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For credit unions of all sizes, choosing a strategic partner with the right tools, capabilities, and industry expertise to support growth while minimizing expenses is a decision critical to the bottom line. This is especially important, since the goal of achieving sustainable growth has continued to be a trending topic for credit unions since the start of the pandemic. According to this CU Times analysis of NCUA data, the fourth quarter of 2020 showed that high overhead per assets was the main factor holding down net income, and credit unions with less than $1 billion in assets fared the worst. These high overhead costs kept margins low and served to be a key contributing factor in gauging a credit union’s profitability. Overcoming this problem lies not only in improving operational efficiency, but in seeking out partners that can provide innovative insight and “right-sized,” scalable solutions to help credit unions effectively grow at a strategic pace. The less money a credit union spends earning each dollar, the more operationally efficient and resource-savvy it becomes—which in turn generates more value for both the credit union and its members. So how can a credit union successfully assess a potential partner’s ability to help them achieve goals for sustainable growth? Asking three key questions can reveal a potential partner’s operational prowess and their ability to understand and offer the right solutions tailored for an individual credit union’s need. Minimize Overhead with a Partner Who Can Help Accelerate and Support Sustainable Growth: Evaluation Questions to Ask 1. Does my potential partner offer solutions to ease the strain on staff, or help automate time-consuming, repetitive tasks and processes? Automation is not only for large credit unions. Employees at credit unions with $4 billion and less in assets often wear many hats and manage the full spectrum of credit activities, leaving leaders to ponder how much time staff is spending on rote, manual tasks throughout the end-to-end member lifecycle. As a result, credit unions are turning to automated decisioning to streamline repetitive tasks and meet increasing member expectations, while also reducing risk. To drive sustainable growth, credit unions will want to look at current processes as a means of measuring efficiency. Can existing programs handle growth to scale in all areas of the business? How can digital lending automation be increased and free up more time for staff to focus attention where it is needed most, such as high-value engagements with members and delivering a personalized member experience? Can self-service tools save your credit union valuable time and increase employee satisfaction? 2. Does my potential partner have access to the right data, advanced analytics and technology to help optimize credit decisioning? As credit unions consider different ways to minimize overhead and accelerate growth, the last few years have shown that automation, coupled with advanced analytics and technology, has taken on a second wave of focus and intense interest. A significant opportunity pertaining to automation is supporting decisioning throughout the member lifecycle, again, eliminating the need for manual processes that cannibalize time and resources. For example, access to advanced analytics and data at the onset of account acquisition can quickly inform a lender as to whether a new account should be approved or declined. Furthermore, it also presents an opportunity to lend deeper. Credit unions can leverage expanded datasets to perform an analysis on rejected applicants and make more predictive decisions – leading to incremental loans. Additionally, lenders have identified other areas where automated decisioning could speed up processes that once required manual evaluation – from account and portfolio management, to marketing and prescreening efforts, to managing early and late-stage delinquent accounts. By leveraging a partner who can support optimizing credit decisioning with the freshest data and analytics, credit unions can routinely and consistently be sure they’re making the right offers and decisions to the right customer at the right time. 3. Does my potential partner offer digital-first strategies and solutions that help reduce friction and improve the member experience? More and more members are interacting and engaging with their credit unions via digital channels. To meet their demands, credit unions – who have historically prioritized other initiatives over digital transformation– are quickly pivoting and rethinking their digital strategy to offer best-in-class digital banking and borrowing experiences, while also reducing friction. Part of this strategy includes smart, easy and well-designed applications that support sustainable growth simply by streamlining offers and reducing abandonment. When considering a potential partner, take into consideration their ability to assist with digital-first solutions, including: Real-time income and employment verification, and fraud tools to quickly and accurately confirm important factors, including the legitimacy of members, and streamline the borrowing process with minimal friction. Instant prescreen, self-service prequalification and instant credit to offer fast, easy, and convenient real-time credit decisions for members. Additionally, improving lending economics with a digital-first pre-qualification tool can not only better serve members, but also drive more apps and grow loans. Artificial intelligence, machine learning and other innovative technologies to enhance underwriting and decrease both hard inquiries on applications and the need for extensive underwriter review. Prequalification tools powered by innovative technology solutions can lead to efficient use of underwriter resources and act as a filter in front of the LOS to remove unqualified applications from hard inquiries. Technology that integrates with multiple lending and core systems and delivers solutions that integrate with multiple systems and channels. For example, to help improve conversion, the borrower experience can be offered a simple application that is designed to “get to offer” as fast as possible. This helps reduce abandonment. The process can be further streamlined by integrating data sources for ID verification, auto fill assistance and adding integrations with existing lending and core systems. To learn more about Experian and how our solutions can support and grow your credit union, contact us now. Contact Us

Forrester recently named Experian to their Programs of the Year awards, which recognize outstanding achievements in a particular area in sales, marketing and product functions. Forrester gives this award to companies who achieve the successful implementation of Forrester’s research, frameworks and best practices to improve functional performance. At Experian, innovation is at the heart of what we do. We strive for continuous improvement, and look for ways to progress our products and services to better serve businesses and consumers. Over the last year, Experian’s Decision Analytics Portfolio Marketing team engaged with Forrester’s SiriusDecisions group to refine the programs they employ to assess and respond to market needs while meeting their stated growth and performance goals. Experian’s Keir Breitenfeld, Vice President, Portfolio Marketing, Experian Decision Analytics, who presented the team’s results at the recent Forrester B2B summit said, “I’m proud of the Decision Analytics Portfolio Marketing team for what they accomplished while working alongside Forrester SiriusDecisions. We were able to reframe how we assess market opportunities for increased impact as we highlight Experian’s areas of expertise to better serve businesses and the consumers that rely on them.” To learn more about the Programs of the Year award and how Experian innovation helps businesses achieve their goals, visit us or request a call. Contact us

To grow in today’s economic climate and beat the competition, financial institutions need to update their acquisition and cross-sell strategies. By doing so, they are able to drive up conversions, minimize risk, and ultimately connect consumers with the right offers at the right time. Businesses and consumers are spending more time online than ever before, with 40% of consumers increasing the number of businesses they visit online. They’ve also made it clear that they expect easy, frictionless transactions with their providers. This includes new accounts and offers of credit – creating the need for better delivery systems. Effective targeting and conversion come down to more than just direct mail and email subject lines, especially now in a volatile economy where consumers are seeking appropriate products for their current situation. Be the first to meet consumers’ needs by leveraging the freshest data, advanced analytics, and automated decision systems. For example, when a consumer tries to open a checking account, the system can initiate a “behind-the-scenes” real-time prescreen request while assessing information needed to open the deposit account. The financial institution can then see if the consumer qualifies for overdraft protection, refinancing offers, loans, credit cards, and more. By performing the pre-approval process in seconds, financial institutions can be sure that they're making the right offers to the right customer, and doing it at the right time. All of this helps to increase the offer acceptance rate, improving customer retention, and maximizing customer account life-time value. The pandemic upended a lot of the ways that your businesses run day-to-day – from where you work to how you (better) engage with customers. Arguably, some of the changes have been long overdue, particularly the acceleration to digital and better customer acquisition strategies. Ahead lies the opportunity to grow – strategies enacted now will determine the extent of that opportunity. To learn more about how Experian can help you assess your prescreen strategy and grow, contact us today. Request a call

As the used vehicle market continues to thrive, a vehicle history report is more vital than ever. There can be hidden risk associated with used cars. It’s important for dealers to ensure the safety of their inventory for car shoppers. This is why dealers need to consistently use vehicle history reports when acquiring vehicles from the auction. AutoCheck vehicle history reports include data from 95% of all U.S. Auction Houses, with most providing exclusive structural damage announcement information. We want to help dealers feel more confident in the used vehicles they bring into their inventory. Contact us to learn more about becoming an AutoCheck subscriber.

Recently, I wrote about how Experian is assisting NASWA (National Association of State Workforce Agencies) with identity verification to help mitigate the spike in fraudulent unemployment insurance claims. Because of this I was not all that surprised when I found a letter in my mailbox from the Texas Workforce Commission with a fraudulent claim using my identity, inspiring me to follow up on this topic with a focus on fraud prevention best practices. Identity theft is on the rise According to Experian data analysis and a recent study on unemployment insurance fraud, at least 25% of new claims are a result of identity theft. This is 50 times higher than what we have traditionally seen in the highest ID theft fraud use case, new credit card applications, which generally amounts to less than 0.5% of new applications. Increasing digitization of the last few years—culminating in the huge leap forward in 2020—has resulted in a massive amount of information available online. Of that information, a reported 1.03 billion records were exposed between 2016 and 2020. There are currently approximately 330 million Americans, so on average more than three records per person have been exposed, creating an environment ripe for identity theft. In fact, a complete identity consisting of name, address, date of birth, and Social Security number (SSN) can be purchased for as little as $8. This stolen data is then often leveraged by both criminal rings who are able to perpetrate fraud on a large scale and smaller scale opportunists – like the ones in Riverside, CA leveraging access to identities of prison inmates. Fraud prevention through layered identity controls In the 20 years that I have been combatting ID theft both in the private and public sectors, I’ve learned that the most effective identity proofing goes beyond traditional identity resolution, validation, and verification. To be successful, you must take advantage of all available data and incorporate it into a layered and risk-based approach that utilizes device details, user behavior, biometrics, and more. Below, I outline three key layers to design an effective process for ID proofing new unemployment insurance claims. Layer 1: Resolve and Validate Identities Traditional identity data consists of the same basic information—name, address, date of birth, telephone number, and SSN—which is now readily available to fraudsters. These have been the foundation for ID proofing in the past and are still critical to resolving the identity in question. The key is to also include additional identity elements like email address and phone number to gain a more holistic view of the applicant. Layer 2: Assess Fraud Risk Determining an identity belongs to a real-life subject is not sufficient to mitigate the risk of ID theft associated with a new unemployment insurance claim. You must go beyond identity validation to assess the risk associated with their claim. Risk assessment risk falls into two categories – identity and digital risk. Identity Risk When assessing a claim, it’s important to check the identity for: Velocity: How often have you (or other states) seen the information being presented with this application? Has the information been associated with multiple identities? Recency of change: How long has the identity been associated with the contact information (phone, email, address, etc.)? Red flags: Has the subject been a recent victim of ID theft, or are they reported as deceased? Synthetic Identity: Are there signs that the identity itself is fictitious or manipulated and does not belong to a real-life person? Digital Risk Similar to the identity risk layer above, the device itself and how the subject interacts with the device are significantly important in identifying the likelihood a new claim is fraudulent. Device risk can be assessed by utilizing geolocation and checking for inconsistent settings or high-risk browsers, while behavioral risk might check for mouse movement, typing speed, or screen pressure. Layer 3: Verify Highest Risk Subjects The final stage in this process is to require additional verification for the highest risk claims, which helps to balance the experience of your valid subjects while minimizing the impact of fraud. Additional steps might include: Document verification: Scanning a government-issued ID (driver’s license, passport, or similar), which includes assessing for document security features and biometric comparison to the applicant. One-time passcode (OTP): It is key to deploy this sparingly only to phone numbers that have been associated with the subject for a significant time frame and incorporate checks to determine if it is at high risk (e.g., recently ported or forwarded). Knowledge-based verification (KBV): Leveraging non-public information from a variety of sources. By adding additional, context-based identity elements, it becomes possible to improve the three main objectives of most agencies’ identity proofing process – get good constituents through the first time, protect the agency and citizens from fraud, and deliver a smooth and secure customer experience in online channels. While there’s no quick fix to prevent unemployment insurance fraud, a layered identity strategy can help prevent it. Finding a partner that has a single, holistic solution empowers agencies to defend against unemployment insurance fraud while minimizing friction for the end-user, and preparing for future fraud schemes. To learn more about how you can protect your constituents and your agency from unemployment insurance fraud request a call today. Contact us

In today’s digital-first environment, fraud threats are growing in sophistication and scope. It’s critical for credit unions to not only understand the specific threats presented by life online, but to also be prepared with a solid fraud detection and prevention plan. Below, we’ve outlined a few fraud trends that credit unions should be aware of and prepared to address. 2021 Trends to Watch: Digitization and the Movement to Life Online Trend #1: Digital Acceleration As we look ahead to the rest of 2021 and beyond, we expect to see adoption of digital strategies nearing the top of credit unions’ list of priorities. Members’ expectations for their digital experience have permanently shifted, and many credit unions now have members using online channels who traditionally wouldn’t have. This has led to a change in the types of fraud we see as online activities increased in volume. Trend #2: First-Party Fraud is On the Rise First party fraud is on the rise – 43% of financial executives say that mule activity is up 10% or more compared to attack rates prior to the pandemic, according to Trace Fooshee, Senior Analyst for Aite Group, and we expect to see this number grow. The ability for credit unions to identify and segregate the “good guys” from “bad guys” is getting more difficult to discern and this detail is more important than ever as credit unions work to create frictionless digital experiences by using digital tools and strategies. Trend #3: Continual Uptick in Synthetic Identity Fraud We expect synthetic identity fraud (SID) to continue to rise in 2021 as cybercriminals become more sophisticated in the digital space and as members continue with their new digital habits. Additionally, fraudsters can use SIDs to bring significant damage and loss to credit unions through fraudulent checks, debit cards, person-to-person and automated clearing house (ACH) transactions. More and more, fraudsters are seen opening accounts and remaining very patient – using an account to build and nurture a trusted relationship with the credit union and then remain dormant for two years before ensuing in any sort of abuse. Once the fraudster feels confident that they can bypass authentication processes or avoid a new product vetting, oftentimes, they will take that opportunity to get easy access to all solutions credit unions have available and will abuse them all at once. There are no signs of fraud slowing, so credit unions will need to stay vigilant in their fraud protection and prevention plans. We’ve outlined a few tips for credit unions to help protect member data while reducing risk. The Fight Against Fraud: Four Key Tips Tip #1: Manage Each Fraud Type Appropriately Preventing and detecting fraud requires a multi-level solution. This can involve new methods for authenticating current and prospective members, as well as incorporating synthetic identity services and identity proofing throughout the member lifecycle. For example, credit unions should consider taking extra verification steps during the account opening process as a preventative measure to minimize SID infiltration and associated fraud losses. As credit unions continue down the path of digitization, it’s also important to add in digital signals and behavior-based verification, such as information about the device a consumer is logging in from to heighten defenses against bad actors. Tip #2: Be Resourceful In the wake of the COVID-19 pandemic, many have asked, “How should credit unions approach fraud prevention tactics when in-person contact is limited or unavailable?” In some cases, you might need to be willing to say no to requests or get creative and find other options. Sometimes, it takes leveraging current resources and using what’s readily available to allow for a binary decision tree. For example, if you’re suspicious of a dormant account that you think could be synthetic, call them, and ask yourself these questions: Did they answer? Was the phone still active? Send the account holder an email – did you get a reply? Is this a new member? Is this a new channel for the member? Could they have logged on to do this instead of calling the call center? Tip #3: Empower Members Through Education Members like to know that their credit unions are taking the necessary steps and applying the right measures to keep their data secure. While members might not want every detail, they do want to know that the security measures are there. Require the use of strong passwords, step-up authentication, and empower members with alerts, notifications, and card controls. Additionally, protect members by providing resources like trainings, webinars, and best practices articles, where they can learn about current cyber trends and how to protect their data. Tip #4: Trust Data Many credit unions rely on an employee’s decision to decide when to take action and what action to take. The challenge with this approach comes when the credit union needs to reduce friction for members or tighten controls to prevent fraud, because it’s extremely hard to know exactly what drove prior actions. A better alternative is to rely on scores and specific data. Tweaks to the scores or data points that drive actions allow credit unions to achieve the desired member experience and risk tolerance – just be sure to leverage internal experts help figure out those policies. By determining what conditions drive actions before the actions are taken (instead of doing it one case at a time) the decisions remain transparent and actionable. Looking for more insights around how to best position your credit union to mitigate and prevent fraud? Watch our webinar featuring experts from around the industry and key credit unions in this Fraud Insight Form hosted by CUES. Watch now Contact us

The surge in digital demand over the past year reinforced the deep connection between recognition, fraud prevention and the online customer experience. As businesses transformed their operations to accommodate the rapidly growing volume of digital transactions, consumer expectations for easy, secure interactions increased at an even faster pace. That meant less tolerance for the interruptions caused by security and risk controls. We surveyed more than 9,000 consumers and 2,700 businesses worldwide about this connection for our 2021 Global Identity and Fraud Report. This year’s report dives into: Business priorities for the year ahead Why the digital customer experience remains siloed Consumer preferences that impact the digital customer journey Pandemic-era digital activities that have changed consumer expectations As we move forward into the rest of 2021 it’s crucial that businesses continue to focus on fraud prevention. In order to implement an effective fraud strategy that also makes it easier for customers to engage, businesses need to move away from a one-size-fits-all approach and focus on applying the right level of protection to each and every transaction. Download the report Review your fraud strategy

At some point a lender may need to issue an RFI or an RFP for a credit decisioning system. In this latest installment of “working with vendors” let’s dive into some best practices for writing RFIs and RFPs that will help you more quickly and efficiently understand the capabilities of a vendor. First, have one person (or at most a very small group) review the document before it goes out to vendors. Too often these kinds of documents seem like they’re just cut and pasted together without any concern if they paint a coherent picture. If it’s worth the time to write an RFI/RFP, then it’s worth the time to get it right so that the vendor responses make sense. If your document paints an inconsistent picture, a vendor may not know what products will best serve your requirements. In turn, precious time will be wasted in discussions around what’s being proposed. Here are some things to make clear in the document: For what part of the credit life cycle does this RFI/RFP apply (prospecting, origination, account management or collections)? If the request covers more than one part of the life cycle, make clear which questions apply to which part of the life cycle. Do you need a system that processes in batch or real-time requests (or both)? For example, a credit card account management solution can process accounts in batch (for proactive line management), in real time (for reactive requests) or possibly even both. Let the vendor know what it is you’re trying to do, as there may be different systems involved in processing these requests. Do you want this system hosted at the vendor, a third party (like AWS, Azure, etc.) or installed on premises? If you have a preference, let the vendor know. If you have no preference, ask the vendor what they can support. In general, consider playing down or skip detailed pricing questions. There’s nothing wrong with asking for a price range. For credit decisioning systems, detailed pricing is difficult for the vendor since there are often high levels of unknown customization to do. A better question might be, “What things will the vendor have to know in order to accurately price the solution? What are the logical next steps to get more accurate pricing? What’s the typical range of pricing in a solution such as this and what drives that range?” Will you be acting as an aggregator? Sometimes systems are created as front ends to several lenders. For example, a client may want to create a website where a borrower can “shop” among several lenders. This is certainly doable but carries with it a whole host of legal, compliance, business and technical questions. In my opinion, I’d skip the RFI/RFP in this situation and have a robust sit down directly with the vendors. This option will likely be far more productive. Ask more open-ended questions. “How does the solution perform task X?” as opposed to, “Do you support Y?” Often, there’s more than one way to accomplish a task. Asking more open-ended questions will yield a more comprehensive answer from the vendor rather than a simple yes or no response. It also gives you the opportunity to learn about the latest decisioning techniques. Be careful that you have not copied old RFP questions that are no longer relevant. I’ve had clients ask if we support Bernoulli Boxes (a mid-80s kind of floppy disk), or whether we support OS/2, etc. I’ve even had questions about supporting a particular printer. These kinds of questions are centered on the support of the operating system and not a particular vendor’s credit decisioning software. Instead of asking yes/no technology questions, ask for a typical sample architecture. Ask what kinds of APIs are supported (REST, SOAP/XML, etc.). Ask about the solution’s capabilities to call third-party systems (both internal and external). Ask fewer, but more in-depth questions. If the solution needs screens, be clear which screens you’re talking about. Do you need screens to make rule adjustments or configuration changes? Do you need screens for manual review or some sort of case management? Do you need consumer-facing screens where borrowers can type in their application data? If you need screens, be clear on the task the screens should perform. If you have particular concerns, ask them in an open-ended way. For example, “The solution will have to exchange file-based data with a mainframe. How can your solution best satisfy this requirement?” In general, state your requirement not the technology to use. A preamble or brief executive summary is useful to get the big picture across before the vendor delves into any questions. A paragraph or two can go a long way to help the vendor better assess your requirements and provide more meaningful answers to you. This works well because it’s easier to give the big picture in a few paragraphs as opposed to sprinkled around in multiple questions. To summarize, be clear on your requirements and provide a more open-ended format for the vendor to respond. This will save both you and the vendor a lot of time. In section three, I’ll cover evaluating vendors.

Experian’s Q4 2020 Market Trends Review takes a closer look at aftermarket trends, including the growing sweet spot.

The sharp uptick in fraud that coincided with the digital evolution made it clear that banks, credit unions, and fintechs need to invest in a strategy that utilizes identity layers to keep their customers and their finances safe. The steady rise in fraud over the last several years spiked—payment fraud rose 70% last year and is expected to increase by 95% in 2021—making it more challenging than ever to address the fraud threat while meeting increasing customer expectations. The rising fraud threat 2020 saw a rapid influx of customers using digital channels and the amount of data flowing into financial systems. There’s been a seismic shift, and we’re not going back. According to a recent study, 80% of consumers now prefer to manage their finances digitally, leaving the door open for fraudsters to take advantage of digital newbies. The increase in online activity corresponded with criminal activity. The rates of synthetic identity, account opening, and account takeover fraud have risen as fraudsters’ tactics have evolved. 80% of fraud losses now come from synthetic identities In 2020 the rate of new account credit card fraud attempts rose 48% Account takeover accounted for 54% of all fraud attacks in 2020 Fraudsters will continue to take advantage of current conditions, moving from stimulus-related fraud back to more traditional forms of financial theft, and financial institutions must adapt in turn with robust identity layers. Resolving the identity threat In our recent white paper, developed in partnership with One World Identity, we explore how businesses can address the fraud threat. It requires a multilayered identity proofing strategy for both onboarding and ongoing authentication. By doing this, financial institutions can gain a holistic view of consumers and their associated risks, decreasing friction while enabling robust fraud protection. To learn more, download our “Improving Fraud by Increasing Identity Layers” white paper. Download white paper

Digitalization, also known as the process of using digital technology to provide new opportunities for revenue and growth, continues to remain a top priority for many organizations in 2021. In fact, IDC predicts that by 2024, “over 50% of all IT spending will be directly for digital transformation and innovation (up from 31% in 2018).”[1] By combining data and analytics, companies can make better and more instant decisions, meet customer expectations, and automate for greater efficiency. Advances in AI and machine learning are just a few areas where companies are shifting their spend. Download our new white paper to take a deep dive into other ongoing analytics trends that seem likely to gain even greater traction in 2021. These trends will include: Increased digitalization – Data is a company’s most valuable asset. Companies will continue utilizing the information derived from data to make better data-driven decisions. AI for credit decisioning and personalized banking – Artificial intelligence will play a bigger role in the world of lending and financial services. By using AI and custom machine learning models, lending institutions will be able to create new opportunities for a wider range of consumers. Chatbots and virtual assistants – Because customers have come to expect excellent customer services, companies will increase their usage of chatbots and virtual assistants to facilitate conversations. Cloud computing – Flexible, scalable, and cost-effective. Many organizations have already seen the benefits of migrating to the cloud – and will continue their transition in the next few years. Biometrics – Physical and behavioral biometrics have been identified as the next big step for cybersecurity. By investing in these new technologies, companies can create seamless interactions with their consumers. Download Now [1] Gens, F., Whalen, M., Carnelley, P., Carvalho, L., Chen, G., Yesner, R., . . . Wester, J. (2019, October). IDC FutureScape: Worldwide IT Industry 2020 Predictions. Retrieved January 08, 2021, from https://www.idc.com/getdoc.jsp?containerId=US45599219

In 2020, new trends emerged, driven by a continued shift in consumer preferences. Let’s take a closer look at how the industry fared during the year.

For the last several months, Experian has participated as the only credit bureau in the pilot of the electronic Consent Based Social Security Number (SSN) Verification (eCBSV) service. As we move forward to general rollout and expanded availability later this year, it’s time to review the benefits of eCBSV and how it helps businesses prevent synthetic identity fraud.   Service and program overview The eCBSV service combats synthetic identity fraud by comparing data provided electronically by approved financial institutions against the Social Security Administration’s (SSA) database in real time. This service helps financial institutions verify SSNs more efficiently and enables improved experiences for identifying legitimate or possibly synthetic identities applying for your products.   The verification process begins with consent from the SSN holder – and with eCBSV this consent is provided electronically rather than via a wet signature. Then, the SSN is checked against the SSA database to validate the SSN, name, and date of birth combination are or are not a match. The verification will also indicate if the SSN is listed as deceased with the SSA. Together, these factors can help flag whether or not an identity is synthetic.   By managing this process electronically, it is faster, more secure, and more efficient than before, offering an improved experience for consumers and the financial institutions that service them.   Layering solutions While eCBSV is an excellent step forward in the fight against the rising threat of synthetic identity fraud, a layered fraud mitigation strategy is still necessary. It’s only by layering solutions that financial institutions can accurately identify different types of fraud and provide them with the correct treatment, which is especially important when it comes to rooting out fraud when it’s already embedded in a portfolio.   To learn more about how Experian is helping to combat synthetic identity fraud and how eCBSV can benefit your financial institution, request a call. Request a call

AutoCheck Buyback Protection is a policy that will compensate a consumer by buying back their vehicle under certain circumstances...