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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
If you’ve been on the dating scene in the last few years, you’re probably familiar with ghosting. For those of you who aren’t, I’ll save you the trip to Urban Dictionary. “Ghosting” is when the person you’re dating disappears. No calls. No texts. No DMs. They just vanish, never to be heard from again. As troublesome as this can be, there’s a much more nefarious type of ghosting to be wary of – credit ghosting. Wait, what’s credit ghosting? Credit ghosting refers to the theft of a deceased person’s identity. According to the IRS, 2.5 million deceased identities are stolen each year. The theft often occurs shortly after someone dies, before the death is widely reported to the necessary agencies and businesses. This is because it can take months after a person dies before the Social Security Administration (SSA) and IRS receive, share, or register death records. Additionally, credit ghosting thefts can go unnoticed for months or even years if the family of the deceased does not check their credit report for activity after death. Opportunistic fraudsters check obituaries and other publicly available death records for information on the deceased. Obituaries often include a person’s birthday, address or hometown, parents’ names, occupation, and other information regularly used in identity verification. With this information fraudsters can use the deceased person’s identity and take advantage of their credit rating rather than taking the time to build it up as they would have to with other types of fraud. Criminals will apply for credit cards, loans, lines of credit, or even sign up for a cell phone plan and rack up charges before disappearing. Where did this type of identity theft come from? Credit ghosting is the result of a few issues. One traces back to a discrepancy noted by the Social Security’s inspector general. In an audit, they found that 6.5 million Social Security numbers for people born before June 16, 1901, did not have a date of death on record in the administration’s Numident (numerical identification) system – an electronic database containing Social Security number records assigned to each citizen since 1936. Without a date of death properly noted in the database, government agencies and other entities inquiring won’t necessarily know an individual is deceased, making it possible for criminals to implement credit ghosting schemes. Additionally, unreported deaths leave further holes in the system, leading to opportunity for fraudsters. When financial institutions run checks on the identity information supplied by a fraudster, it can seem legitimate. If the deceased’s credit is in good standing, the fraudster now appears to be a good customer—much like a synthetic identity—but now with the added twist that all of the information is from the same person instead of stitched together from multiple sources. It can take months before the financial institution discovers that the account has been compromised, giving fraudsters ample time to bust out and make off with the funds they’ve stolen. How can you defend against credit ghosting? Luckily, unlike your dating pipeline, there are ways to guard against ghosting in your business’ pipeline. Frontline Defense: Start by educating your customers. It’s never pleasant to consider your own passing or that of a loved one, but it’s imperative to have a plan in place for both the short and long term. Remind your customers that they should contact lenders and other financial institutions in the event of a death and continue monitoring those accounts into the future. Relatives of the deceased don’t tend to check credit reports after an estate has been settled. If the proper steps aren’t taken by the family to notify the appropriate creditors of the death, the deceased flag may not be added to their credit report before the estate is closed, leaving the deceased’s information vulnerable to fraud. By offering your customers assistance and steps to take, you can help ensure that they’re not dealing with the fallout of credit ghosting—like dealing with calls from creditors following up after the fraudster’s bust-out—on top of grieving. Backend Defense: Ensure you have the correct tools in place to spot credit ghosts when they try to enter your pipeline. Experian’s Fraud Shield includes high risk indicators and provides a deceased indicator flag so you can easily weed them out. Additionally, you can track other risk indicators like previous uses of a particular Social Security number and identify potential credit-boosting schemes. Speak to an Experian associate today about how you can increase your defenses against credit ghosting. Let's talk
It’s no surprise that affordability continues to be top of mind for consumers who are in-market for a vehicle. As average vehicle loan amounts and monthly payments continue to climb, consumer preferences are shifting to used vehicles as they look to maintain their financial health. According to Experian’s Q3 2019 State of the Automotive Finance Market report, used vehicle financing increased across all credit tiers, from 53.86 percent in Q3 2018 to 55.15 percent in Q3 2019. The most notable increase was in super prime originations, which increased 3.3 percent to 13.42 percent during the quarter. During Q3 2019, 55 percent of used vehicle loans were composed of consumers with prime and super prime credit which is the highest percentage of consumers since Q3 2009. Consumers are still opting for longer payment terms whether they opt for a new or used vehicle. The average used loan term was 64.89 months and new vehicles were an average term of 69.28 months. Another trend seen in the Q3 2019 data was a shift among super prime and prime consumers in where they chose to shop for vehicles. Independent dealers showed an increase of prime and super prime financing, coming in at 37.92 percent of loans in Q3 2019, compared to 34.87 percent a year ago. Independent dealers also saw an increase in average used loan terms, from 60.86 months in Q3 2018, to 62.59 months in Q3 2019. Average vehicle loan amounts continued to grow, as did monthly payments. The average new vehicle loan amount was $32,480, with an average monthly payment of $550. For used vehicles, the average loan amount reached $20,466, with a $393 payment. One of the key factors in prime and super prime consumers shifting to used vehicles is likely an increase in availability of late-model used vehicles created by continued popularity of leasing. (Leasing accounted for 28.76 percent of new vehicles in Q3 2019.) These vehicles are typically recent enough to have similar features to newer models, but at a lower price. That said, late-model used vehicles can still be expensive, which is likely why we're seeing an uptick in super prime and prime consumers opting for financing and longer terms, since those longer terms are one way to decrease monthly payments. As consumers shop for vehicles with their financial health in mind, it’s not surprising to see prime and super prime preferences shift toward used vehicles. Lenders and dealers can leverage these trends to ensure they have the right options available to help consumers make the best decision for their budget. To view the entire Q3 2019 State of the Automotive Finance Market report, or to watch the webinar, visit https://www.experian.com/automotive/automotive-webinars.html
This article was updated on September 11, 2023. According to research, only 15% of American consumers have swapped out their go-to credit card in the past year and spend more money both online and offline with the card they designate as their top-of-wallet card. With over 578 million existing credit card accounts in the U.S., here are four top-of-wallet strategies to keep your card top of mind: Go digital In today’s digital world, the rules of customer engagement are changing – and card issuers must develop their digital capabilities, including identity resolution, to keep pace. Cardholders enjoy (and expect) the convenience of being able to apply for credit, track their purchases, make payments and view their monthly statements on-the-go. Another popular phenomenon? Digital wallets. Also known as e-wallets, these house digital versions of credit or debit cards and are stored in an app or a mobile device. Digital wallets can be used in conjunction with mobile payment systems, allowing customers to store digital coupons and pay for purchases with their smartphones. Financial institutions that digitally transform and adapt to these new dynamics can more efficiently service and retain their customers. Prioritize fraud prevention As customers’ affinity for e-commerce rises and cyberthieves grow smarter and more sophisticated, card issuers must improve their security measures and increase their focus on cutting-edge fraud management solutions. Not only should you be familiar with the many ways that criminals steal customer payment information, but you should ensure customers that you have multiple lines of defense against cyber threats. Many financial institutions have added digital “on/off switches,” allowing customers to remotely turn off their credit or debit card should they have misplaced it or suspect that they’re a victim of identity theft. With credit card fraud being the most prevalent in identity theft cases, failing to properly safeguard your customers impacts not only their experience but also your ability to grow revenue. Create a single customer view A single customer view is a consolidated, consistent and holistic representation of the data known by an organization about its customers. And according to Experian research, 68% of businesses are currently attempting to implement this type of strategy. By achieving a consolidated customer view, you can attain better consumer insight and fully understand your cardmembers’ needs and buying preferences. Careful tracking of all customer interactions enables you to target more accurately and implement effective marketing strategies. Provide incentives According to Experian research, 58% of consumers select credit cards based on rewards. The top incentives when selecting a rewards card include cashback, gas rewards and retail gift cards. Rewarding loyalty with ongoing benefits goes a long way to encourage customers to keep your credit card top of wallet but it’s also important to figure out what works – and what doesn’t. Bonus tip: Optimize credit limit management Managing credit limits is just as important as setting optimal credit limits from the get-go. Consumer credit needs will evolve over time along with their income and ability to pay. The key here is being able to identify qualified customers who can take on higher spending limits and also have a need. Leveraging advanced analytics models and a proactive credit limit management strategy can help you uncover areas of opportunity to increase wallet share and push your card toward that coveted top-of-wallet spot — or remain there. We recommend reviewing your credit limits at a regular cadence, but especially ahead of periods of increased spending such as the holiday season. In today’s competitive marketplace, getting your credit card top of wallet isn’t easy. That’s why we’re here to help. Experian’s comprehensive view of consumer credit data and best-in-class account management solutions help you target higher-spending customers and promote top-of-wallet use. Learn more