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The rise of Generative AI (GenAI) is fueling a new wave of sophisticated fraud, transforming the financial services landscape. Experian’s 2024 Global Identity & Fraud Report highlights the challenges businesses face, and the strategies needed to protect consumers while maintaining seamless digital experiences. Based on insights from more than 1,000 business and fraud leaders, and 4,000 consumers worldwide, the report identifies three key forces shaping fraud prevention: GenAI-Powered Fraud: Fraudsters use AI to craft highly personalized attacks, exploiting vulnerabilities across the customer journey. Evolving Regulations: Stricter government requirements demand rapid adaptation of fraud prevention strategies. Customer Expectations: Consumers prioritize secure, efficient services. Many abandon brands after poor account-opening or transactional experiences. A Multi-Layered Defense The report emphasizes the need for a multi-layered approach to combat fraud effectively. Businesses are increasing investments in AI, machine learning, and data-sharing networks to detect and prevent fraud in real-time. “Fraud operates across borders and targets various points in the customer journey,” said Greg Wright, Experian’s Executive Vice President of Identity and Fraud. “Businesses must leverage advanced analytics and alternative data to stay ahead of these evolving threats.” Balancing Security and Experience Consumers value security, but demand convenience. Striking the right balance is critical, as many switch providers after experiencing delays or cumbersome processes. Businesses can succeed by: Using Advanced Analytics: Leveraging AI-driven insights to prevent fraud while maintaining smooth customer experiences. Orchestrating Fraud Prevention: Integrating tools to provide a 360-degree view of customers, ensuring fraud detection is seamless and comprehensive. The Path Forward The rise of GenAI fraud underscores the need for global collaboration and innovation. By adopting advanced technologies and prioritizing customer-centric solutions, businesses can protect consumers while fostering trust. Experian’s 2024 report offers actionable insights for navigating these challenges. Download the full report to learn how to outpace fraudsters while delivering secure, seamless experiences.

Experian is celebrating the one-year anniversary of The Legacy League Game Show™, a dynamic and interactive event that has revolutionized financial literacy education for students at Historically Black Colleges and Universities (HBCUs) and Hispanic Serving Institutions (HSIs). This innovative program, part of the B.A.L.L. for Life™ initiative, combines the excitement of a game show with essential lessons on credit and financial management. We marked the occasion where it debuted in 2023: at EntreprenUTSA at the University of Texas San Antonio. The Legacy League Game Show™ has traveled to ten universities such as Morgan State and Shaw Universities and major events across the United States. The National Urban League describes the event as transformational; HomeFree-USA calls it a “model for how to teach anything to Gen Z and other generations.” Thousands of students have participated across the country, and more than 99% report an increase in their financial literacy after the experience. As someone whose family didn’t discuss money matters growing up, this impact is especially gratifying. In addition to making learning fun, The Legacy League Game Show™ addresses a critical issue: financial invisibility among young consumers, particularly within communities of color. Forty percent of consumers under 25 are credit invisible, with 26% of Hispanic and 28% of Black consumers affected, compared to 16% of their white and Asian peers.   Special guests, including rapper and college basketball standout Flau’jae, comedian and actor Mike Merrill, Louisiana State University wide receiver Chris Hilton, Jr. and Grammy-nominated D Smoke have joined the game show, adding star power and excitement. Next year, The Legacy League Game Show™ will hit the road again, visiting more schools and events. We already have stops planned at the #IYKYK Pitch Competition in partnership with HomeFree-USA, the University of Illinois in collaboration with the Hispanic Alliance for Career Enhancement (HACE), and the UnidosUS National Conference. Check out the action from our 2024 stops by clicking here.Learn more about Experian’s commitment to underserved communities in The Power of YOU 2024: Diversity, equity, inclusion and social impact report.

The advertising ecosystem has seen significant transformation over the past few years, with increased privacy regulation, changes in available signals, and the rise of channels like connected TV and retail media. These changes are impacting the way that consumers interact with brands and how brands understand and continue to deliver relevant messages to consumers with precision.   Experian has been helping marketers navigate these changes, and as a result, our marketing data and identity solutions underpin much of today’s advertising industry. We’re committed to empowering marketers and agencies to understand and reach their target audiences, across all channels. Today, we are excited to announce our acquisition of Audigent—a leading data and activation platform in the advertising industry.   With Audigent’s combination of first-party publisher data, inventory and deep supply-side distribution relationships, publishers, big and small, can empower marketers to better understand their customers, expand the reach of their target audiences and activate those audiences across the most impactful inventory.      I am excited to bring together Audigent’s supply-side network as a natural extension to our existing demand-side capabilities. Audigent’s ability to combine inventory with targeted audiences using first-party, third-party and contextual signals provides the best of all worlds, allowing marketers to deliver campaigns centered on consumer choices, preferences, and behaviors.    The addition of Audigent further strengthens our strategy to be the premier independent provider of marketing data and identity, ultimately creating more relevant experiences for consumers.   To learn more about Experian and Audigent, visit https://www.experian.com/marketing/ and https://audigent.com/.