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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
Millennials have been accused of “killing” a lot of things. From napkins and fabric softener to cable and golf, the generation which makes up the largest population of the United States (aka Gen Y) is cutting a lot of cords. Despite homeowning being listed as one of the notorious generational group’s casualties, it’s one area that millennials want to keep alive, according to recent statistics. In fact, a new Experian study revealed 86% of millennials believe that buying a house is a good financial investment. However, only 15% have a mortgage today. One explanation for this gap may be that they appear too risky. Younger millennials (age 22-28) have an average near prime score of 652 and older millennials (age 29-35) have a prime score of 665. Both subsets fall below the average VantageScore® credit score* of U.S. consumers – 677. Yes, with the majority of millennials having near prime or worse credit scores, we can agree that they will need need to improve their financial hygiene to improve their overall credit rankings. But their dreams of homeownership have not yet been dashed. Seemingly high aspirations (of homeownership), disrupted by a reality of limited assets, low scores, and thin credit files, create a disconnect that suggests a lack of resources to get into their first homes – rather than a lack of interest. Or, maybe not. Maybe, after surviving a few first-time credit benders that followed soon after opening the floodgates to credit, millennials feel like the combination of low scores and the inability to get any credit is only salt in their wounds from their lending growing pains. Or maybe it’s all the student loans. Or maybe it’s the fact that so many of them are underemployed. But maybe there’s still more to the story. This emerging generation is known for having high expectations for change and better frictionless experiences in all areas of their life. It turns out, their borrowing behavior is no different. Recent research by Experian reveals consumers who use alternative financial services (AFS) are 11 years younger on average than those that do not. What’s the attraction? Financial technology companies have contributed to the explosive growth of AFS lenders and millennials are attracted to those online interactions. The problem is many of these trades are alternative finance products and are not reported to traditional credit bureaus. This means they do nothing to build credit experience in the eyes of traditional lenders and millennials with good credit history find it difficult to get access to credit well into their 20s. Alternative credit data provides a deeper dive into consumers, revealing their transactions and ability to pay as evidenced by alternative finance data, rental, utility and telecom payments. Alt data may make some millennials more favorable to lenders by revealing that their three-digit credit score (or lack there of) may not be indicative of their financial stability. By incorporating alternative financial services data (think convenient, tech-forward lenders that check all the boxes for bank removed millennials, not just payday loan recipients), credit-challenged millennials have a chance at earning recognition for their experience with alternative financial services that may help them get their first mortgage. Society may have preconceived notions about millennials, but lenders may want to consider giving them a second look when it comes to determining creditworthiness. In a national Experian survey, 53% of consumers said they believe some of these alternative sources would have a positive effect on their credit score. We all grow up sometime and as our needs change, there may come a day when millennials need more traditional financial services. Lenders who take a traditional view of risk may miss out on opportunities that alternative credit data brings to light. As lending continues to evolve, combining both traditional credit scores and alternative credit data appears to offer a potentially sweet (or rather, home sweet home) solution for you and your customers. *Calculated on the VantageScore® credit score model. Your VantageScore® credit score from Experian indicates your credit risk level and is not used by all lenders, so don't be surprised if your lender uses a score that's different from your VantageScore® credit score.
First-party fraud is an identity-centric risk that changes over time. And the fact that no one knows the true size of first-party fraud is not the problem. It’s a symptom. First-party fraud involves a person making financial commitments or defaulting on existing commitments using their own identity, a manipulated version of their own identity or a synthetic identity they control. With the identity owner involved, a critical piece of the puzzle is lost. Because fraud “treatments” tend to be all-or-nothing and rely on a victim, the consequences of applying traditional fraud strategies when first-party fraud is suspected can be too harsh and significantly damage the customer relationship. Without feedback from a victim, first-party fraud hides in plain sight — in credit losses. As a collective, we’ve created lots of subsets of losses that nibble around the edges of first-party fraud, and we focus on reducing those. But I can’t help thinking if we were really trying to solve first-party fraud, we would collectively be doing a better job of measuring it. As the saying goes, “If you can’t measure it, you can’t improve it.” Because behaviors exhibited during first-party fraud are difficult to distinguish from those of legitimate consumers who’ve encountered catastrophic life events, such as illness and unemployment, individual account performance isn’t typically a good measurement. First-party fraud is a person-level event rather than an account-level event and needs to be viewed as such. So why does first-party fraud slip through the cracks? Existing, third-party fraud prevention tools aren’t trained to detect it. Underwriting relies on a point-in-time assessment, leaving lenders blind to intentions that may change after booking. When first-party fraud occurs, the different organizations that suffer losses attach different names to it based on their account-level view. It’s hidden in credit losses, preventing you from identifying it for future analysis. As an industry, we aren’t going to be able to solve the problem of first-party fraud as long as three different organizations can look at an individual and declare, “Never pay!” “No. Bust-out!” “No! Charge-off!” So, what do we need to stop doing? Stop thinking that it’s a different problem based on when you enter the picture. Whether you opened an account five years ago or 5 minutes ago doesn’t change the problem. It’s still first-party fraud if the person who owns the identity is the one misusing it. Stop thinking that the financial performance of an account you maintain is the only relevant data. And what do we need to start doing? See and treat first-party fraud as a continuous Leverage machine learning techniques and robust data (including your own observations) to monitor for emerging risk over Apply multiple levels of treatments to respond and tighten controls/reduce exposure as risk Define first-party fraud using a broader set of elements beyond your individual observations.
Identity-related fraud exposure and losses are increasing, and the underlying schemes are becoming more complex. To make better decisions on the need for step-up authentication in this dynamic environment, you should take a layered approach to the services you need. Some of these services include: Identity verification and reverification checks for ongoing reaffirmation of your customer identity data quality and accuracy. Targeted identity risk scores and underlying attributes designed to isolate identity theft, first-party fraud and synthetic identity. Layered, passive or more active authentication, such as document verification, biometrics, knowledge-based authentication and alternate data sources. Bad guys are more motivated, and they’re getting better at identity theft and synthetic identity attacks. Fraud prevention needs to advance as well. Future-proof your investments. More fraud prevention strategies to consider>