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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
This article was updated on October 31, 2023 In a series of articles, we talk about understanding the different types of fraud and how to solve for them. This article will explore first-party fraud and how it's similar to biting into a cookie you think is chocolate chip, only to find that it’s filled with raisins. The raisins in the cookie were hiding in plain sight, indistinguishable from chocolate chips without a closer look, much like first-party fraudsters. What is first-party fraud? First-party fraud refers to instances when an individual makes a promise of future repayments in exchange for goods or services without the intent to repay. The first-party fraudster might accomplish this by applying for a loan or credit card they won’t pay back or misrepresenting their financial situation to get a more favorable rate. First-party fraud sometimes presents via “mules” or consumers who are persuaded to use their own information to obtain credit or merchandise on behalf of a larger fraud ring. This type of fraud has become especially prevalent as more consumers are active online. Money mules constitute up to 0.3% of accounts at U.S. financial institutions, or an estimated $3 billion in fraudulent transfers. First-party fraud is often miscategorized as credit loss and written off as bad debt, which causes problems when businesses later try to determine how much they’ve lost to fraud versus credit risk, and then make future lending decisions. How does first-party fraud impact me? Firstly, there are often substantial losses associated with first-party fraud. An imperfect first-party fraud solution can also strain relationships with good customers and hinder growth. When lenders have to interpret actions and behavior to assess customers, there’s a lot of room for error and losses. Those same losses hinder growth when, as mentioned before, businesses anticipate credit losses that aren’t actually credit losses. This type of fraud isn’t a single-time event, and it doesn’t occur at just one point in the customer lifecycle. It occurs when good customers develop fraudulent intent, when new applicants who have positive history with other lenders have recently changed circumstances, or when seemingly good applicants have manipulated their identities to mask previous defaults. Finally, first-party fraud impacts how your organization categorizes and manages risk – and that’s something that touches every department. Solving the first-party fraud problem First-party fraud detection requires a change in how we think about the fraud problem. It starts with the ability to separate first- and third-party fraud to treat them differently. Because first-party fraud doesn’t have a victim, you can’t work with the person whose information was stolen to confirm the fraud. Instead, you’ll have to work implement a consistent monitoring system and make a determination internally when fraud is suspected. As we’ve already discussed, the fraud problem is complex. However with a partner like Experian, you can leverage the fraud risk management strategies required to perform a closer examination and the ability to differentiate between the types of fraud so you can determine the best course of action moving forward. Additionally, our robust fraud management solutions can be used for synthetic identity fraud and account takeover fraud prevention, which can help you minimize customer friction to improve and deepen your relationships while preventing fraud. Contact us if you’d like to learn more about how Experian is using our identity expertise, data, and analytics to improve identity resolution and detect and prevent all types of fraud. Contact us
In a noisy digital world, capturing the attention of online users can seem impossible. While a 2015 study claimed that the average consumer’s attention span had shrunk to just 8 seconds, a more recent global study by Yahoo and OMD Worldwide shows that Gen Z consumers lose active attention for ads after just 1.3 seconds—less time than any other age group.[1] Financial institutions are always looking for ways to attract more online users and earn new business by delivering the value consumers want and need. If you want to grow your customer base, add identity protection to the financial services you already offer. Providing complementary identity protection solutions alongside your existing service offerings can make your business more marketable and attract more new customers. This is a great way to earn more market share while delivering value that consumers want. What do consumers want? Consumers want control over their data and personal information from a company they trust. Research shows they are more likely to partner with a brand they’re already loyal to, such as their bank. 57% of consumers would like their primary financial institution to provide or offer an identity protection service.[2] In addition, consumers have indicated interest in having all their financial data accessible in one place.[3] In this same vein, an all-in-one identity protection solution that reduces risk and gives consumers more control over how their data is used online is a convenient, in-demand solution that can help decrease vulnerability and limit online exposure. Consumers want these high-value, high-demand tools, and data shows that they are willing to pay for it. 89% of consumers want more control over how their data is collected and used online, and 82% are willing to invest time and money to better protect their privacy.[4] While proactive services for identity protection are important, not all fraud incidents can be avoided. In addition to providing anticipatory protection solutions, consumers need a response plan in place if they experience an identity theft or fraud event. Proactive protection and reactive restoration Unfortunately, victims of identity theft spend an average of 6.3 hours resolving identity fraud.[5] With identity protection and restoration services in place, you can assure potential new customers that if the worst should happen, you can help them reclaim their exposed information and restore their identity. For example, consumers can save up to 177 hours of time by using Experian’s Digital Identity Manager, a tool that helps protect consumer data and reduce vulnerability to theft.[6] Resources like these, coming from a trusted source, can put consumers’ minds at ease and make it easy for them to decide to do business with you. Identity protection from a trusted source Consumers are seeking protection from identity thieves, and they expect it from a trusted source. Offering Experian’s Identity Protection Services can help you stand out by providing valuable financial security to new customers, encouraging more new names to do business with your company. Identity Protection Solutions from Experian are best-in-class, and we have the results to prove it: 96% of active Experian subscribers with a free bundle were still subscribed after 12 months (Experian data, August 2023) 90% of active Experian subscribers with a paid bundle were still subscribed after 12 months (Experian data, August 2023) Less than 1% churn rate with fewer than 100 service calls Visit our website to learn more [1] Insider Intelligence, Gen Z has a 1-second attention span. That can work to marketers’ advantage. 2022. [2] Javelin Strategy and Research, 2022. [3] MX, What Consumers Really Want from their Financial Providers: A 2023 Roadmap. [4] Cisco 2022 Consumer Privacy Survey, 2022. [5] Javelin, 2023 Identity Fraud Study. [6] Experian Data, average user experience with Digital Identity Manager, May 2023. This article is provided for general guidance and information. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal issues or financial issues involved with credit decisions.
In today’s fast-paced world, the telecommunications industry is not just about connecting calls or sending messages. It’s about creating seamless digital experiences, especially when onboarding new customers. However, with the rise of digital services, the industry faces an increasing challenge: the need to mitigate fraud while streamlining the onboarding process. The digital onboarding revolution Digital onboarding has transformed the way customers join telecommunications services. No longer are people required to visit a physical store or wait for lengthy paperwork. Instead, they can sign up for mobile, internet or TV services from the comfort of their homes, often within minutes. The convenience, however, has opened new doors for fraudsters. As the onboarding process happens online, the risk of identity theft, synthetic identity fraud and other fraudulent activities has surged. So, how can telecom companies provide fritctionless experiences while keeping fraud at bay? Mitigating fraud in telecommunications onboarding Know your customer (KYC) verification: Implement robust KYC solutions to verify the identity of new customers. This may include identity document checks, facial recognition or biometric authentication. Device and location data; and velocity: Analyze the device and location data of applicants. Does the device match the customer’s claimed location? Unusual patterns could signal potential fraud. Behavioral analysis: Monitor user behavior during the onboarding process. Frequent changes in information or suspicious browsing activity may indicate fraudulent intent. Machine learning (ML) and artificial intelligence (AI): Leverage AI/ML algorithms to detect patterns and anomalies humans might miss. These technologies can adapt and evolve to stay ahead of fraudsters. Document verification: Use document verification services to ensure that documents provided by customers are genuine. This can include checks for altered or forged documents. Industry data sharing–consortia: Collaborate with industry databases and share fraud-related information to help identify applicants with a history of fraudulent activity or reveal patterns. The balancing act While it’s crucial to mitigate fraud, telecommunication companies must strike a balance between security and a seamless onboarding experience. Customers demand a hassle-free process, and overly stringent security measures can deter potential subscribers. By combining advanced technology, behavioral analysis and proactive fraud prevention strategies, telecom companies can create a secure digital onboarding journey that minimizes risk without compromising user experience. In doing so, they empower customers to embrace the convenience of digital services while staying one step ahead of fraudsters in today’s interconnected world. Learn more about Experian and the telecom industry Learn more about our fraud and identity solutions