a hendrerit tristique. Ut sit amet feugiat velit.
- Test
- Yes
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
In today’s rapidly changing economic environment, the looming question of how to reduce portfolio volatility while still meeting consumers' needs is on every lender’s mind. So, how can you better asses risk for unbanked consumers and prime borrowers? Look no further than alternative credit data. In the face of severe financial stress, when borrowers are increasingly being shut out of traditional credit offerings, the adoption of alternative credit data allows lenders to more closely evaluate consumer’s creditworthiness and reduce their credit risk exposure without unnecessarily impacting insensitive or more “resilient” consumers. What is alternative credit data? Millions of consumers lack credit history or have difficulty obtaining credit from mainstream financial institutions. To ease access to credit for “invisible” and subprime consumers, financial institutions have sought ways to both extend and improve the methods by which they evaluate borrowers’ risk. This initiative to effectively score more consumers has involved the use of alternative credit data.1 Alternative credit data is FCRA-regulated data that is typically not included in a traditional credit report and helps lenders paint a fuller picture of a consumer, so borrowers can get better access to the financial services they need and deserve. How can it help during a downturn? The economic environment impacts consumers’ financial behavior. And with more than 100 million consumers already restricted by the traditional scoring methods used today, lenders need to look beyond traditional credit information to make more informed decisions. By pulling in alternative credit data, such as consumer-permissioned data, rental payments and full-file public records, lenders can gain a holistic view of current and future customers. These insights help them expand their credit universe, identify potential fraud and determine an applicant’s ability to pay all while mitigating risk. Plus, many consumers are happy to share additional financial information. According to Experian research, 58% say that having the ability to contribute positive payment history to their credit files makes them feel more empowered. Likewise, many lenders are already expanding their sources for insights, with 65% using information beyond traditional credit report data in their current lending processes to make better decisions. By better assessing risk at the onset of the loan decisioning process, lenders can minimize credit losses while driving greater access to credit for consumers. Learn more 1When we refer to “Alternative Credit Data,” this refers to the use of alternative data and its appropriate use in consumer credit lending decisions, as regulated by the Fair Credit Reporting Act. Hence, the term “Expanded FCRA Data” may also apply in this instance and both can be used interchangeably.
For the last several years, as the global economy flourished, the opportunities created by removing friction and driving growth guided business strategies governing identity and fraud. The amount of profitable business available in a low-friction environment simply outweighed the fraud that could be mitigated with more stringent verification methods. Now that we’re facing a global crisis, it’s time to reconsider the approach that drove the economic boom that defined that last decade. Recognizing how economic changes impact fraud At the highest level, we separate fraud into two types; third party fraud and first party fraud. In simple terms, third party fraud involves the misuse of a real customer’s identity or unauthorized access to a real customer’s accounts or assets. First party fraud involves the use of an identity that the fraudster controls—whether it’s their own identity, a manipulated version of their own identity, or a synthetic identity that they have created. The important difference in this case is that the methods of finding and stopping third party fraud remain constant even in the event of an economic downturn – establish contact with the owner of the identity and verify whether the events are legitimate. Fraud tactics will evolve, and volumes increase as perpetrators also face pressure to generate income, but at the end of the day, a real person is being impersonated, and a victim exists that will confirm when fraud is taking place. Changes in first party fraud during an economic downturn are dramatically different and much more problematic. The baseline level of first party fraud using synthetic, manipulated and the perpetrator’s own identity continue, but they are augmented by real people facing desperate circumstances and existing “good” customers who over-extend while awaiting a turn-around. The problem is that there is no “victim” to confirm fraud is occurring, and the line between fraud (which implies intent) and credit default (which does not) becomes very difficult to navigate. With limited resources and pressures of their own, at some point lenders must try to distinguish deliberate theft from good customers facing bad circumstances and manage cases accordingly. The new strategy When times are good, it’s easier to build up a solid book of business with good customers. Employment rates are high, incomes are stable, and the risks are manageable. Now, we’re experiencing rapidly changing conditions, entire industries are disrupted, unemployment claims have skyrocketed and customers will need assistance and support from their lenders to help them weather the storm. This is a reciprocal relationship – it behooves those same lenders to help their customers get through to the other side. Lenders will look to limit losses and strengthen relationships. At the same time, they’ll need to reassess their existing fraud and identity strategies (among others) as every interaction with a customer takes on new meaning. Unexpected losses We’ve all been bracing for a recession for a while. But no one expected it to show up quite like it did. Consumers who have been model customers are suddenly faced with a complete shift in their daily life. A job that seemed secure may be less so, investments are less lucrative in the short term, and small business owners are feeling the pressure of a change in day-to-day commerce. All of this can lead to unexpected losses from formerly low-risk customers. As this occurs, it becomes more critical than ever to identify and help good customers facing grim circumstances and find different ways to handle those that have malicious intent. Shifting priorities When the economy was strong, many businesses were able to accept higher losses because those losses were offset by immense growth. Unfortunately, the current crisis means that some of those policies could have unforeseen consequences. For instance – the loss of the ability to differentiate between a good customer who has fallen on hard times and someone who’s been a bad actor from the start. Additionally, businesses need to revise their risk management strategies to align with shifting customer needs. The demand for emergency loans and will likely rise, while loans for new purchases like cars and homes will fall as consumers look to keep their finances secure. As the need to assist customers in distress rises and internal resources are stressed, it’s critical that companies have the right tools in place to triage and help customers who are truly in need. The good news The tools businesses like yours need to screen first party fraud already exist. In fact, you may already have the necessary framework in place thanks to an existing partnership, and a relatively simple process could prepare your business to properly screen both new and existing customers at every touchpoint. This global crisis is nowhere near over, but with the right tools, your business can protect itself and your customers from increased fraud risks and losses of all sorts – first party, stolen identities, or synthetic identities, and come out on the other side even stronger. Contact Experian for a review of your current fraud strategy to help ensure you’re prepared to face upcoming challenges. Contact us
This is the second of a three part series of blog posts highlighting key focus areas for your response to the COVID-19 health crisis: Risk, Operations, Consumer Behavior, and Reporting and Compliance. For more information and the latest resources, please visit Look Ahead 2020, Experian’s COVID-19 resource center with the latest news and tools for our business partners as well as links to consumer resources and a risk simulator. To read the introductory post, click here. Strategic Focus on Risk The last recession spurred an industry-wide systemic focus on stressed scenario forecasting. Now’s the time to evaluate the medium- to long-term impacts of the downturn response on portfolio risk measurement. The impact will be wide ranging, requiring recalibration of scorecards and underwriting processes and challenging assumptions related to fees, net interest income, losses, expenses and liquidity. There are critical inputs to understand portfolio monitoring and benchmarking by account types and segments. Higher unemployment across the country is likely. You need a thorough response to successfully navigate the emerging risks. Expanding credit line management efforts for existing accounts is critical. Proactively responding to the needs of your customers will demand a wide range of data and analytics and more frequent and active processes to take action. Current approaches and tools with increased automation may need to be reevaluated. When sudden economic shocks occur, statistical models may still rank-order effectively, while the odds-to-score relationships deteriorate. This is the time to take full advantage of explainable machine learning techniques to quickly calibrate or rebuild scorecards with refreshed data (traditional and alternative) and continue the learning cycle. As your risk management tools are evaluated and refreshed, there are many opportunities to target your servicing strategies where they can produce results. This may take the form of identifying segments exhibiting financial stress that can benefit from deferred payments, loan consolidation or refinancing. It might also involve more typical risk mitigation strategies, such as credit line reduction. There are several scenarios that may emerge over the next nine to 12 months that can offer opportunities to deepen relationships with your customers while managing long-term risk exposure. Optimizing Business Operations One of the most significant impacts to your business is the increase in transaction volumes as a result of the economic shock. We expect material increases in collections, refinancing and hardship programs. These increases are arriving at a time when many businesses have streamlined their teams in concert with periods of low delinquency and credit losses. Additional strain from call center shutdowns and limited staffing can easily overwhelm operations and cause business continuity plans to breakdown. More than ever, the use of digital channels and self-servicing technology are no longer nice-to-haves. Customers expect online access, and efficiency demands automation, including virtual assistants. As more volume migrates to these channels, it’s critical to have the right customer experience and fraud risk controls deployed through flexible, cloud-based systems. Learn More