Greater transparency in buy now, pay later activity is key to helping consumers build their credit histories and supporting responsible lending.
Experian North AmericaScott Brown, Group President, Financial Services
Affirm plans to report all pay-over-time loan products issued from April 1, 2025, and beyond, including Pay-in-4. The move will help drive greater transparency into the buy now, pay later market while helping consumers build their credit histories over time.
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Today, we stand at the forefront of a digital revolution that is reshaping the financial services industry. And, against this backdrop, financial institutions are at vastly different levels of maturity; the world’s biggest banks are managing large-scale infrastructure migrations and making significant investments in AI while regional banks and credit unions are putting plans in place for modernization strategies, and fintechs are purpose-built and cloud native. To explore this more, I recently had the privilege of attending the annual Reuters NEXT live event in New York City. The event gathers globally recognized leaders across business, finance, technology, and government to tackle some of today’s most pressing issues. On the World Stage, I joined Del Irani, a talented anchor and broadcast journalist, to discuss the future of lending and the pivotal role of data and AI in building a more inclusive financial system. Improving financial access Our discussion highlighted the lack of access to traditional financial systems, and the impact it has on nearly 100 million people in North America alone. Globally, the problem affects over one billion people. These people, who are credit invisible, unscoreable, or have subprime credit scores, are unable to secure everyday financial products that many of us take for granted. What many don’t realize is, this is not a fringe subset of the population. Most of us, myself included, know someone who has faced the challenges of financial exclusion. Everyday Americans, including young people who are just starting out, new immigrants and people from diverse communities, often lack access to mainstream financial products. We discussed how traditional lending has a limited view of a consumer. Like looking through a keyhole, the lender’s understanding of the person in view is often incomplete and obstructed. However, with expanded data, technology, and advanced analytics, there is an opportunity to better understand the whole person, and as a result have a more inclusive financial system. At Experian, we have a unique ability to connect the power of traditional credit with alternative data, bringing a more holistic understanding of consumers and their behaviors. We are dedicated to leveraging our rich history in data and our expertise in technology to create the future of credit and ultimately bring financial power to everyone. The future of lending After spending two days with over 700 industry leaders from around the world, one thing is abundantly clear: much like the early days of the internet, today, we are at the cutting-edge of a technical revolution. Reflecting on my time at Reuters NEXT, I am particularly excited by the collective commitment to drive innovative, and smarter ways of working. We are only beginning to scratch the surface of how data and technology can transform financial services, and Experian is positioned to play a significant role. As we look to the future, I am excited about the ways we will create new opportunities for businesses and consumers alike.
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/.
Precise ID® with FraudNet provides a single view of a consumer’s identity across devices Experian®, the leading global information services company, has announced the launch of a cross-channel fraud platform to better authenticate consumers, validate their mobile devices and identify mobile fraud. The platform combines Experian’s Precise ID®, an industry-leading risk-based authentication service, with FraudNet, a global fraud detection and prevention service from 41st Parameter®, a company Experian recently acquired. The combined offering provides organizations with a way to authenticate consumers confidently at multiple touch-points online, subsequently increasing revenues by significantly reducing false positives in their fraud processes, improving operational efficiencies and preserving a positive customer experience. Companies face significant pressure in authenticating consumers in non-face-to-face channels while protecting their brand from vulnerabilities and financial losses from fraud. Setting up accurate fraud detection processes has become more and more challenging as mobile and online channels have become widely used by consumers. At the same time, fraudsters’ techniques are becoming increasingly sophisticated. “Managing fraud risk and protecting customer identities are becoming more complex as the opportunity for fraud has increased with the proliferation of mobile devices being used for online transactions. Organizations need to confidently authenticate consumers without affecting their overall customer experience,” said Adam Fingersh, senior vice president of Experian Decision Analytics. “The Precise ID with FraudNet platform provides organizations with the ability to manage fraud risk associated with traditional identity information coupled with device-based information through a single platform regardless of channel, all while managing a positive customer experience.” Experian’s Precise ID with FraudNet platform uses a highly configurable rules-based engine designed to balance an individual business’s needs and fraud-risk appetite. The platform combines several features that collectively create a leading offering in the market: • Identity authentication — The risk-based approach considers credit data, noncredit data, questions, scores and analytics, leveraging Experian’s proven analytics and scoring expertise. Custom and configurable rules that support your credit, fraud and compliance policies with Fair Credit Reporting Act and Gramm-Leach-Bliley Act compliance aids in meeting mandated government and industry regulations. • Device intelligence — Fraudsters are taking advantage of new technology and the proliferation of devices. The Precise ID with FraudNet platform enables clients to recognize known returning customers, authenticate new legitimate customers and flag fraudulent threats. By leveraging more than 100 device intelligence attributes and more than 500 actionable rules, Precise ID with FraudNet looks for suspicious and inconsistent device characteristics without the use of any cookies. • Link analysis tool — Investigators can rapidly assess the authenticity of the transaction or group of transactions. For example, the tool can identify common customer information and billing data, including name, multiple phones, multiple addresses and multiple email addresses from the same device, even if no other information is the same. • Risk analyzer — Reduce acceptance of bad accounts without negatively impacting profits via a highly customizable rules engine that is configurable to a company’s risk appetite to appropriately manage cross-channel risk in a portfolio. • Investigator workbench – simplifies case management via an online user interface. Precise ID with FraudNet also incorporates detection tools and full audit trails to decrease investigator training times, reduce the volume of manually reviewed transactions and save time and resources in the review process. Learn more about Precise ID with FraudNet
Summertime only comes around but once a year. And when it does, you can always expect to see the sun shining brightly, kids eating ice cream and folks heading to the beach.
While all these may be staples of the season, none are more indicative of summer than seeing someone drive down the highway in a nice convertible with the wind blowing through their hair.
Ori Eisen, founder of the 41st Parameter, a part of Experian, and Frank Abagnale Jr. spoke with Bloomberg TV recently about new major new fraud threats emerging and how Experian can help protect organizations and their customers from becoming victims. Experian’s fraud prevention and identity management business helps clients combat the global fraud epidemic costing businesses hundreds of billions of dollars every year. You can the watch the interview here: Corporate account takeover is a growing issue as virtually any web site leveraging username and password authentication can be affected. Our Decision Analytics team wrote about the account takeover trend earlier.
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