Experian Boost provides a unique opportunity to help dealers build loyalty while helping consumers.

What do movie actors Adam Sandler and Hugh Grant, jazz singer Michael Bublé, Russian literary giant Leo Tolstoy, and Colonel Sanders, the founder of KFC, have in common? Hint, it’s not a Nobel Prize for Literature, a Golden Globe, a Grammy Award, a trademark goatee, or a “finger-lickin’ good” bucket of chicken. Instead, they were all born on September 9, the most common birth date in the U.S. Baby Boom According to real birth data compiled from 20 years of American births, September is the most popular month to give birth to a child in America – and December, the most popular time to make one. With nine of the top 10 days to give birth falling between September 9 and September 20, one may wonder why the birth month is so common. Here are some theories: Those who get to choose their child’s birthday due to induced and elective births tend to stay away from the hospital during understaffed holiday periods and may plan their birth date around the start of the school year. Several of the most common birth dates in September correspond with average conception periods around the holidays, where couples likely have more time to spend together. Some studies within the scientific community suggest that our bodies may actually be biologically disposed to winter conceptions. While you may not be feeling that special if you were born in September, the actual differences in birth numbers between common and less common birthdays are often within just a few thousand babies. For example, September 10, the fifth most common birthday of the year, has an average birth rate of 12,143 babies. Meanwhile, April 20, the 328th most common birthday, has an average birth rate of 10,714 newborns. Surprisingly, the least common birthdays fall on Christmas Eve, Christmas Day and New Year’s Day, with Thanksgiving and Independence Day also ranking low on the list. Time to Celebrate – but Watch out! Statistically, there’s a pretty good chance that someone reading this article will soon be celebrating their birthday. And while you should be getting ready to party, you should also be on the lookout for fraudsters attempting to ruin your big day. It’s a well-known fact that cybercriminals can use your birth date as a piece of the puzzle to capture your identity and commit identity theft – which becomes a lot easier when it’s being advertised all over social media. It’s also important for employers to safeguard their organization from fraudsters who may use this information to break into corporate accounts. While sharing your birthday with a lot of people could be a good or bad thing depending on how much undivided attention you enjoy – you’re in great company! Not only can you plan a joint party with Michelle Williams, Afrojack, Cam from Modern Family, four people I went to high school with on Facebook and a handful of YouTube stars that I’m too old to know anything about, but there will be more people ringing in your birthday than any other day of the year! And that’s pretty cool.

Pickups are the most common vehicle in operation at 20% share today and hold 16.5% of new vehicle registrations in the market in Q1 2019.

Many companies rely on attributes for decisioning but lack the resources needed to invest in developing, managing, and updating the attributes themselves. Experian is there to guide you every step of the way with our Attribute Toolbox – our source independent solution that provides maximum flexibility and multiple data sources you can use in the calculation and management of attributes. To create and manage our attributes, Experian has established development principles and created a set methodology to ensure that our attribute management system works across the attribute life cycle. Here’s how it works: Develop Attributes The attribute development process includes: discovery, exploratory data analysis, filter leveling, and the development of attributes. When we create attributes, Experian takes great care to ensure that we: Analyze the available data elements and how they are populated (the frequencies of fields). Determine a “sensible” definition of the attribute. Evaluate attribute frequencies. Review consumer credit reports, where possible. Refine the definition and assess more frequencies and examples. Test Attributes Before implementing, Experian performs an internal audit of filters and attributes. Defining, coding and auditing filters is 80% of the attribute development process. The main objective of the auditing process is to ensure both programming and logical accuracy. This involves electronic and manual auditing and requires a thorough review of all data elements used in development. Deploy Attributes Deployment is very similar to attribute testing. However, in this case, the primary objective of the deployment audit is to ensure both the programming and logical accuracy of the output is executing correctly on various platforms. We aim to maintain consistency among various business lines and products, between batch and online environments across the life cycle, and wherever your models are deployed: on premises, in the cloud, and off-site in your partners’ systems. Govern Attributes Experian places a robust attribute governance process in place to ensure that our attributes remains up-to-date and on track with internal and external compliance regulations and audits. New learnings, industry and regulatory changes can lead to updated attributes or new attributes over time. Because attributes are ever-changing, we take great care to expand, update and add new attributes over time based on three types of external changes: economic, bureau, and reporting changes.   Fetch Data While we gather the data, we ensure that you can integrate a variety of external data sources, including: consumer bureau, business, fraud, and other data sources. Attributes need to be: Highly accurate. Suitable for use across the Customer Life Cycle. Suitable for use in credit decisioning and model development. Available and consistent across multiple platforms. Supportive and adaptable to ever-evolving regulatory considerations. Thoroughly documented and monitored. Monitor Performance We generate attribute distribution reports and can perform custom validations using data from credit reporting agencies (CRAs) and other data providers. This is based on monthly monitoring to ensure continued integrity and stability to stand up to regulatory scrutiny and compliance regulations. Variations that exceed predetermined thresholds are identified, quantified, and explained. If new fields or data values within existing fields are announced, we assess the impact and important of these values on attributes – to determine if revisions are needed. Maintain Attributes Credit bureau data updates, new attributes in response to market needs, compliance requirements, corrections in logic where errors are identified or improvements to logic often lead to new version releases of attributes. With each new version release, Experian takes care to conduct thorough analyses comparing the previous and current set of attributes. We also make sure to create detailed documentation on what’s changed between versions, the rationale for changes and the impact on existing attributes.   Experian Attributes are the key to unlocking consistent, enhanced and more profitable decisions. Our data analysts and statisticians have helped hundreds of clients build custom attributes and custom models to solve their business problems. Our Attribute Toolbox makes it easier to deploy and manage attributes across the customer lifecycle. We give companies the power to code, manage, test, and deploy all types of attributes, including: Premier AttributesSM, Trended 3DTM, and custom attributes – without relying on a third-party. We do the heavy lifting so that you don’t have to. Learn More    

Today is National Fintech Day – a day that recognizes the ever-important role that fintech companies play in revolutionizing the customer experience and altering the financial services landscape. Fintech. The word itself has become synonymous with constant innovation, agile technology structures and being on the cusp of the future of finance. Fintech challengers are disrupting existing financial models by leveraging data, advanced analytics and technology – both inspiring traditional financial institutions in their digital transformation strategies and giving consumers access to a variety of innovative financial products and services. But to us at Experian, National Fintech Day means more than just financial disruption. National Fintech Day represents the partnerships we have carefully fostered with our fintech clients to drive financial inclusion for millions of people around the globe and provide consumers with greater control and more opportunities to access the quality credit they deserve. “We are actively seeking out unresolved problems and creating products and technologies that will help transform the way businesses operate and consumers thrive in our society. But we know we can’t do it alone,” said Experian North American CEO, Craig Boundy in a recent blog article on Experian’s fintech partnerships. “That’s why over the last year, we have built out an entire team of account executives and other support staff that are fully dedicated to developing and supporting partnerships with leading fintech companies. We’ve made significant strides that will help us pave the way for the next generation of lending while improving the financial health of people around the world.” At Experian, we understand the challenges fintechs face – and our real-world solutions help fintech clients stay ahead of constantly changing market conditions and demands. “Experian’s pace of innovation is very impressive – we are helping both lenders and consumers by delivering technological solutions that make the lending ecosystem more efficient,” said Experian Senior Account Executive Warren Linde. “Financial technology is arguably the most important type of tech out there, it is an honor to be a part of Experian’s fintech team and help to create a better tomorrow.” If you’d like to learn more about Experian’s fintech solutions, visit us at Experian.com/Fintech.

Earlier this year, the Consumer Financial Protection Bureau (CFPB) issued a Notice of Proposed Rulemaking (NPRM) to implement the Fair Debt Collection Practices Act (FDCPA). The proposal, which will go into deliberation in September and won't be finalized until after that date at the earliest, would provide consumers with clear-cut protections against disturbance by debt collectors and straightforward options to address or dispute debts. Additionally, the NPRM would set strict limits on the number of calls debt collectors may place to reach consumers weekly, as well as clarify how collectors may communicate lawfully using technologies developed after the FDCPA’s passage in 1977. So, what does this mean for collectors? The compliance conundrum is ever present, especially in the debt collection industry. Debt collectors are expected to continuously adapt to changing regulations, forcing them to spend time, energy and resources on maintaining compliance. As the most recent onslaught of developments and proposed new rules have been pushed out to the financial community, compliance professionals are once again working to implement changes. According to the Federal Register, here are some key ways the new regulation would affect debt collection: Limited to seven calls: Debt collectors would be limited to attempting to reach out to consumers by phone about a specific debt no more than seven times per week. Ability to unsubscribe: Consumers who do not wish to be contacted via newer technologies, including voicemails, emails and text messages must be given the option to opt-out of future communications. Use of newer technologies: Newer communication technologies, such as emails and text messages, may be used in debt collection, with certain limitations to protect consumer privacy. Required disclosures: Debt collectors will be obligated to send consumers a disclosure with certain information about the debt and related consumer protections. Limited contact: Consumers will be able to limit ways debt collectors contact them, for example at a specific telephone number, while they are at work or during certain hours. Now that you know the details, how can you prepare? At Experian, we understand the importance of an effective collections strategy. Our debt collection solutions automate and moderate dialogues and negotiations between consumers and collectors, making it easier for collection agencies to reach consumers while staying compliant. Powerful locating solution: Locate past-due consumers more accurately, efficiently and effectively. TrueTraceSM adds value to each contact by increasing your right-party contact rate. Exclusive contact information: Mitigate your compliance risk with a seamless and unparalleled solution. With Phone Number IDTM, you can identify who a phone is registered to, the phone type, carrier and the activation date. If you aren’t ready for the new CFPB regulation, what are you waiting for? Learn more Note: Click here for an update on the CFPB's proposal.

Big Data, once thought to be overhyped consultant-speak, is now a term and business model so ubiquitous it underpins billions of dollars in revenue across nearly every industry. Similarly, the advanced analytics derived from big data are key to staying relevant in an everchanging global economy and to consumers with expanding expectations. But for many financial institutions, using big data and advanced analytics seemed to only be in reach for big banks with large, advanced data teams. With the expansion of the Experian Ascend Technology PlatformTM, the conversation is changing. Financial institutions of all sizes can now leverage advanced analytics, artificial intelligence and machine learning with new configurations in the award-winning platform. In a release earlier this week, Experian announced new tools and configurations in the Ascend Analytical SandboxTM to fit teams of every size and skill level. Now fintechs, banks and credit unions of every size can have access to Experian’s one-stop source for advanced analytics, business intelligence and ultimately, better decisions. The secure hybrid-cloud environment allows users to combine their own data sets with Experian’s exclusive data assets, including credit, alternative, commercial, auto and more. From there, users can build and test models across different stages of the lending cycle, including originations, prescreen, account management and collections, and seamlessly put their models into production. Experian’s Ascend Analytical Sandbox also allows users to benchmark their portfolios against the industry, identify credit trends and explore new product opportunities. All the insights gathered through the Ascend Analytical Sandbox can be viewed and shared through interactive dashboards and customizable reports that can be pulled in near real time. Additional use cases include: Reject inferencing – refine models, scorecards and strategies by analyzing trades opened by previous applicants who were rejected or approved but did not move forward Prescreen campaigns – design prescreen campaigns, evaluate results and improve strategies Cross-sell – identify cross-sell opportunities for existing customers and identify how they may be working with other lenders Collections strategies, stress testing and loss forecasting – build stronger models to identify customers that have ability and willingness to pay debts, stress test and forecast loss Peer benchmarking and industry trends – compare current portfolio against peers and the industry Recession planning – identify areas to adjust your portfolio to prepare for an economic downturn OneMain Financial, a large provider of personal installment loans serving 10 million total customers across more than 1,700 branches, turned to Experian to improve its risk modeling and credit portfolio management capabilities with the Ascend Analytical Sandbox. Since using the solution, the company has seen significant improvements in reject inferencing – a process that is traditionally expensive, manually-intensive and time consuming. According to OneMain Financial, the Ascend Analytical Sandbox has shortened the process to less than two weeks from up to 180 days. "Experian's Ascend Technology Platform and Analytical Sandbox is an industry gamechanger," said Michael Kortering, OneMain Financial's Senior Managing Director and Head of Model Development. "We're completing analyses that just weren't possible before and we're getting decisions to our clients faster, without compromising risk.” For more information on Ascend Analytical Sandbox SX – the latest solution for financial institutions of all sizes – or other enterprise-wide capabilities of the Experian Ascend Technology Platform, click here.

The fact that the last recession started right as smartphones were introduced to the world gives some perspective into how technology has changed over the past decade. Organizations need to leverage the same technological advancements, such as artificial intelligence and machine learning, to improve their collections strategies. These advanced analytics platforms and technologies can be used to gauge customer preferences, as well as automate the collections process. When faced with higher volumes of delinquent loans, some organizations rapidly hire inexperienced staff. With new analytical advancements, organizations can reduce overhead and maintain compliance through the collections process. Additionally, advanced analytics and technology can help manage customers throughout the customer life cycle. Let’s explore further: Why use advanced analytics in collections? Collections strategies demand diverse approaches, which is where analytics-based strategies and collections models come into play. As each customer and situation differs, machine learning techniques and constraint-based optimization can open doors for your organization. By rethinking collections outreach beyond static classifications (such as the stage of account delinquency) and instead prioritizing accounts most likely to respond to each collections treatment, you can create an improved collections experience. How does collections analytics empower your customers? Customer engagement, carefully considered, perhaps comprises the most critical aspect of a collections program—especially given historical perceptions of the collections process. Experian recently analyzed the impact of traditional collections methods and found that three percent of card portfolios closed their accounts after paying their balances in full. And 75 percent of those closures occurred shortly after the account became current. Under traditional methods, a bank may collect outstanding debt but will probably miss out on long-term customer loyalty and future revenue opportunities. Only effective technology, modeling and analytics can move us from a linear collections approach towards a more customer-focused treatment while controlling costs and meeting other business objectives. Advanced analytics and machine learning represent the most important advances in collections. Furthermore, powerful digital innovations such as better criteria for customer segmentation and more effective contact strategies can transform collections operations, while improving performance and raising customer service standards at a lower cost. Empowering consumers in a digital, safe and consumer-centric environment affects the complete collections agenda—beginning with prevention and management of bad debt and extending through internal and external account resolution. When should I get started? It’s never too early to assess and modernize technology within collections—as well as customer engagement strategies—to produce an efficient, innovative game plan. Smarter decisions lead to higher recovery rates, automation and self-service tools reduce costs and a more comprehensive customer view enhances relationships. An investment today can minimize the negative impacts of the delinquency challenges posed by a potential recession. Collections transformation has already begun, with organizations assembling data and developing algorithms to improve their existing collections processes. In advance of the next recession, two options present themselves: to scramble in a reactive manner or approach collections proactively. Which do you choose? Get started

There are thousands of potential car buyers heading into dealerships and browsing websites for their next vehicle every day. And that means thousands of opportunities for automotive manufacturers to market their vehicles to prospective buyers. But not every vehicle is going to meet the needs and wants of every car buyer. So, how do automotive brand marketers reach the individuals most likely to be interested in their products? Simply put, it comes down to better understanding the brand’s audience. But, today’s digitally-driven world creates a significant challenge for brand marketers – the overreliance on mobile devices and digital channels creates hundreds of digital touchpoints for brand marketers to consider. But, the data also creates an opportunity. If automotive marketers can bridge the gap between online and offline touchpoints, they’ll be better positioned to develop messages that resonate with their desired audience and deliver communications through the most effective channels. The end result? More meaningful interaction with potential car buyers. To get there, automotive marketers need to consider these concepts: Navigate the identity resolution process The secret to a more relevant conversation begins and ends with knowing who you are addressing. People interact with brands through a variety of channels. For example, a person may see an advertisement for a new vehicle on their smartphone, later research the same vehicle at home on their desktop or on a mobile app and test drive the vehicle a few days later. The automotive marketer that can reconcile these three different interactions will be able to deliver relevant advertisements to the individual and cut down on wasted advertising spend. Knowledge-based identity resolution is what allows you to be smarter with your marketing. Present the right offer People are bombarded with hundreds, if not thousands, of advertisements daily. Automotive marketers need to cut through the noise and deliver messages that resonate with the target audience – whether it’s through e-newsletters, 30-second TV spots, banner ads or direct mail pieces. If automotive manufacturers miss the mark, it could lead to a frustrated consumer and poor brand reputation. For instance, an automotive marketer would not want to advertise the latest minivan to a couple who are empty nesters. Create customer loyalty It’s important to stay on top of current market statistics and data to fine-tune marketing campaigns. Vehicle ownership and purchase patterns can vary greatly in each market, and that means brands might need to fine-tune long-term loyalty strategies. A loyalty program that works in the Northeast might not work well for the Midwest market based on car buying patterns and the reasons behind owning a car. Data can help prioritize resources in areas with the highest potential for sales growth. Experian Marketing EngineTM helps automotive manufacturers engage customers across every channel while making the most of a marketing budget. It’s designed to seamlessly collect, consolidate and use customer data by connecting offline and online identifiers to create a single customer view. Experian’s North American Vehicle Database alone has over 11 billion records and over 900 million vehicles, of which over 68 million are Canadian vehicles. Marketing Engine leverages automotive specific insights, including vehicle purchase behaviors and ownership data, and combines that with other marketing data such as demographics and lifestyle interests. These automotive tools provide a more unified approach so that brands can make more informed decisions, gain and retain new customers, and drive sales. Learn more at https://www.experian.com/automotive/marketing.

Today, Experian and Oliver Wyman announced the launch of Ascend CECL ForecasterTM, a solution built to help financial institutions of all sizes more quickly and accurately forecast lifetime credit losses. The Financial Accounting Standards Board’s current expected credit loss (CECL) model has been a hot discussion topic throughout the financial services industry - first when it was announced (and considered one of the most significant accounting changes in decades), and most recently with the FASB’s delay for implementation for smaller lenders. As the compliance deadlines approach, Experian and Oliver Wyman have joined forces to help financial institutions adhere their loan portfolios to the new guidelines. Delivered through Experian’s Ascend Technology PlatformTM, Ascend CECL Forecaster is a new user-friendly, web-based application that combines Experian’s vast loan-level data and Premier AttributesSM, third-party macroeconomic data, valuation data and Oliver Wyman’s industry-leading CECL modeling methodology to accurately calculate potential losses over the life of a loan. “Ascend CECL Forecaster is a critical capability needed urgently by all lending and financial institutions,” said Ash Gupta, a Senior Advisor to Oliver Wyman and former Chief Risk Officer for American Express, in a press release. “The collaboration between Experian and Oliver Wyman allows a frictionless synthesis of industry data, capabilities and experience to serve customers in both first and second line of defense.” The premise behind the model, which will need access to more data than that used to calculate reserves under the incurred loss model, Allowance for Loan and Lease Losses (ALLL), is for financial institutions to estimate the expected loss over the life of a loan by using historical information, current conditions and reasonable forecasts. Built using advanced machine learning and statistical techniques, the web-based application maximizes the more than 15 years of historical credit data spanning previous economic cycles to help financial institutions gauge loan portfolio performance under various scenarios. Ascend CECL Forecaster does not require additional data nor does it require a secondary integration from the financial institution and enables organizations to more quickly test their portfolios under different economic factors. Moreover, financial institutions receive guidance from industry experts to assist with implementation and strategy. Additionally, Experian and Oliver Wyman will host a webinar to help financial institutions better understand and prepare for the upcoming CECL standards. Register today! Read the Press Release Register for Webinar

Have you seen the latest Telephone Consumer Protection Act (TCPA) class action lawsuit? TCPA litigations in the communications, energy and media industries are dominating the headlines, with companies paying up to millions of dollars in damages. Consumer disputes have increased more than 500 percent in the past five years, and regulations continue to tighten. Now more than ever, it’s crucial to build effective and cost-efficient contact strategies. But how? First, know your facts. Second, let us help. What is the TCPA? As you’re aware, TCPA aims to safeguard consumer privacy by regulating telephone solicitations and the use of prerecorded messages, auto-dialed calls, text messages and unsolicited faxes. The rule has been amended and more tightly defined over time. Why is TCPA compliance important? Businesses found guilty of violating TCPA regulations face steep penalties – fines range from $500 to $1500 per individual infraction! Companies have been delivered hefty penalties upwards of hundreds of thousands, and in some cases, millions of dollars. Many have questions and are seeking to understand how they might adjust their policies and call practices. How can you protect yourself? To help avoid risk for compliance violations, it’s integral to assess call strategies and put best practices in place to increase right-party contact rates. Strategies to gain compliance and mitigate risk include: Focus on right and wrong-party contact to improve customer service: Monitoring and verifying consumer contact information can seem like a tedious task, but with the right combination of data, including skip tracing data from consumer credit data, alternative and other exclusive data sources, past-due consumers can be located faster. Scrub often for updated or verified information: Phone numbers can continuously change, and they’re only one piece of a consumer’s contact information. Verifying contact information for TCPA compliance with a partner you can trust can help make data quality routine. Determine when and how often you dial cell phones: Or, given new considerations proposed by the CFPB, consider looking at collections via your consumers’ preferred communication channel – online vs. over the phone. Provide consumers user-friendly mechanisms to opt-out of receiving communications At Experian, our TCPA solutions can help you monitor and verify consumer contact information, locate past-due consumers, improve your right-party contact rates and automate your collections process. Get started

Consumer behavior is constantly evolving — from the channels they prefer to the economic trends spurring varying interest and activity. It’s no surprise that businesses find it challenging to know what their customers want today or tomorrow. But knowing and understanding this information is essential to growing your bottom line. Through years of working with businesses across every vertical, we’ve found that a solid approach to growing your business revolves around your customers. The better you know your customers, the better you can achieve your goals. Seeing the future. How well can you identify and rank your current customer population? Are you leveraging that insight to acquire new customers, manage current customers and prioritize collections efforts? If so, you’re probably using custom models in your business strategy. But if your organization is like many businesses, you may use a more traditional approach. In our highly competitive market, strategy and decisions must be based on the right data and insights. No excuses. The data is there, and we can help you turn it into actionable insights. Implementing a custom model can maximize your return on investment and help you make more profitable business decisions — now and in the future. No palm reading required. Without visiting your local fortuneteller, you still can predict the future. You need a model, but not the “runway” type. What constitutes a highly predictive and effective model? Many factors. A highly predictive custom model should incorporate robust data, advanced modeling methodologies, analytical expertise and attributes. Having these foundational components is essential to knowing your customers and making confident decisions. Models aren’t one-size-fits-all. When you take an innovative approach to model development, the model is targeted to support your specific business goals while providing the documentation required for regulatory reviews. Consider these items as you develop your custom model: Data — It all starts with the right data. Combining multiple data assets — your master-file data, our credit data and any additional data sources — is key to developing a robust model development sample. In other words, a model development sample should represent your future through-the-door population. Model design — To ensure the custom model is designed to help you achieve your specific goals, you’ll want to incorporate the latest analytics and modeling methodologies. An experienced analytics team will be essential here. Segmentation — With the right model development and segmentation strategies, you can identify optimal segments that will result in a more predictive custom model. This way, each consumer is scored on a scorecard developed using a credit profile similar to theirs. Validation — To ensure the model’s predictive ability and longevity, validate each custom model on a holdout sample and compare it with other scores to ensure it accounts for the current and future (through-the-door) consumer populations, as well as policy rule and behavioral changes. Regulatory review — Don’t forget about the documentation needed for compliance. While audits are unpleasant , fines and extensive scrutiny can significantly impact your business. Take your fortunetelling to the next level. Machine learning is all the rage. This cutting-edge technology can be embedded in your predictive models to help uncover patterns in data that may not be apparent otherwise. This can be done by comparing the performance of the machine learning model with your existing models. Once you know that machine learning can add the lift you’re looking for, you can apply that methodology to develop a custom model focused on stability, cost-efficiency, transparency and predictive performance. Predicting behavior across the Customer Life Cycle. How can a custom model benefit you? From improving baseline performance and increasing profitability by approving more good accounts to uncovering opportunities within your target market, custom models can provide the confidence needed to grow your business. Which one of these models can help you achieve your business goals? When it comes to accurately predicting customer behavior, you don’t need a crystal ball. You need a well-built, highly predictive custom model. Use the data that’s available to gain insight into your customers and grow your bottom line. If you need help, we’re here. We have the data, analytics and expertise to help you get started.

Digital channels undoubtedly create convenient experiences for consumers. We have the luxury of applying for loans or creating investment accounts from the comfort of home. However, the same opportunities are available to fraudsters. Fraudsters continue to find creative and innovative ways to expose vulnerabilities across all types of businesses. They prey on inexperienced or low-bandwidth teams that have not invested in the appropriate fraud tools in the past. Despite the imminent fraud risk involved, both consumers and businesses continue to embrace digital channels. With 90 percent of consumers worldwide conducting personal banking online, how do we protect these digital platforms with finite resources? A leading digital financial services company was forced to address this question when they experienced a large-scale fraud attack. But they weren’t in this fight alone. Download the full case study to see how our risk analyst used FraudNet to prevent millions of dollars in fraudulent funding. Client: A leading digital financial services company that operates with zero in-person branches with more than 7,000 employees Challenge/Objective: In October 2018, fraudsters deployed a large-scale, scripted attack against a North American financial services company. The fraud team was extremely understaffed. The fraud team was unable to detect and respond to the attack quickly. The fraudulent account opening activities eventually blended into account takeovers. Resolution: Our risk analyst worked quickly to analyze the geolocation, velocity and device rules firing within FraudNet for Account Opening. By having these rules in place, FraudNet was able to flag and outsort thousands of suspicious applications. Despite being a small team, the fraud investigators were able to work efficiently within the FraudNet workbench and review the true, high-risk applications. Results: Thanks to our risk analyst’s quick remediation and the FraudNet proprietary device rules: 23,800 fraudulent applications were outsorted for review. An estimated $35.7 million in fraudulent funding was prevented. However, the fight against fraud is ongoing. Our risk analyst continues to work closely with the fraud team to develop an effective strategy to prepare against future attacks.

Preparation is key – whether you’re an amateur/professional sports, free-soloing up El Capitan, or business contingency planning as part of a recession readiness strategy. It’s not so much predicting when events will occur, or trying to foresee and pivot for every possible outcome, but rather, acting now so that your business can act faster and smarter in the future. There are certain priorities that have come to be associated with what are widely accepted as the three environments the economy can sustain at any one time: As with recessions throughout the country’s history, those periods have often been characterized by layoffs, charge-offs, delinquencies, and other behaviors as the economy turns to a counter-cycle environment. Rather than wait to implement reactive strategies , the time to manage accounts, plan, stress test and implement contingency plans for when the next economic correction comes, is now. While economists and financial services industry experts argue over when a recession will hit and how severe its implications may be (in comparison with the Great Recession of 2008), there’s a  need to start tactical business discussions now. Even in the face of a strong economy, that has seen high employment levels and increased spending, 45% of Americans (112.5 million) say they do not have enough savings to cover at least three months of living expenses, according to a 2018 survey by the Center for Financial Services Innovation. Regardless of the economic environment – pro-cycle, counter-cycle, and cycle-neutral – those statistics paint an alarming picture of consumers' financial health as a whole. These are four crucial considerations you should be taking now: Create individualized treatments while reducing manual interactions Meet the growing expectation for digital consumer self-service Understand your customer to ensure fair treatment React quickly and effectively to market changes While it may not be on the immediate horizon just yet, it’s important to prepare. For more information, including portfolio mixes, collections considerations and macroeconomic trends, download our latest white paper on recession readiness. Download white paper now  

It's been over 10 years since the start of the Great Recession. However, its widespread effects are still felt today. While the country has rebounded in many ways, its economic damage continues to influence consumers. Discover the Great Recession’s impact across generations: Americans of all ages have felt the effects of the Great Recession, making it imperative to begin recession proofing and better prepare for the next economic downturn. There are several steps your organization can take to become recession resistant and help your customers overcome personal financial difficulties. Are you ready should the next recession hit? Get started today