Margins and Paddings Update

For the second year in a row, Experian Costa Rica has achieved recertification from Great Places to Work in the Central America region. The honor recognizes the inclusive workplace culture that Experian Costa Rica employees and leaders have created, making it a dynamic environment for innovation and high productivity. “Getting re-certified as a Great Place to Work provides and enormous sense of pride. As an organization it validates all the efforts we make to ensure a strong healthy employee culture and as a leader it allows us to come to work knowing that we have a culture that employees enjoy working in,” said Adrian Sibaja, Director of Service Delivery for Experian Costa Rica and Chile. Experian Costa Rica is one of four Global Delivery Centers, strategically located centers of operational excellence that support Experian’s regions. The office is home to nearly 1,000 employees across different business units. This honor reinforces the workplace culture we’re fostering, which our employees are happy to brag about in confidential surveys. Costa Rica leadership is always looking for ways to make the employee culture even better. That’s why recognizing employee accomplishments and encouraging partnership between business units are among their top priorities. Congratulations to our Costa Rica colleagues!

At Experian, we know a credit score is the gatekeeper to better financial opportunities, which is why we are committed to developing products and services that support consumers in their financial journey. Six months ago, we hit a major milestone in bringing this commitment to life with the launch of Experian Boost. This innovative tool gave consumers the ability to add positive telecom and utility payment history directly to their credit file for an opportunity to instantly increase their credit scores for the first time. When we launched Experian Boost, we knew there were more than 100 million Americans who didn’t have fair access to credit because of a limited credit history or a subprime score. We also knew these consumers were often forced to pay higher interest rates and fees for financial services. Today, as we look at our Experian Boost results, we know we’re helping to change that. To date, for consumers who’ve used Experian Boost, we’ve seen: More than 11 million cumulative FICO Score points boosted FICO Scores increased for 2 out of 3 users with an average increase of more than 10 points Of those who boosted their credit scores, an average of 13% moved up a credit tier and of those in the “poor” credit tier, 24% moved to a “fair” tier Approximately 90% of “thin” file consumers who improve their credit scores saw an average increase of 19 points California, Texas and Florida rank 1-2-3 in number of consumers who have boosted their scores and total points boosted To say we’re pleased with the positive feedback we’ve received about Experian Boost to date would be an understatement, but we’re not surprised. For years, lenders have been seeking new means to identify creditworthy consumers. At the same time, consumers have been asking for more control of their data and credit where credit is due. This is exactly what we’re providing with Experian Boost. We’re helping to level the playing field and reward positive behavior and it’s not going unnoticed. Members of the credit counseling and advocacy community have reached out with excitement about Experian Boost. This solution is giving many of their clients a tangible way to impact their credit scores and improve their financial lives. Improving consumer financial health is a core part of our sense of purpose and we’re just getting started. We’ll continue to enhance Experian Boost and develop new products and solutions to improve financial access to for more consumers. To find out more about the Experian Boost, please visit www.experian.com/boost.  

Eva lets out a deeply frustrated exhale as she navigates moving boxes in her new apartment towards a nearby chair. She was just trying to update her address online and take care of some online banking money transfers. Now her accounts are frozen, and she has received a message to call the bank's fraud department. How could she be a fraudster? She was only guilty of taking a job and moving to Chicago. Maybe it's time to start thinking about changing banks… Meanwhile, in the bank's Texas-based fraud department, Robert spots Eva's case in his fraud investigations list. He noticed some suspicious activities and leaves Eva a voicemail, wanting to ask her a few questions to verify her identity or otherwise confirm this is in fact a fraudster infiltrating Eva's account. To prevent this potential risk of fraud from escalating, Robert decides it is better to freeze Eva's accounts while he confirms that it's actually Eva who is trying to change her address and not a fraudster using a stolen password. As both Robert and Eva work to connect and clear up this mix-up, Robert isn't getting to spend his time finding actual fraud and protecting his bank from any potential losses. Fraud hubs bring together advanced authentication technology and risk mitigation systems into a single platform As fraud attacks grow more frequent and complex, new technologies have sprung up to help meet the challenge, using a variety of tactics and tools to detect fraud. This is the case of device recognition, malware detection, identity verification, behavioural biometrics, and document verification, just to name a few. Regardless of their choice of tools and techniques, businesses across banking, retail, telecommunications, healthcare, and services industries need to know that the person interacting with them online is who they say they are. Combating fraud with layered tools strengthens businesses' defenses. But without an intelligent approach to connecting those tools, businesses catch too many good customers (like Eva) in their fraud-mitigation nets. By bringing together different types of fraud mitigation and risk management systems on a single technology platform, fraud hubs provide a solid solution to this challenge. How do fraud hubs like CrossCore help both businesses and consumers? CrossCore brings together into a single platform best-in-class tools and services such as advanced analytics, data consortium, device recognition, endpoint malware, and bot detection, behavioural biometrics, and document verification. Experian has also been named by Gartner as a representative vendor in online fraud detection in their April 2019 Market Guide for Online Fraud Detection, for its CrossCore solution.* Our flagship identity and fraud hub connects various functionalities together in a smart, orchestrated way, leveraging machine learning-driven decisioning to deliver a single fraud decision across multiple tools and enabling businesses worldwide to improve their fraud detection capabilities. CrossCore equips businesses with the most applicable tools to combat the specific fraud threats they face in their organisation. The 100 million cumulative transactions we have run on CrossCore to date show us that while one client may need additional protection against synthetic identity fraud, another may face frequent bot attacks in their account opening application, therefore requiring different approaches. It also means that if one tool can't validate a user's identity, another system can provide evidence that this is, in fact, a real customer. It's precisely the advanced analytics underpinning data modeling what gives our clients greater confidence in their identity and fraud decisions. But let's go back to Eva. In her case, CrossCore's fraud risk engine would have fired rules when she was making a change of address, as this action elevates the potential for fraud. But CrossCore's device intelligence would have shown that Eva was logging in from a known mobile phone. She was also using her phone to type information in a way that a normal user (non-fraudster) would do. In that case, CrossCore would have asked for a step-up authentication where Eva is prompted to take a selfie for biometric authentication. Now, Eva can continue to do her banking and access her accounts as she would normally do. This is a relief as Eva checks off more moving-related tasks and can enjoy her new life in a new city. Back in the bank's fraud investigation office, Robert and his colleagues would have never seen a case for their customer, Eva. Instead, they would have been able to focus their energies on high-risk cases, mitigating any emerging fraud threats. They would have also treated Eva as the good, valued customer she is and helped ensure her business in the long run. Whether it's an automotive client in South Africa, a healthcare organisation in the U.S., an insurance company in the UK, a fintech in Australia or a bank in Brazil, CrossCore is helping to solve one of the greatest challenges in decision analytics today: identifying good customers, while reducing fraud. Download the 2019 Global Identity & Fraud Report. *Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.