Margins and Paddings Update

More than 10 years ago I spoke about a trend at the time towards an underutilization of the information being managed by companies. I referred to this trend as “data skepticism.” Companies weren’t investing the time and resources needed to harvest the most valuable asset they had – data. Today the volume and variety of data is only increasing as is the necessity to successfully analyze any relevant information to unlock its significant value. Big data can mean big opportunities for businesses and consumers. Businesses get a deeper understanding of their customers’ attitudes and preferences to make every interaction with them more relevant, secure and profitable. Consumers receive greater value through more personalized services from retailers, banks and other businesses. Recently former Experian North American CEO Craig Boundy wrote about that value stating, “Data is Good… Analytics Make it Great.” The good we do with big data today in handling threats posed by fraudsters is the result of a risk-based approach that prevents fraud by combining data and analytics. Within Experian Decision Analytics our data decisioning capabilities unlock that value to ultimately provide better products and services for consumers. The same expertise, accurate and broad-reaching data assets, targeted analytics, knowledge-based authentication, and predictive decisioning policies used by our clients for risk-based decisioning has been used by Experian to become a global leader in fraud and identity solutions. The industrialization of fraud continues to grow with an estimated 10,000 fraud rings in the U.S. alone and more than 2 billion unique records exposed as a result of data breaches in 2014. Experian continues to bring together new fraud platforms to help the industry better manage fraud risk. Our 41st Parameter technology has been able to detect over 90% of all fraud attacks against our clients and reduce their operational costs to fight fraud. Combining data and analytics assets can detect fraud, but more importantly, it can also detect the good customers so legitimate transactions are not blocked. Gartner reported that by 2020, 40% of enterprises will be storing information from security events to analyze and uncover unusual patterns. Big data uncovers remarkable insights to take action for the future of our fraud prevention efforts but also can mitigate the financial losses associated with a breach. In the end we need more data, not less, to keep up with fraudsters. Experian is hosting Future of Fraud and Identity events in New York and San Francisco discussing current fraud trends and how to prevent cyber-attacks aimed at helping the industry. The past skepticism no longer holds true as companies are realizing that data combined with advanced analytics can give them the insight they need to prevent fraud in the future. Learn more on how Experian is conquering the world of big data.

Experian hosting Future of Fraud and Identity event during National Cyber Security Awareness Month Costa Mesa, Calif., Oct. 13, 2014 — Identity and fraud concerns are a pressing global issue for many industries, including financial services, public sector and retailers. With the rise in security and data breaches, many organizations across the United States are particularly challenged, due to the growth of malware viruses, mobile-payment advancements and the need to authenticate online and mobile consumers better. To help business leaders address these rising fraud and identity issues, Experian® is hosting the Future of Fraud and Identity event on Oct. 21 in New York City, N.Y. The event will feature: Ori Eisen, Experian fraud expert and founder of 41st Parameter, highlighting the current trends in cybersecurity and how technology can combat these major threats Frank Abagnale, of Catch Me If You Can fame and respected authority on financial crime and fraud, sharing his personal story highlighting his work with numerous financial institutions over the past 38 years Charles Chung, president of Experian Decision Analytics, a global leader in fraud and identity products, opening the event Jon Jones, senior vice president of fraud and identity for Experian Decision Analytics, presenting Experian’s strategic view on identity risk management Many organizations are trying to address fraud risks while adapting to the changing habits of customers. One example of this is the acceptance of new mobile-payment options that are driving a transformation of the payments ecosystem. Current mobile-fraud trends include the use of increasingly sophisticated malware as attackers capitalize on banks and retailers providing these new service offerings to consumers via mobile devices. “Gaining control in this dynamic fraud environment is a major challenge for businesses as the Internet and mobile technologies were not designed with fraud in mind. Consumers accessing their financial or personal data at any time is a key fraud risk today, further enabling criminal activity,” said Eisen. “As companies invest to meet customer expectations and ensure that payments are secure and reliable, we see an urgent need for proactive next-generation security measures with fraud detection and intelligent device identification for corporate accounts and online transactions.” In 2013, identity theft affected more than 13 million U.S. consumers and accounted for more than $18 billion in losses. As technologies evolve and information security tightens, the savvy nature of fraudsters becomes more sophisticated. As a result, fraud management needs to evolve and include both offline and online fraud strategies to provide a panoramic view of the customer. In order to achieve this, authentication processes need to become seamless and straightforward to allow both the consumer and the business to feel confident in the authentication process while creating a positive customer experience. “Serious risks are emerging for consumers and businesses as fraudsters identify new targets to attack. The monetary cost of fraud losses can be high, but the impact a loss or breach can have on customer relationships and brand integrity can be even higher,” said Chung. “Combining comprehensive authentication processes with proportionate measures to monitor user activities and protect consumer data throughout the life cycle is a competitive requirement in today’s market.” The Future of Fraud and Identity event will take place on Oct. 21 in New York City, from 7:30 a.m. to noon at the Helen Mills Event Space at 137 West 26th Street.

According to new research from Experian Marketing Services, a recognized leader in data-driven marketing, 90 percent of marketers struggle to move beyond single-channel marketing programs to optimize their marketing across channels or around the customer. The company today announced an expansion of its strategic, cross-channel consulting offerings to address this need and help organizations increase the sophistication and effectiveness of their marketing programs. Marketers can now take a free online assessment to discover where their organization falls on Experian’s Marketing Sophistication Curve The new program, which offers marketers strategic guidance around common marketing pain points, is designed to help them progress up Experian’s Marketing Sophistication CurveSM. The curve is a framework and road map that allows organizations to accurately assess the state of their marketing operations and identify the steps necessary for creating individualized marketing experiences around the customer. “Recognizing the need to change and knowing how to make that happen are two entirely different things,” said Matt Seeley, president, Experian Marketing Services, North America. “While the industry is exploding with marketing clouds and automation technology, most organizations have unique challenges that off-the-shelf software doesn’t address. Experian’s Marketing Sophistication Curve offers marketers help with the first critical step in that process: an understanding of where you are today and what you need to do tomorrow.” Experian Marketing Services is offering marketers a chance to identify where they fall on the curve on its Website. The four phases of Experian’s Marketing Sophistication Curve The culmination of more than 30 years of experience working with the world’s top brands to improve their marketing effectiveness, Experian’s Marketing Sophistication Curve outlines four primary phases of marketing sophistication: Phase I: Single-Channel Optimization — Brands at this stage seek new sources of data and analytical approaches to do more with existing programs and tools. They struggle to achieve a higher performance from data-driven campaigns. Phase II: Multichannel Marketing — Organizations at this stage engage customers across multiple channels but seek greater consistency. They struggle to incorporate newer channels, like mobile, into their messaging strategy. Phase III: Cross-Channel Marketing — The marketing organization at this stage implements cross-channel marketing programs but struggles to organize data and target campaign content around customers easily, consistently and in useful time frames. Phase IV: Cross-Channel Optimization — This is the apex of modern marketing, where customer context, location and timing merge with every imaginable form of customer data to create a single, shared and immediate view of the customer across all channels. Improving marketing by addressing the common pain points Experian Marketing Services’ new cross-channel consulting program offers marketers a set of new bundled offerings around three common pain points that must be addressed as marketers move from one phase of the curve to the next: acquisition, growth and retention, and win-back. “As new technologies and channels are introduced, consumer behavior changes, and in return how we assess and approach these traditional marketing issues needs to evolve,” continued Seeley. “The curve’s framework and the addition of the new strategic consulting bundles to our existing portfolio are part of our long-term commitment to be both a superior marketing technology provider and a strategic partner for leading marketers around the world.”