Welcome to the Experian Thought Leadership Hub

Account takeover (ATO) fraud is surging, with losses reaching nearly $13 billion in 2023 — a 15% year-over-year increase. As fraudsters become more sophisticated, this upward trend shows no signs of slowing.

To protect your organization and customers, it’s critical to implement comprehensive, scalable fraud prevention, identity verification and authentication solutions. Discover why Experian was recently named a leader in ATO prevention by Liminal.

Dive into key trends important for the financial services industry including credit activity, lending standards, loan demand, originations, delinquency and consumer sentiment.

Key takeaways: 

• Underlying economic activity remains solid and a soft-landing remains the base case, but weaker labor market conditions have heightened concern about the outlook.
• While there remains some stubbornness, inflation has generally continued to moderate towards the Fed's 2% target with improvement seen across both goods and services.
• Recent revisions to real income growth and consumer spending suggest that households are on better footing than previously thought.

Explore Gen Z's habits and attitudes toward credit, personal finance, marketing, fraud and more.

Gen Z fast facts:

• There are 69.3 million Gen Z-ers in the United States.
• They spend six or more hours per day on their cell phones.
• They collectively demand purpose and accountability from brands they interact with.

They demand the creation of more opportunities for people of diverse and underrepresented backgrounds. Lack of financial resources and funding options are seen as barriers in achieving their goals.

Source: Statista, McKinsey & Company.

Learn how credit unions can optimize their credit limit strategies to grow card use, increase member loyalty and manage risk.

Fast facts:

• Credit card balances increased by $55 billion in December 2023, about four times the increase from November.
• 35% of holiday shopping was done in December 2023, peaking at 9% of total holiday sales the week before Christmas.
• 68% of credit card owners regularly use at least two credit cards.
• 41% opened their recent credit card because they wanted to build their credit score and history."

Explore state-level and industry level data that banks, credit unions and fintechs can leverage to track the downturn and be correctly positioned for the recovery in this monthly report.

Data highlights from this month’s report include:

•  The Federal Reserve announced a 50bps rate cut during the September meeting.
• Annual headline inflation cooled from 2.9% to 2.5%, getting closer to the Fed’s 2% goal.
• Mortgage originations increased 7.0% in August.

How to deploy a multi-layered approach with a holistic consumer view to stay ahead of evolving fraud.

According to Experian’s latest research, the top three anticipated operational challenges businesses expect to struggle with when it comes to fraud are Cybercrime (45%), Generative AI fraud, and/or Deep Fakes (41%), followed by Peer-to-Peer (P2P) (40%), payment scams, which GenAI increasingly enables.

Read the eBook for other key insights including:

• The GenAI market is forecast to grow to $1.3 trillion over the next decade.
• Annual charge-off losses in the US alone tied to synthetics could be close to $11 billion.
• Banks have experienced a 66.8% increase in social engineering attacks over the past two years.

The open banking revolution is transforming the financial services landscape, offering banks and financial institutions unprecedented access to consumer-permissioned data. However, during our recent webinar, over 78% of attendees stated that they do not currently have an open banking strategy in place.

This highlights a significant gap in the industry. By tapping into consumer-permissioned data, you can develop more personalized products, streamline credit decisioning, and improve overall customer engagement. With the right strategies, open banking offers a pathway to growth, innovation, and enhanced customer experiences.

Learn key open banking insights and how to capitalize on the many opportunities it presents.

Explore state-level and industry level data that banks, credit unions and fintechs can leverage to track the downturn and be correctly positioned for the recovery in this monthly report.

Join our experts for an engaging conversation on credit union collection trends and successful account management strategies.