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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
Shawn Hanson, CEO of Marine Credit Union in Wisconsin, knows a thing or two about growth. Over the past 18 years as CEO, Shawn and his team have the grown the credit union significantly, both organically and through acquisitions. In addition, he has developed a clear vision to reach the underserved. I spoke with Shawn to get his perspective and insights about growth, risk and the underserved. Here’s what he had to say: Marine Credit Union has grown from $120M to $789M over the past 18 years under your leadership. What have been the top 2-3 actions you’ve taken to fuel this growth? The past two decades of growth have included a lot of successes, but also some key failures. Failures that taught us some hard lessons in who we are – and who we are not. If I can point to one action that has had the most impact on our growth, it is the refinement of our focus. We clarified our mission, vision and strategy and aligned our business decisions accordingly. Over the past 18 years as CEO, what has been your proudest moment? (Or proudest moments?) I reach out to employees on a regular basis and ask them to share with me a story of how they impacted a member’s life. I hear stories of people who never thought they would dig themselves out of a financial hole, and people we are helping to save thousands of dollars each month in bill payments. I feel so fortunate that I get to hear these stories every day. So, to answer your question, my proudest moment will happen today when I hear that next story. Then again tomorrow. And again, the next day. What drove Marine’s decision to focus on serving the underserved? I started my career in the consumer finance industry, so it is where my roots lie. Over time, we have come to discover that serving the underserved is not only a good business to be in, it is a business that is good. A business that is doing well while doing good – performing financially while giving back to its communities – is a business that people want to be around. How does your credit union define underserved? What services does your staff offer members that are unique? We define the underserved as people who cannot typically get help down the block. While this most often means individuals, who are credit-challenged, it is more than that. Our underserved can be an overleveraged borrower who needs some help simplifying their life and streamlining bill payments. We have a debt consolidation product that’s a perfect fit for that situation. Our underserved can be a self-employed borrower whose income statements don’t fit inside a neat box, a homebuyer with an unconventional property. or an immigrant with alternative documentation. Our in-house underwriting and decentralized decision-making structure give us more flexibility to serve our underserved. Given your credit union’s history of growth through acquisitions, how have you preserved the culture of reaching the underserved? We are experienced, but we are not perfect. When it comes to the integration of employees, we learn through each acquisition. Our strategy is very different from other financial institutions, and we know this creates a learning curve for merging employees. Cultural integration is incredibly important to us. We have taken this too slow, too fast and everywhere in between. What we know for certain is that one size does not fit all. Whatever approach we decide on for a cultural integration, we do it with intention and two key principles in mind: do what’s best for the employees and the members. Why do you think credit unions are uniquely positioned to reach & serve the underserved? Talk about roots; this is where we were born. Serving the underserved is in our credit union DNA. Beyond our history, it is what we are known for: people helping people. Credit unions have built a legacy of trust with the communities we serve. Trust has become a coveted commodity. What is the biggest misperception among credit unions regarding the topic of serving the underserved? It’s too risky. One of the underpinnings of the credit union movement is providing a path to affordable credit. What should risk-adverse credit unions think about when evaluating their mission? Think about the role you play in your community; how would the world be poorer, but for your presence? If you can answer with clarity, you're serving a need. Everybody seems to be chasing the most qualified borrowers today. We're focused on being there for the rest. Marine’s mission is to “create a better future for themselves and their families”. What has been the biggest surprise for you serving the underserved? We call it “the snowball effect.” Repeatedly, we have seen one small “yes” turn into a remarkably different life for a member we have helped. A car loan led to transportation to work, which led to a steady job, which led to a promotion, which led to buying a home. I never underestimate the power of a chance. How has your board helped to accelerate the mission to reach the underserved? What advice do you have for boards who are concerned of taking on more perceived risk? I feel very fortunate to work with a Board of Directors who has accelerated our mission in many ways, but most importantly, by having an open mind and allowing themselves to think differently. Our Board is always learning and always pushing me, one another and the credit union to be better. Strategic planning season is upon us. What advice do you have for credit unions looking to lend deeper? Hone your focus. Know who you are and who you are not. Know who you serve and who you do not. Get aligned on where you want to be 5, 10 and 20 years from now, and work backward. What do you need to be focusing on in 2019 to achieve your long-term goals, and what do you need to stop wasting energy on? Ensure your people, products and processes are aligned and scaled to support a diversification or transition. This can take years to build or evolve. Walk, don’t run. About Shawn Hanson Shawn Hanson is the CEO of Marine Credit Union. He has been with the credit union since April 2000 when the credit union had two offices and $37 million in assets. Hanson’s vision for the future is a differentiated financial institution that provides services to a broad geographic base with the best service. Hanson has also held positions at Citizens Community Federal Credit Union and AVCO Financial Services. Learn more about the array of alternative credit data sources available to financial institutions to reach your underserved populations.
In the aftermath of Hurricane Florence, there will be millions of people returning to their homes to assess the damage and find ways to move forward. By no means will it be an easy task. Finding a way to return to normalcy is hard enough, but consider all the items that need to be accounted for – homes, communities and vehicles. In fact, there were as many as 1.8 million light-duty vehicles that could be flood damaged within the 22 FEMA-designated disaster areas. While it might be the furthest thing from an individual’s mind, if their vehicle was damaged, they’ll likely need to purchase a replacement. And, in an area where there may be thousands of flood-damaged vehicles, consumers need to be aware. Importantly, instead of going directly to the scrapyard, some of these vehicles will show up for sale on lots all over the country. At Experian, we want to make sure consumers are equipped with data to help make the right decisions, especially post-Florence. The dangers of purchasing a flood-damaged vehicle can include: damaged electrical components, seizing mechanical parts and corrosion. In some cases, this costly damage won’t show up until years later. Experian is here to help. As a first line of defense against purchasing a flood-damaged vehicle, people can visit our website and use our free Vehicle Flood Risk Check, which leverages the power of data to help in two ways: Users can quickly enter a VIN to identify if a vehicle has any flood damage, brands, or hurricane-related events that were reported to Experian. Get an additional layer of insight with a FEMA advisory, which denotes whether a specific vehicle was registered or titled in a city that was declared a major disaster area by the Federal Emergency Management Agency. Additionally, when purchasing a previously owned vehicle, it’s important to review a vehicle history report, which—in addition to potential flood damage—includes reported accidents, branded titles, recalls, number of owners and more. In the next few months, it will be especially critical for consumers all over the country to double check for potential flood damage when shopping for a vehicle. Having a functional, reliable vehicle is just one step on the road to normal, but it’s a vital one. 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.
Big Data is no longer a new concept. Once thought to be an overhyped buzzword, it now underpins and drives billions in dollars of revenue across nearly every industry. But there are still companies who are not fully leveraging the value of their big data and that’s a big problem. In a recent study, Experian and Forrester surveyed nearly 600 business executives in charge of enterprise risk, analytics, customer data and fraud management. The results were surprising: while 78% of organizations said they have made recent investments in advanced analytics, like the proverbial strategic plan sitting in a binder on a shelf, only 29% felt they were successfully using these investments to combine data sources to gather more insights. Moreover, 40% of respondents said they still rely on instinct and subjectivity when making decisions. While gut feeling and industry experience should be a part of your decision-making process, without data and models to verify or challenge your assumptions, you’re taking a big risk with bigger operations budgets and revenue targets. Meanwhile, customer habits and demands are quickly evolving beyond a fundamental level. The proliferation of mobile and online environments are driving a paradigm shift to omnichannel banking in the financial sector and with it, an expectation for a customized but also digitized customer experience. Financial institutions have to be ready to respond to and anticipate these changes to not only gain new customers but also retain current customers. Moreover, you can bet that your competition is already thinking about how they can respond to this shift and better leverage their data and analytics for increased customer acquisition and engagement, share of wallet and overall reach. According to a recent Accenture study, 79% of enterprise executives agree that companies that fail to embrace big data will lose their competitive position and could face extinction. What are you doing to help solve the business problem around big data and stay competitive in your company?