Margin test

At the start of the Vision 2015 Conference, Experian® announced a new dedicated enterprise Fraud and ID business in North America. This newly established business unit allows Experian, the leading global information services company, to more aggressively address the growing variety of fraud risk and identity management challenges businesses, financial institutions and government agencies face. "The rapid progression of wide-scale fraud and data breaches have led to a significant increase in identity theft related risk, and potential fraud losses on a larger scale than ever anticipated," said Charles Chung, president of Decision Analytics, Experian North America. "For nearly two decades, we have been helping clients solve the difficult and ever-changing problems of fraud detection and identity management. Our core expertise was further enhanced by the recent acquisition of 41st Parameter which added device identification as another important layer of sophistication to our suite of fraud detection tools. Now the creation of a new fraud business unit brings all components of our Fraud and ID services together to better serve all markets through our innovative authentication techniques, advanced analytics and Big Data insights." Having one comprehensive operation allows Experian to deliver greater value across its various addressable markets through customized approaches that balance privacy, security and compliance requirements with client reputation, customer experience, convenience and efficiency. The integration brings together a wide set of enterprise services ranging from identity and device risk assessment and anti–money laundering to consumer identity monitoring and alerts, letting Experian continue to proactively meet client needs surrounding the complex risks they face. Dr. Jon Jones has been appointed to lead the new business unit as senior vice president and general manager of Fraud and ID for Experian North America. "Data security and fraud management affect many industries as identity data has become so compromised that authenticating consumers through traditional means is not enough to safeguard against fraud. Modern fraud risks now absolutely require Big Data assets and the proven ability to derive predictive analytical capabilities to meet these challenges," said Jones. "Today, online and mobile commerce, and customer demands for convenience and speed are intersecting with the increasing sophistication of criminal fraud networks. Experian's new integrated fraud business delivers next-generation holistic fraud management services, leveraging our vast data landscape to identify customers' risk for fraud even when no threat has been detected to stay ahead of the growing market demands." Accounting for the real risk of identity compromise over time continues with the launch of Experian's Identity Element NetworkSM which identifies real-time fraud volume and velocity linkages across multiple industries to predict when consumers are showing risk of identity compromise. Experian monitors and predicts when seemingly random identity element linkages become meaningful risk clusters, including: When an identity likely has been compromised When an identity is victim of a data breach When a transaction is part of an identity theft scheme, particularly an account takeover When consumers' identities are exhibiting identity theft, visible by monitoring a broad portfolio of breached or compromised consumers "Cybercriminals continue to rapidly escalate their assault on sensitive data across a variety of industries, with no end in sight," said Julie Conroy, research director at Aite Group.  "This requires fraud prevention capabilities to undergo a similar rapid evolution, with a new, more advanced approach to identity management sitting squarely in the middle of risk mitigation. Simple personally identifiable information is no longer enough to verify identity; the next wave of fraud and cybersecurity services needs to employ robust data and advanced analytical capabilities in order to make faster and more informed identity decisions." Experian's Identity Element Network service can be utilized through its flagship fraud enterprise platform, Precise ID®, using its data assets and analytics alongside 41st Parameter's FraudNet to deliver a comprehensive view of the Customer Life Cycle of traditional identity, device confidence and risk assessment. Learn more about Experian's Big Data fraud service for breach identity compromise detection for your business.

Experian is all about turning insights into action… using data for good. Our commitment is to work with our clients, consumers, non-profits and other parties to help ensure that we, as a company and within society, continue to properly leverage big data for good. As part of that effort, every other week we bring you Experian Insights – a round-up of news and resources highlighting how data is used for positive business, consumer and societal actions in many ways and across multiple sectors. Experian Insights in the News Data Scientists In Demand: Experian DataLab’s Eric Haller Weighs In – Dataversity Bloomberg BNA story highlights Experian's innovative approach of using social media as a form of data – Bloomberg BNA How to land a high-paying data science job (even if you have the wrong background) – Inc. The Effects of Dirty Email Data – Direct Marketing News Putting big data to work for good causes – The Hub Experian recognized as a finalist for Cloudera’s 2015 Data Impact awards – Experian News blog The science behind Big Data – Analytic Bridge The science behind Big Data – Inside Big Data Experian's data-first marketing suite – The Hub Data is today's MarTech purchase driver – Direct Marketing News How Experian is using Big Data -Information Management How Experian is using Big Data – Data Science Central  Smart cities of the future – The Hill Q&A: Improving decision-making and increasing value using Big Data analytics –  Financier Worldwide Magazine Overcome these three common data barriers for mobile marketing success – iMedia Connection Still drowning in Big Data, and starving for insights –  Inc. Big Data: The force that's good for consumers and society – Experian News blog Why a single customer view is the foundation for marketing success – eMC New O.C. program helps homeless people fix their credit – The Orange County Register Focus on customers, not technology – Adexchanger Device intelligence and Big Data linkage: guarding consumer access points from the fraudsters – Black Swan Small business, job creation, and why we should lend to young companies – Forbes Using data to manage the cost of healthcare – Experian News blog What’s Bigger than Big Data – AdExchanger “It’s not about the cloud; it’s about the customer” Emad Georgy of  Experian Marketing Services [Retweet] Mobile Payments: Innovative, but with Security Concerns – Mobile Payments Today The Data Breach Resolution group releases study about payment card breaches addressing concerns over new payment technologies & security. [Retweet] Everything You Need to Know to Protect Yourself from Identity Theft – His and Her Money Whether you want to learn how to prevent identity theft from happening to you, or you want to learn what steps to take if it happens to you, take a listen. [Retweet] Dealers Might Not See Much Green with Alternative Vehicles – Auto Remarketing Insight into the different segments of the vehicle market allows consumers to paint a clearer picture of what options are most popular. [Retweet] Experian Credit Tracker for iOS: Handsome, Intuitive, Secure- Mac Observer Experian puts your credit data at your fingertips with its new app. [Retweet] What is a Data Scientist? #DataTalk To be a a data scientist (at least a good one), you need to follow the data. – Dr. Michael Wu [Retweet]

Do you know the requirements of Fair Credit Reporting Act (FCRA) section 623? How accurate is your data? How do you know? These are the questions data furnishers should be asking themselves as they start thinking about how to meet their regulatory obligations related to data accuracy. Minimizing regulatory risk and exposure is certainly top of mind for anyone that is engaged in the credit eco-system – the lender, the credit bureau, the consumer. While heavy fines and penalties can take a toll on an organization’s checkbook, the reputational impact to the company’s brand and customer experience can have a lingering, and often worsening, effect. It’s important to think about the consequences of inaccurate credit data from the consumer perspective; inaccuracies can have an impact on a consumer getting a job, buying his or her first home, or getting a low interest rate. Experian® understands the value of an accurate credit report. We have the ability to help data furnishers not only understand regulatory requirements, but help to drive a positive experience for the consumer through Experian Data Integrity ServicesSM. Hear more about our products and services that provide robust data-quality analysis. What do the FCRA furnisher rules really mean? Why does it matter? The Fair Credit Reporting Act (FCRA) section 623 mandates that when providing consumer credit information to the credit bureaus, data furnishers (regardless of size) must ensure accuracy and completeness. Without this, financial institutions will experience more regulatory pressure, higher dispute volumes and unhappy customers. While ensuring data accuracy and completeness may seem like a very broad mandate that can be a bit overwhelming, Experian can help. The first step to compliance is to understanding what the rules mean and the reasons behind them. During our Vision 2015 session, Experian will break down section 623 of the FCRA and describe the specific obligations of data furnishers related to sending accurate data to the credit bureaus, correcting errors, and what it means to investigate and understand disputes. See Experian Data Integrity Services in action during a live demo of our dashboard which provides financial institutions with a deeper understanding of their disputes and how they compare to their peers and the industry. Not only has the FCRA set requirements on dispute investigation and response, but the Consumer Financial Protection Bureau (CFPB) also is paying close attention. Recent announcements indicate that the CFPB wants more information about the credit eco-system to gain more data about consumer disputes. At Experian we understand the complexities that exist with a dispute and partner with financial institutions and regulatory agencies to shed more light on why a consumer disputes data on their credit report and how together we can resolve the issues and improve the customer experience. Join this Vision 2015 session to hear about Experian’s National Credit Assistance Center (NCAC) and how the team assists consumers with disputes and dedicated fraud assistance. Our agents had conversations with consumers more than 2.5 million times last year. The NCAC’s highly skilled and knowledgeable agents know that their role goes beyond processing disputes — it has been proven that educated consumers are more creditworthy and have higher credit scores than those without credit education. For that reason, for many years our center has employed a Stop the Clock philosophy where agent performance is measured on how well he or she assists a consumer and not how long a call takes. Our agents understand that calling a credit bureau can be intimidating so they deliver red carpet service,—making sure the consumer understands the process and walks them through any concerns and questions they have about their credit report. When it comes to data accuracy, the NCAC management team has more than 100 years combined of credit bureau experience and is dedicated to working in partnership with data furnishers in data accuracy and dispute processing initiatives. They routinely work with data furnishers on issues such as training, processes and procedures and offer consultative expertise. Hear more about how the NCAC makes a difference for Experian’s clients and for their customers. Remember… Data accuracy is more important the ever. Get a copy of the FCRA booklet, read about data-furnisher obligations, and start testing and sampling data right away. Learn more about how Experian Data Integrity Services can help validate data accuracy and provide insight into disputes. Consider visiting the NCAC to see firsthand how the Experian team assists with disputes, truly “stops the clock,” and goes above and beyond for our clients’ customers.

  The following article is a guest post from Laura Levine, president and CEO of the Jump$tart Coalition for Personal Financial Literacy® As we wrap up another Financial Literacy Month, it’s fun to look back at how far we’ve come; important to look forward at how much further we have to go; and compelling to look closely at how we’re making a difference. A decade and a half ago, the National Endowment for Financial Education established “Financial Literacy for Youth Day” in conjunction with its High School Financial Planning Program. Recognizing the groundswell of support beginning to build for financial literacy, NEFE turned the idea over to Jump$tart to promote April among its national partners first as “Financial Literacy for Youth Month” and later as simply “Financial Literacy Month.” Congress recognized it officially with a resolution in 2003 and more recently, the month has also been recognized as “National Financial Capability Month.” By any name, it’s been gratifying to see individuals and organizations across the country, united as we’ve raised awareness on the importance of financial literacy or capability, and the need for more and better financial education. It’s been particularly encouraging to see the renewed focus on financial literacy for young people.  President Obama’s current advisory council is officially the President’s Advisory Council on Financial Capability for Young Americans.  Other prominent entities, including the 22-agency Financial Literacy and Education Commission and the national Jump$tart Coalition for Personal Financial Literacy; have placed heavy emphasis on financial literacy for youth. Experian was at the table as Jump$tart was forming—two decades ago—on the notion that we should educate young people about money before they start making independent financial decisions as adult consumers and are sometimes required to learn by trial and costly error. And while many experts agree that the best financial education starts at home, there is also widespread recognition that not all families can or will provide their own children with a sufficient introduction to money management and that we must all work together to help provide financial education to students in school, after school, at home and in their communities. In the early days of Jump$tart and the concerted financial literacy movement, much of our energy focused on what students needed to know about money and what skills they needed to develop.  Consequently, we saw a rush to develop new programs and materials and assess how much students actually knew.  We found it wasn’t much.  We had our work cut out for us; but we knew we had started down the right path. At the dawn of the 21st Century, innovators sought ways to utilize technology as a means of delivering financial education to more students and adults alike—to deliver it faster; more efficiently.  We watched as technology made financial education more interactive, more engaging, and, presumably, more effective.  Financial education was getting better and we were reaching more students; but still, there was much to be done. In recent years, Jump$tart turned a good deal of its attention to the support of classroom educators—the talented and dedicated teachers who bring personal finance to life in their classrooms every day—because isn’t it an effective teacher who does more than impart knowledge and know-how? Isn’t it an effective teacher who has the opportunity and ability to affect young lives? That’s what Jump$tart believes.  It’s what I believe, personally.   Fortunately for us, it’s what our friend Maxine Sweet believes too, and in 2009, she not only prompted Experian to provide us with a generous grant; but also, helped to inspire the first national conference dedicated to the teaching of personal finance in K-12 classrooms. The Jump$tart National Educator Conference, now in its seventh year, has introduced personal finance teachers from every state in the country to new approaches and information, a variety of resources, and each other—effectively giving every finance teacher, who may be the only one at his or her school, a nationwide network of colleagues. Teachers who attended our most recent conference reported that, collectively, they would teach 38,654 students this year alone.  Since most will go on to teach for years to come and since new teachers attend our conference every year; the impact will be exponential. Just this April, we were so pleased to have had the opportunity to recognize Maxine Sweet, recently retired as the vice president of consumer education for Experian, with our William E. Odom Visionary Leadership Award.  The award recognized her unique contributions to financial education, as well as to consumer education in her role with Experian. With support from, and working alongside, Experian and many other partners from business, finance, education, academia, government, non-profits, and other sectors, Jump$tart will continue to promote top quality financial education resources, effective programs and techniques, and support for classroom teachers and other educators—including parents and caregivers. Sometimes, when our critics question why we haven’t fixed our nation’s financial literacy problems yet, I’ve heard advocates remind them that financial education, like all education, is much more a marathon than a sprint.  But I don’t see it as a race at all, as even a marathon has a finish line.  I think financial education deserves a permanent role in the upbringing of young consumers. Even as we work diligently to expand, improve, and evolve the way we conduct this education, we’ll never really be done; because every spring there’s a new class of graduates and every fall, there’s a new class of preschoolers.

In the wake of some of the largest data breaches in history, which were specifically payment card breaches, we thought it would be insightful to take a closer look at how companies are dealing with the aftermath. We are proud to partner with the Ponemon Institute, a premier research think tank, to release the first industry study that closely examines payment technologies and the growing threat of data breaches. The study, “Data Security in the Evolving Payments Ecosystem,” asked professionals to weigh in on several topics including who should be responsible for securing payment systems and how effective their organizations is in preparing for and responding to a payment card breach. New technologies bring consumer convenience and increased security concerns Executives are feeling the challenges of keeping up with the security of emerging systems. While most executives support implementation of EMV chip and PIN technology, for example, with 59 percent of survey respondents indicating it is an important part of their organization’s payment strategy, they do not feel it is the security silver bullet. Barely more than half of respondents (53 percent) believe EMV cards will decrease the risk of a data breach. However, companies are pressured to integrate new systems acknowledging consumer convenience and preferences. More than half accept that risk (53 percent) and noted that, for their company, customer convenience is more important than security. Reality has set in The recent high profile data breaches have had a profound effect on business and they now realize how devastating a breach can be on company reputation and loss of revenue. In fact, a majority of survey respondents (69 percent) are most concerned about loss of customer loyalty after a data breach and fraudulent charges on customers’ payment cards (55 percent). In looking inward, they also do not feel their company is effective in responding to payment card breaches (35 percent). On the right track  It seems not a day goes by without the media reporting on a data breach. This has had an effect as 69 percent of survey respondents said media coverage of payment breaches over the past year caused their organizations to re-evaluate and prioritize security. It’s encouraging to see that this is leading to action; companies are seeing increased attention from the c-suite, with 67 percent of survey respondents saying their executives are more supportive of enhanced security measures to protect payment information. Furthermore, 45 percent of survey respondents increased their security budgets, and 41 percent hired more security staff. Industry collaboration is lacking While companies are doing more, they realize there is still even more to be done. Sixty-five percent of survey respondents said they are increasing employee training (65 percent) and improving or putting a data breach response plan in place (56 percent of survey respondents). Payment professionals also recognize that solving current and emerging security concerns can’t be the job of a single entity. There is consensus on the need for cooperation, with 85 percent of survey respondents agreeing that industry collaboration is critical to achieving a high level of security in the emerging payment ecosystem. And there is certainly room to grow, as the current level of industry collaboration is considered minimal (30 percent of respondents) to nonexistent (20 percent) by survey respondents. The security outlook for all those organizations involved in the payment ecosystem is mixed.  It will be challenging to constantly keep up the pace with new technologies and ward off cybercriminals 24-7, while satisfying consumers who value the benefits of emerging systems. The best path forward for companies is to face the issue head on and prepare for the inevitable data breach and their incident response to mitigate the fallout. To access the full report, Data Security in the Evolving Payments Ecosystem, visit Experian.com/databreach.