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Updated November 17th Related Posts Link to automotive form, business form
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
By: Ken Pruett The majority of the customers I meet with use some sort of Velocity Checks to assist with their Fraud and Compliance process. However, there are still quite a few that do not, especially when opening up New Business Accounts. Historical data checks have proven to be an effective form of identity theft prevention for both Consumer fraud and Commercial Fraud. We see scenarios where a perpetrator will have one successful penetration of a business and opens up a fraudulent account. They then try and replicate this against the same business. All of the information may be different, with the exception of one element, often the phone number. Without velocity checks, this may not be identified at the time the account is being opened. More sophisticated rings try to be more creative in their fraudulent attempts. They may gain access to a consumers information and then go and apply at a variety of entities. They are more careful, so they never attempt to target the same business twice. They are aware that many companies have velocity checks, so they do not want to take a chance of having their information questioned. At a minimum, the use of in-house velocity checks should be a standard process for you fraud detection measures. Typical data elements to check against are; name (business or consumer), address, phone number, and Social Security Number. A fraud best practice would be to use a tool that provides velocity checks and incorporates the information into a fraud prevention tool. There are tools that provide checks across multiple businesses and this typically provides the best level of protection. By looking at inquiry information across multiple businesses, you are able to help prevent being a victim of some of the more sophisticated rings. Don’t find yourself being the easiest target. Once you get hit, it could snowball and you may be victimized multiple times. We all know there is no way to stop all of the fraud, but let’s not make it too easy on the perpetrators. Try and find a way to use some sort of velocity checks in your process to at least minimize your fraud risk.
By: Andrew Gulledge Bridgekeeper: “What is the air-speed velocity of an unladen swallow?” King Arthur: “What do you mean? An African or European swallow?” Here are some additional reasons why the concept of an “average fraud rate” is too complex to be meaningful. Different levels of authentication strength Even if you have two companies from the same industry, with the same customer base, the same fraudsters, the same natural fraud rate, counting fraud the same way, using the same basic authentication strategies, they still might have vastly different fraud rates. Let’s say Company A has a knowledge-based authentication strategy configured to give them a 95% pass rate, while Company B is set up to get a 70% pass rate. All else being equal, we would expect Company A to have a higher fraud rate, by virtue of having a less stringent fraud prevention strategy. If you lower the bar you’ll definitely have fewer false positives, but you’ll also have more frauds getting through. An “average fraud rate” is therefore highly dependent on the specific configuration of your fraud prevention tools. Natural instability of fraud behavior Fraud behavior can be volatile. For openers, one fraudster seldom equals one fraud attempt. Fraudsters often use the same techniques to defraud multiple consumers and companies, sometimes generating multiple transactions for each. You might have, for example, a hundred fraud attempts from the same computer-tanned jackass. Whatever the true ratio of fraud attempts to fraudsters is, you can be confident that your total number of frauds is unlikely to be representative of an equal number of unique fraudsters. What this means is that the fraud behavior is even more volatile than your general consumer behavior, including general fraud trends such as seasonality. This volatility, in and of itself, correlates to a greater degree of variance in fraud rates, further depleting the value of an “average fraud rate” metric. Limited fraud data It’s also worth noting that we only know which of our authentication transactions end up being frauds when our clients tell us after the fact. While plenty of folks do send us known fraud data (thus opening up the possibility of invaluable analysis and consulting), many of our clients do not. Therefore even if all of the aforementioned complexity were not the case, we would still be limited in our ability to provide global benchmarks such as an “average fraud rate.” Therefore, what? This is not to say that there is no such thing as a true average fraud rate, particularly at the industry level. But you should take any claims of an authoritative average with a grain of salt. At the very least, fraud rates are a volatile thing with a great deal of variance from one case to the next. It is much more important to know YOUR average fraud rate, than THE average fraud rate. You can estimate your natural fraud rate through a champion/challenger process, or even by letting the floodgates open for a few days (or however long it takes to gather a meaningful sample of known frauds), then letting the frauds bake out over time. You can compare the strategy fraud rates and false positive ratios of two (or more) competing fraud prevention strategies. You can track your own fraud rates and fraud trends over time. There are plenty of things you can do to create standardize metrics of fraud incidence, but good heavens for the next person to ask me what our average fraud rate is, the answer is “No.”
By: Andrew Gulledge I hate this question. There are several reasons why the concept of an “average fraud rate” is elusive at best, and meaningless or misleading at worst. Natural fraud rate versus strategy fraud rate The natural fraud rate is the number of fraudulent attempts divided by overall attempts in a given period. Many companies don’t know their natural fraud rate, simply because in order to measure it accurately, you need to let every single customer pass authentication regardless of fraud risk. And most folks aren’t willing to take that kind of fraud exposure for the sake of empirical purity. What most people do see, however, is their strategy fraud rate—that is, the fraud rate of approved customers after using some fraud prevention strategy. Obviously, if your fraud model offers any fraud detection at all, then your strategy fraud rate will be somewhat lower than your natural fraud rate. And since there are as many fraud prevention strategies as the day is long, the concept of an “average fraud rate” breaks down somewhat. How do you count frauds? You can count frauds in terms of dollar loss or raw units. A dollar-based approach might be more appropriate when estimating the ROI of your overall authentication strategy. A unit-based approach might be more appropriate when considering the impact on victimized consumers, and the subsequent impact on your brand. If using the unit-based approach, you can count frauds in terms of raw transactions or unique consumers. If one fraudster is able to get through your risk management strategy by coming through the system five times, then the consumer-based fraud rate might be more appropriate. In this example a transaction-based fraud rate would overrepresent this fraudster by a factor of five. Any fraud models based on solely transactional fraud tags would thus be biased towards the fraudsters that game the system through repeat usage. Clearly, however, different folks count frauds differently. Therefore, the concept of an “average fraud rate” breaks down further, simply based on what makes up the numerator and the denominator. Different industries. Different populations. Different uses. Our authentication tools are used by companies from various industries. Would you expect the fraud rate of a utility company to be comparable to that of a money transfer business? What about online lending versus DDA account opening? Furthermore, different companies use different fraud prevention strategies with different risk buckets within their own portfolios. One company might put every customer at account opening through a knowledge based authentication session, while another might only bother asking the riskier customers a set of out of wallet questions. Some companies use authentication tools in the middle of the customer lifecycle, while others employ fraud detection strategies at account opening only. All of these permutations further complicate the notion of an “average fraud rate.” Different decisioning strategies Companies use an array of basic strategies governing their overall approach to fraud prevention. Some people hard decline while others refer to a manual review queue. Some people use a behind-the-scenes fraud risk score; others use knowledge based authentication questions; plenty of people use both. Some people use decision overrides that will auto-fail a transaction when certain conditions are met. Some people use question weighting, use limits, and session timeout thresholds. Some people use all of the out of wallet questions; others use only a handful. There is a near infinite possibility of configuration settings even for the same authentication tools from the same vendors, which further muddies the waters in regards to an “average fraud rate.” My next post will beat this thing to death a bit more.