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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
You’ve been tasked with developing a new model or enhancing an existing one, but the available data doesn’t include performance across the entire population of prospective customers. Sound familiar? A standard practice is to infer customer performance by using reject inference, but how can you improve your reject inference design? Reject inference is a technique used to classify the performance outcome of prospective customers within the declined or nonbooked population so this population’s performance reflects its performance had it been booked. A common method is to develop a parceling model using credit bureau attributes pulled at the time of application. This type of data, known as pre-diction data, can be used to predict the outcome of the customer prospect based on a data sample containing observations with known performance. Since the objective of a reject inference model is to classify, not necessarily predict, the outcome of the nonbooked population, data pulled at the end of the performance window can be used to develop the model, provided the accounts being classified are excluded from the attributes used to build the model. This type of data is known as post-diction data. Reject inference parceling models built using post-diction data generally have much higher model performance metrics, such as the KS statistic, also known as the Kolmogorov-Smirnov test, or the Gini coefficient, compared with reject inference parceling models built using pre-diction data. Use of post-diction data within a reject inference model design can boost the reliability of the nonbooked population performance classification. The additional lift in performance of the reject inference model can translate into improvements within the final model design. Post-diction credit bureau data can be easily obtained from Experian along with pre-diction data typically used for predictive model development. The Experian Decision Analytics team can help get you started.
Early reports suggest the 2017 holiday season was a good one for retailers. Consumers were in the mood to spend, and as such, Americans’ total credit card debt continued to climb. Americans planned to spend $862 on gifts for the season, a huge jump from the $752 they planned on spending in 2016. And the numbers were significantly higher than their estimate in any November since 2007 — just before the 2007-2009 recession. 29% of Americans said they planned to spend more than $1,000. What does this mean for card portfolios? Well, business is booming, but they should also prepare for the time of year when consumers are most apt to seek out debt consolidation and transfer options. A recent NerdWallet analysis revealed the average household that’s carrying credit card debt has a balance of roughly $15,654. Dig deeper into retail card specifically and reports indicate Americans are carrying $1,841 in retail debt. “There is seasonality to consumer credit card behavior,” said Denise McKendall, a credit card and trended data specialist for Experian. “As we roll into the late winter months and early spring, consumers often seek ways to transfer card debt to lower interest rate options, consolidate debt from multiple cards and perhaps even pull out personal loans. This makes it an ideal time for card portfolio managers to leverage data to anticipate consumer behaviors and be able to offer the best rates and options to retain cardholders and grow.” Card portfolio managers should consider these questions: What is my portfolio risk? Did some of my consumers overextend themselves? Do I have collections triggers on my accounts to mitigate risk and manage delinquencies? Which consumers in my portfolio will be looking to consolidate debt? Should I reassess credit line limits? Which of my consumers show a high propensity to make a balance transfer? Do I have opportunities to grow my portfolio by offering attractive rates to new customers? Which customers will leave after low introductory rates expire? Can I use this time of year to become the first credit card consumers’ consistently use, rather than the second or third card they pull from wallet? At first glance, it might appear challenging to answer many of these questions, but with the right data and analytics, a card manager can easily establish a game plan to conquest new business, mitigate risk and retain existing, high-value consumers. The robust holiday season was a boom for the economy. Now card companies need to ready themselves for the aftermath.
The U.S. Senate Banking Committee passed a financial regulatory relief bill (S. 2155) in December 2017 aimed at reducing regulatory burdens on community banks, credit unions and smaller regional banks. Committee Chairman Senator Mike Crapo (R-ID), sponsored the bill, which has strong bipartisan support, with 23 cosponsors (11 Republicans and 12 Democrats and an independent). The package is likely to be considered by the full Senate in early 2018. The legislation includes two provisions related to consumer credit reporting. Both were adopted, in part, in reaction to the Equifax data breach. As the bill moves through the legislative process during 2018, it will be important for all participants in the consumer credit ecosystem to be aware of the potential changes in law. One provision deals with fraud alerts and credit freezes for consumers and the other deals with how medical debt is processed for veterans who seek medical treatment outside the VA system. Credit Freezes The bill amends the Fair Credit Reporting Act to provide consumers with the ability to freeze/unfreeze credit files maintained by nationwide credit reporting agencies at no cost, and would extend the time period for initial fraud alerts from 90 days to one year. The credit freeze provisions would also establish a process for parents and guardians to place a freeze on the file of a minor at no cost. The bill would require the nationwide credit reporting agencies to create webpages with information on credit freezes, fraud alerts, active duty alerts and pre-screen opt-outs and these pages would be linked to the FTC’s existing website, www.IdentityTheft.gov. The credit freeze and minor freeze provisions would preempt State laws and create a national standard. Protections for Veterans The bill also incorporates a provision that would prohibit credit bureaus from including debt for health-care related services that the veteran received through the Department of Veterans Affairs’ Choice Program. The provision would cover debt that the veteran incurred in the previous year, as well as any delinquent debt that was fully paid or settled. The legislation would require a consumer reporting agency to delete medical debt if it receives information from either the veteran or the VA that the debt was incurred through the Veteran’s Choice Program. What’s next The bill now awaits consideration before the full Senate. Senate Majority Leader Mitch McConnell has said that the bill is a “candidate for early consideration” in 2018, but the exact timing of floor debate has yet to be scheduled. Once the package passes the Senate, it will need to be reconciled with the regulatory relief package that was passed by the House last spring.