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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
When a cybersecurity incident occurs, will your organization’s data breach response contribute to customer retention or undermine it? Multiple studies and surveys illustrate that how well a company supports consumers in the wake of a security event directly affects customers’ perceptions of and loyalty to the breached company. Consumers expect companies to help them manage the potential and real fallout of a data breach. Failing to do so can increase post-breach churn, whereas successfully helping consumers can equate to greater retention. In particular, offering monitoring services to customers affected by a cybersecurity incident could make the difference between retaining those customers and their good will, or losing them to the competition. Consumer impact Research by Experian Data Breach Resolution and our partners reveals how data breaches affect consumers: 76 percent of consumers who’ve experienced a data breach cite stress as the primary consequence. 39 percent cite the time they had to spend resolving problems caused by the breach as the worst consequence. Nearly half of those affected by a data breach feel it will put their identities at risk for years to come. Consumers want companies to step up after a breach and provide identity theft protection (63 percent), credit monitoring (58 percent) and even compensation in the form of cash, products or services (67 percent). Four out of every five consumers who received a data breach notification continued to do business with the company through which their information was compromised, but they didn’t necessarily stay because they were satisfied. Just 45 percent of consumers say they continued doing business with the company because they were happy with the way the company resolved the data breach. Instead, 67 percent said they stayed because going elsewhere was just too difficult, and 61 percent thought moving their business wouldn’t give them access to any greater security since data breaches are unavoidable. If you provide it… Even more compelling for the case in favor of offering post-breach monitoring services to affected consumers is this statistic from our research: Nearly three quarters (72 percent) of breached consumers take action after being notified of a breach, including updating their anti-virus software and reviewing online account activity or security policies. Twenty-nine percent accepted offers of free identity protection services. Consumers are increasingly aware that being caught up in a data breach can increase their risk of experiencing identity theft, either immediately following the event or in the future. They are willing to take steps to protect themselves, and they want breached companies to help them. Providing post-breach monitoring services can help protect consumers from the possibility of identity theft related to the breach, and help protect companies from the loss of business that can result when customers feel the organization hasn’t done enough to aid them. Learn more about our Data Breach services
The economic expansion just passed the eight-year mark, and consumer credit defaults across mortgages, bankcards and auto loans are at pre–financial crisis levels. More specifically: The first-mortgage default rate dropped 4 basis points from May to 0.60%. The bankcard default rate experienced its first drop in 9 months, with a decrease of 4 basis points bringing it to 3.49%. Auto loan defaults decreased 3 basis points from the previous month to 0.82%. With inflation at 1% to 2%, debt service levels close to record lows, and disposable income increasing and supporting spending growth, consumers are in good financial shape nationally. Lenders should take this opportunity to review and adjust their acquisition strategies accordingly. Can your originations platform capitalize on this?
Create a better consumer experience during the debt collection process When most people think about debt collection, unpleasant images may come to mind, like relentless phone calls or collections notices. Whatever the case may be, the collections process often ends in a less than desirable experience for consumers. And, quite frankly, it needs to change. Steve Platt, Experian’s Group President of Decision Analytics, recently spoke with American Banker regarding how banks and other financial institutions can create a better consumer experience during the debt collection process. While balancing consumer needs and managing rising delinquencies can be a complex challenge, Steve conveyed that the technology and analytics exist to simplify the process. As an industry, we’re at a point where customer acquisition costs far exceed the costs to nurture existing customers through the entire life-cycle – from application to repayment. So, suffice to say, lenders need to rethink how they engage and communicate with their customers. Technology to the rescue Luckily, we live in an era where troves and troves of data are made available every day. We just need to help lenders leverage it to its fullest extent. For example, the right data and technology can help answer questions, such as: What’s the most effective communication channel to reach a customer? When should you contact them? How often? There isn’t a one-size-fits-all approach to debt collection. Each customer is different. Each has their own unique situation. Effective debt collection is about knowing the difference between a customer who has simply forgotten to pay and those who may be struggling financially, and communicating with them accordingly. Go digital Part of knowing how to engage consumers is also understanding we live in a digital world. We perform many of our daily tasks through our mobile devices, desktops or tablets. So, it would make sense for lenders to help their customers manage their past-due accounts virtually. Imagine being able to negotiate payment dates and terms from the privacy of your own home. It just so happens that technology can make this a reality. At the end of the day, the customer needs to be at the heart of the collections strategy. Each customer needs to be communicated with on a case-by-case basis depending on their unique circumstances. The resources exist to make customers feel like individuals, rather than numbers in a spreadsheet. And the lenders that appeal to the customer’s experience will see lower charge-offs and higher customer retention.