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Debt collectors face a multitude of challenges when it comes to contacting the right people at the right time and optimizing their operational processes. We interviewed Matt Baltzer, Senior Product Management Director at Experian, to learn more about how his team is helping debt collectors effectively engage their customers and obtain the most accurate contact data. What is your role at Experian, and how long have you been with the company? I am a product leader in our business that focuses on financial services and consumer data. I’ve been with Experian for 12 years, and the majority of that time has been focused on products that help assess portfolios, improve collections performance, and organize disparate identity information. What are some of the biggest challenges that financial institutions face regarding collection strategies? One top challenge is being able to effectively leverage the latest technology available – which is ever-changing and staying on top of compliance matters. We see press about buzzy tools, such as artificial intelligence and alternative data, but sometimes these are more style than substance. Without a solid analytics foundation and data strategy, it is easy to get out in front of what can be deployed effectively.Another challenge is compliance – which takes many forms depending on the situation. Adoption of new tools and managing an operation at scale require constant attention to regulatory affairs and laws that are increasingly nuanced. What are some key strategies that organizations can implement to better engage their customers and achieve more success regarding collections? It is cliche, but meeting consumers where they are is fundamental to success. This means using an omni-channel strategy, as some consumers simply do not answer the phone anymore. Email, text, and other digital channels are now the norm. But phone calls and mail cannot be completely discarded, as they are still effective for some consumers and as part of a muti-touch strategy.It’s also important to gain an understanding of each consumer’s current financial situation. For some consumers facing difficult circumstances, you may need to monitor for several months to see when they start to improve. Others may be able to begin making small payments now, so it’s important to use tools that help determine the correctly sized payment plan based on their ability to pay. How is Experian helping organizations optimize their collection strategies? Experian offers a full range of solutions that can help improve collections performance. Given the diversity of organizations and needs, it is important to spend time together gaining a better understanding of each operation, including the type of accounts worked, duration accounts are held, any IT constraints, and areas of focus for performance gains. Our team is adept at having these conversations and recommending solutions that fit – sometimes with a phased approach to gradually make gains.Experian is, of course, a credit bureau, but it is also an analytics powerhouse. We can deliver actionable data but also offer both standard and custom solutions to turn that data into meaningful strategies that can be profitably deployed in a debt collection operation. Examples of Experian capabilities include prioritization scores, contact data, account monitoring, custom decisioning, and workflow software. What is TrueTrace™, and how does it work? TrueTrace™ is a solution that leverages a variety of data sources to provide the best available contact information for a consumer at any point in time. We offer processing in batches and real-time, with flexible options for phone, email, and physical address. The product is in use by hundreds of organizations in a variety of industries. What makes TrueTrace unique from other solutions? TrueTrace leverages a wide array of data sources to gain a holistic view of the consumer over time. It references the traditional credit file, alternative credit from Clarity, rental payments, data used in target marketing, select high-quality third-party data, and the postal database. We prioritize high quality results and use proprietary logic to rank or score the contact elements. Clients are very happy with the quality of results, and the quantity is on par with other vendors.We have launched an updated version of TrueTrace that takes advantage of the latest data science and identity graph technology. Using mostly the same data sources, we have substantially improved both hit rate and the quality of results. The foundation built will also enable us to more effectively add new data sources in coming years. I’m always excited to meet with clients and hear about their experience with the product, so it’s an exciting time. Why is improved matching accuracy and higher quality data so important when it comes to collections? Like most things, it comes down to money. When a skip trace vendor provides “new” contact data for a consumer, that will typically be used to attempt to engage the consumer in short order. That could mean a mailing, a phone call, or an email. While those all carry different costs and options underneath, there is both direct cost and time entailed. If you are attempting outreach with a channel and contact data that may not be accurate, it is wasting valuable time and incurring costs – such as postage and agent time. Beyond that, you face compliance and reputational risk if you are engaging the wrong person on a debt.Finally, most solutions bill on a “per hit” basis – meaning our clients pay only when we do return new information. This all adds up to quality, accuracy, and configurability being essential for a return on investment. In redeveloping TrueTrace, we set out to balance an increase in coverage without sacrificing the quality that we have been known for, and I think we nailed it. What would you recommend to financial institutions looking to improve their collection process? We published a white paper on a quantitative study done on our Collection Triggers product that showed how some events correlate with a 250% lift in payment performance on a charged off account. I would also encourage anyone interested in learning more to contact using the links below. Visit our website to learn more about TrueTrace™ and how it can help your organization improve right-party contact rates with quality contact data. 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

Picture this: you’re sipping your morning coffee when an urgent email from your CEO pops up in your inbox, requesting sensitive information. Everything about it seems legit — their name, email address, even their usual tone. But here’s the twist: it’s not actually them. This is the reality of spoofing attacks. And these scenarios aren’t rare. According to the Federal Bureau of Investigation (FBI), spoofing/phishing is the most common type of cybercrime.¹   In these attacks, bad actors disguise their identity to trick individuals or systems into believing the communication is from a trusted source. Whether it’s email spoofing, caller ID spoofing, or Internet Protocol (IP) spoofing, the financial and reputational consequences can be severe. By understanding how these attacks work and implementing strong defenses, organizations can reduce their risk and protect sensitive information. Let’s break down the key strategies for staying one step ahead of cybercriminals. What is a spoofing attack? A spoofing attack occurs when a threat actor impersonates a trusted source to gain access to sensitive information, disrupt operations or manipulate systems. Common types of spoofing attacks include: Email spoofing: Fraudulent emails are carefully crafted to mimic legitimate senders, often including convincing details like company logos, real employee names, and professional formatting. These emails trick recipients into sharing sensitive information, such as login credentials or financial details, or prompt them to download malware disguised as attachments. For example, attackers might impersonate a trusted vendor to redirect payments or a senior executive requesting immediate access to confidential data. Caller ID spoofing: Attackers manipulate phone numbers to impersonate trusted contacts, making calls appear as if they are coming from legitimate organizations or individuals. This tactic is often used to extract sensitive information, such as account credentials, or to trick victims into making payments. For instance, a scammer might pose as a bank representative calling to warn of suspicious activity on an account, coercing the recipient into sharing private information or transferring funds. IP spoofing: IP addresses are falsified to disguise the origin of malicious traffic to bypass security measures and mask malicious activity. Cybercriminals use this method to redirect traffic, conduct man-in-the-middle attacks, where a malicious actor intercepts and possibly alters the communication between two parties without their knowledge, or overwhelm systems with distributed denial-of-service (DDoS) attacks. For example, attackers might alter the source IP address of a data packet to appear as though it is coming from a trusted source, making it easier to infiltrate networks and compromise sensitive data. These tactics are often used in conjunction with other cyber threats, such as phishing or bot fraud, making detection and prevention more challenging. How behavioral analytics can combat spoofing attacks Traditional fraud prevention methods provide a strong foundation but behavioral analytics adds a powerful layer to fraud stacks. By examining user behavior patterns, behavioral analytics enhances existing tools to: Detect anomalies that signal a spoofing attack. Identify bot fraud attempts, where automated scripts mimic legitimate users. Enhance fraud prevention solutions with friction-free, real-time insights. Behavioral analytics is particularly effective when paired with device and network intelligence and machine learning (ML) solutions. These advanced tools can continuously adapt to new fraud tactics, ensuring robust protection against evolving threats. The role of artificial intelligence (AI) and ML in spoofing attack prevention AI fraud detection is revolutionizing how organizations protect themselves from spoofing attacks. By leveraging AI analytics and machine learning solutions, organizations can: Analyze vast amounts of data to identify spoofing patterns. Automate threat detection and response. Strengthen overall fraud prevention strategies. These technologies are essential for staying ahead of cybercriminals, particularly as they increasingly use AI to perpetrate attacks.   Best practices for preventing spoofing attacks Organizations can take proactive steps to minimize the risk of spoofing attacks. Key strategies include: Implementing robust authentication protocols: Use multifactor authentication (MFA) to verify the identity of users and systems. Monitoring network traffic: Deploy tools that can analyze traffic for signs of IP spoofing or other anomalies. Leveraging behavioral analytics: Adopt advanced fraud prevention solutions that include behavioral analytics to detect and mitigate threats. Educating employees: Provide training on recognizing phishing attempts and other spoofing tactics. Partnering with fraud prevention experts: Collaborate with trusted providers like Experian to access cutting-edge solutions tailored to your needs. Why proactive prevention matters The financial and reputational damage caused by spoofing attacks can be devastating. Organizations that fail to implement effective prevention measures risk: Losing customer trust. Facing regulatory penalties. Incurring significant financial losses. Businesses can stay ahead of cyber threats by prioritizing spoofing attack prevention and leveraging advanced technologies such as behavioral analytics, AI fraud detection, and machine learning, Investing in fraud prevention solutions today is essential for protecting your organization’s future. How we help organizations detect spoofing attacks Spoofing attacks are an ever-present danger in the digital age. With tactics like IP spoofing and bot fraud becoming more sophisticated, businesses must adopt advanced strategies to safeguard their operations. Our comprehensive suite of fraud prevention solutions can help businesses tackle spoofing attacks and other cyber threats. Our advanced technologies like behavioral analytics, AI fraud detection and machine learning solutions, enable organizations to: Identify and respond to spoofing attempts in real-time. Detect anomalies and patterns indicative of fraudulent behavior. Strengthen defenses against bot fraud and IP spoofing. Ensure compliance with industry regulations and standards. Click ‘learn more’ below to explore how we can help protect your organization. Learn more 1 https://www.ic3.gov/AnnualReport/Reports/2023_IC3Report.pdf This article includes content created by an AI language model and is intended to provide general information.