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It’s hard to believe that Christmas is just around the corner. Many of us will be starting to think about (or if you’re very organised, have already finished) their Christmas shopping. Black Friday sales will kick-off this week’s online bonanza, as bargain hunters pursue the best deals online. However, while we are all busy getting into the spirit of things, it has never been more vital that we do what we can to protect ourselves from identity fraud. As the popularity of the Black Friday sales season has grown, we’ve also seen a marked increase in the volume of fraudulent activity, as criminals use stolen or illegally obtained personal details to apply for credit in someone else’s name. According to our latest analysis of National Hunter Fraud Prevention Service data, the fraud rate for credit card applications has increased by 43% in the last three months to 69 confirmed fraudulent applications per 10,000 applications. It’s expected the rate will rise even more in December, as criminals look to take advantage. It’s naturally worrying if you are a victim of ID fraud. The fraudster will likely have tried to obtain credit in your name – perhaps on multiple occasions – and you’ll be concerned about how and from where they got hold of your information in the first place. Fortunately, there’s a host of things you can do to protect yourself. Checking your credit report on a regular basis is one of the best ways to spot if fraudsters have used your personal information to attempt to access credit, and our dedicated teams can help guide you through the steps if the worst happens and your identity has been stolen. New services and solutions are also helping companies identify and prevent more fraud. In part, the rise in rates can be attributed to better detection, helping fraud teams focus their energy on fraudulent applications, rather than genuine ones. So, while you’re browsing for gifts this festive season, make sure you are mindful of those looking to spoil your Christmas spirit. Help is available and you can read more on how to guard yourself against identity fraud on our website.

Experian is a passionate believer in the role of data as a force for good in the world. Now more than ever, data has a role to play in helping people and businesses across the UK as they recover from the pandemic and look to the future. The National Data Strategy sets a direction for a dynamic and successful Britain, building on a foundation of data insight and analysis. We’re pleased to be able to host the NDS Forum’s Midlands launch today, and to work with organisations from across the region to support its future success. Working together, we can harness the opportunities ahead to deliver positive outcomes for people, businesses and the economy – both in the Midlands and across the wider United Kingdom. Minister for Media, Data and Digital Infrastructure, Julia Lopez, said: "Data is transforming our economy and society by powering better public services and creating new jobs. We want to unlock the power of data through our National Data Strategy and this event will see us work with local communities in the Midlands to see how we can use data to improve people's lives and build back better from the pandemic."  

Over the past 18 months, we’ve monitored insights related to consumer and business economic outlooks, financial well-being, online behavior and more. One of the most significant insights was the accelerated shift toward e-commerce and digital financial services. In fact, there has been a 25% increase in digital transaction across the globe since the start of the pandemic including shopping, banking, and transacting online. Our latest 2021 Global Insights Report found that the increase in online activity held steady, even with the return of physical shopping and banking. The study also found that consumers are spending again. Nearly 10% of consumers are spending more and putting less away in retirement or emergency savings than from one year ago. However, even though customers are spending more, loyalty to online businesses is declining. We found that 61% of consumers say they are staying with the same online service provider they used prior to COVID-19. This a decrease of 8% from one year ago. The continued increase in online activity, coupled with heightened consumer expectations, dwindling customer loyalty, and increased competition, could lead to potential revenue loss or gain. Businesses must find solutions to improve digital engagement and customer acquisition. Fortunately, improving digital engagement and customer acquisition are companies’ top priorities as they maneuver the pandemic-accelerated boost in digital transactions. They are leveraging advanced technologies like digital credit risk decisioning, passive authentication, and artificial intelligence to improve the digital customer experience and grow their business. According to Experian’s report, 90 percent of companies are investing in business automation, 76 percent are improving or rebuilding their analytics models and 65% intend to increase fraud budgets. Adoption of AI has risen from 69% to 74% and machine learning from 68% to 73% in one year. We also found that 50% of companies are exploring the use of expanded data sources. To develop the study, Experian surveyed 3,000 consumers and 900 businesses across 10 countries around the world including Australia, Brazil, Germany, India, Italy, Japan, Singapore, Spain, United Kingdom and United States. This report is part of a longitudinal study and published series that started in June 2020 through October 2021 exploring the major shifts in consumer behavior and business strategy throughout COVID. Access all global research reports here. To learn about more findings, download the  Global Insights Report and visit the Global Insights blog.