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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
As we look ahead to 2017, big changes are on the horizon. What does it all mean for the financial services space? Here are five trends and twists coming over the next 12 months, ready to push new boundaries and in many cases improve the customer experience as it pertains to the world of credit and finance. 1. President Trump heads to Washington. The 2016 election is a distant memory. The voters have spoken, and policy makers in Washington are coming to grips with the reality that President-elect Trump and the Republicans will control all levers of government beginning mid-January. So what does this news mean for the financial services industry? Obviously, there will be realignment of policy priorities, as reflected in a new approach to regulation and legislation. Federal priorities with respect to taxation and government spending will also be realigned to reflect the economic agenda of President-elect Trump and the Republican Congress. Much of the Administration’s first 100 days is expected to be focused on healthcare reform, tax reform, national security and appointment of a Supreme Court justice. Soon, however, many expect the Trump Administration and Republican controlled Congress to move forward with a deregulatory agenda that will likely include reform of the Dodd-Frank Act and the Consumer Financial Protection Bureau. Will President-elect Trump slow down and roll back regulations relating to arbitration and payday lending, both of which are in the proposed rule stage? Trump is also likely to support efforts by Republicans in Congress to reform the CFPB’s structure, including replacing the single director with a bipartisan commission and placing the CFPB under the Congressional appropriations process. Reform of Dodd-Frank and/or the CFPB will require Republicans to gain some support from Democrats in the Senate given that 60 votes are required to break a filibuster. There may also be a continued focus on what, if any, legislative or regulatory solutions are necessary to ensure a responsible and predictable regulatory environment for the FinTech industry. What key regulations have shaped the financial services industry over the past 8 years? Learn more 2. See the customers, score more customers. Roughly 45 million Americans have either no credit history, or credit history that is too scarce or too stale to generate a credit score. Thus, innovators are seeking to expand responsible access to credit by looking to alternative forms of data and newer methods of analyzing this data to assess an applicant’s creditworthiness. From encouraging the use of rental data to utility and mobile phone payments, part of the solution rests on getting more companies to furnish credit data to the bureaus. With more insights, suddenly an “invisible” consumer becomes “newly visible.” About 80 percent of the newly visible population falls into the younger generation category. The remaining 20 percent are likely immigrants, people where one spouse had all the credit and then added their other spouse later in life, or individuals who used to have credit but have since paid off their multiple lines and gone dark. In 2017, an even greater emphasis will be on scoring more and recognizing these “newly visible.” More testing will be on alternative data sources and assessing how accurate they are in terms of predicting credit worthiness. 3. Pull it together people, the data that is. Facebook, LinkedIn, and Netflix have become essential to modern life, and consumers of all generations expect to have their data connected and aggregated online. With their expectations set by other industries, people want at-your-fingertips access to money management and credit and loan approvals—and seamless experiences. The next generation of innovative financial technology delivers all of those things. Data aggregators entered the financial services scene in the late 90s, with models “scraping” an individual’s financial information from sources such as banks, securities firms, retirement-plan custodians and insurance companies. This made it possible for financial institutions to gain some insight into their customers, but failed to create a complete financial picture. Future aggregators will elevate the game, leveraging credit data and transaction level data to quickly assess ability-to-pay, income and other assets. For example, a consumer’s checking account information will truly become a part of the lending process. This is a win-win for lenders and consumers. It will streamline the lending process, allow for faster transactions, give lenders deeper insights about their customers and potential borrowers, and help some consumers change a thin-file consumer into a thick-file. Imagine a world where income and asset verification happens in real time. No more waiting for consumers to gather and submit their W2s. No more returning to your customers and asking for even more paperwork to support their ability to pay. New income verification technology will grant lenders direct access to a consumer’s income details (as authorized by the consumer), and this will start NOW. 4. Sorry FinTech, you’re not immune to fraud. The post-recession lending environment has brought many good things to the economy. Leading the way is rapid, frictionless underwriting focused on growth and the customer experience. As a result, more online marketplace lenders have emerged with their more “flexible” approach to credit risk assessment. While a lot of good has come from this evolution in financing, new challenges have surfaced – especially as it pertains to fraud prevention and credit risk management. Many online lenders are falling victim to “loan stacking” fraud. This occurs when multiple loans are taken out by borrowers who slide through the automated underwriting process. These loopholes can result in multiple lenders making loans to the same borrowers, often within a short period, without the full picture of their rising obligations and declining ability to pay. The same scenario took place during the past-mortgage crisis as we estimated at the time that First Party fraud may have accounted for more than one-quarter of all consumer credit charge-offs. Fast forward to today and online marketplace loan volumes in the U.S. have doubled every year since 2010 with analysts predicting that volumes could reach $90 billion by 2020. Consumers love the ease of access to these online loans. So do fraudsters. As more consumers and small businesses flock to online marketplace lenders, these lenders have a growing responsibility in doing their part to report credit data to the bureaus, and mitigating fraud. How to safeguard the OML space for fraud? Learn more 5. A firm offer of credit, delivered digitally, just for me? Consumers have received digital offers for ages. Purchase a few items online, opt-in to a few sites, and your email box suddenly feels like the most popular girl in school. But where do we stand with personalized offers, especially in the financial services space? Many lenders continue to rely heavily on direct mail, but for some consumers, those offers will never be seen. Today, the world commands and demands a digital experience. And this applies to offers of credit as well. In 2017, lenders can and should target relevant credit offers to consumers in the spaces and platforms they spend the most time. Email? Yes. Online? Of course. Social media sites? It can be done. On a mobile device? Absolutely. Solutions now exist to help lenders deliver relevant, firm offers of credit to consumers via multiple digital channels, including email, display advertising and social media. In short, they can now engage with consumers in the places and channels where they are consuming media today – giving them personal offers in a sequenced, trackable manner. Bye-bye shredder. How many ways can you deliver a firm offer of credit? Learn more — What are your predictions for 2017 as it pertains to the world of financial services? Only time will tell, but we're certain regulations and the advancements in digital will mean big changes for all over the next 12 months.
As we kick off the new year, let’s take a look at some interesting things we learned about data quality in 2016. Our latest data quality report found some concerning statistics about companies and their data quality: 56% of organizations report losing sales opportunities due to bad data. 79% say data clearly ties directly to business objectives, but only 2% trust their data completely. 83% report that poor data quality impacts their business initiatives. Data is at the heart of your organization, and the quality of that data underpins the success of many of your business initiatives. Implementing a successful data quality program, therefore, is imperative to your organization’s future. Building a business case for data quality
Fraud and cybersecurity are two of the biggest risks challenging organizations and the economy today. Fraud has become its own industry, to the tune of $500 billion in estimated losses annually. To strengthen your fraud risk strategies, you need: A multilayered authentication and risk-based approach to prevent fraud. A comprehensive approach to identity with true customer intelligence. To avoid silos and recognize the value of combining your solutions into one platform. The rapid growth of fraud-related activity only reinforces the need for aggressive fraud prevention strategies and the adoption of new technology to prepare for the latest emerging cybersecurity threats. Want to know more?