Kathleen Peters, Chief Innovation Officer, Experian Decision Analytics, North America
COVID-19 has accelerated trends in the digital economy at a pace never before seen. On the one hand, work-from-home edicts and nationwide lockdowns have provided a significant boost to e-commerce and digital payments as shoppers continue to make purchases online to avert the risk of infection. On the other hand, the US federal government has been injecting money into the economy in terms of stimulus and small business loans in response to the pandemic’s impact. The rapid shift to transacting online has created a free rein for identity theft and fraud as cybercriminals have easy access to huge volumes of individuals’ crucial information on the dark web. In fact, since the onset of the pandemic, there have been several reported incidents of first-party fraud, third party fraud, and synthetic identity fraud. In this situation, financial services organizations have examined the risk associated with these transactions considering that it can directly impact their business operations, causing revenue losses and brand mistrust.
Trusted to protect companies and consumers against fraud and data breaches is Experian, a leading global information services company that offers comprehensive fraud and data breach services. “At Experian, we’re proud to have a strong culture dedicated to continuous innovation that helps protect consumers’ financial health. Through our fraud prevention tools, we help our clients mitigate risk in their portfolios, ultimately helping protect consumers from fraud,” says Kathleen Peters, Chief Innovation Officer at Experian Decision Analytics, North America.
Backed by one of the nation’s largest credit bureaus, Experian Global Data Breach Services helps businesses plan for and mitigate the impact of a data breach
incident. “Our solution is a first-of-its-kind suite capable of providing services that both resolve and respond to data breaches quickly and efficiently,” says Michael Bruemmer, Vice President of Global Data Breach & Consumer Protection at Experian.
Amid the escalation of fraudulent activity amid the pandemic, businesses have to incorporate a robust fraud protection strategy into their ecosystem to provide the best online experience to their consumers and mitigate risk. With Experian’s best in class analytics, clients can rapidly respond to ever-changing environments by utilizing offerings such as CrossCore®
and Sure ProfileTM to identify and prevent fraud. To address the rising threat of synthetic identity fraud to the lending industry, Experian’s new Sure Profile validates consumer identities, detects profiles that have an increased risk for synthetic identity fraud and helps cover losses resulting from synthetic identity fraud for assured profiles. Experian’s CrossCore combines risk-based authentication, identity proofing and fraud detection into a single cloud platform, which means businesses can more quickly respond to an ever-changing environment.
Michael Bruemmer, Vice President of Global Data Breach and Consumer Protection
Additionally, Experian offers various identity protection services that include a fully operational website that allows its clients and their consumers to monitor suspicious activities on their identity and empower them to get in front of fraudulent behaviors before any mishaps.
At Experian, we’re proud to have a strong culture dedicated to continuous innovation that helps protect consumers’ financial health. Through our fraud prevention tools, we help our clients mitigate risk in their portfolios, ultimately helping protect consumers from fraud
To help businesses minimize the severe consequences of a data breach, Experian has developed a service called Reserved Response that empowers organizations with the necessary resources to be ‘response ready.’ The solution helps clients build, practice, and stimulate a comprehensive breach response plan and guarantees— with service-level agreements—the quality of response, assistance from an experienced workforce, infrastructure, and quick dissemination of notifications to affected parties.
To serve as a one-stop-shop for data breach protection, Experian offers a wide range of auxiliary services such as incident management, data breach notification, identity protection, and call center support. With their identity theft resolution agent, clients can have access to a team of industry-best consultants who help them navigate through various circumstances, including making an insurance claim on identity theft protection, working with their bank to cancel an account, or approaching their medical provider to get medical records updated.
According to Bruemmer, there will be a further increase in data breaches in the upcoming months. As such, businesses need to be prepared and train their employees to prevent such incidents. Experian is working on more technologies, including analytics, AI, machine learning, and even more, to help them stay one step ahead of fraudsters and empower consumers and businesses to fight fraud. “As cyber criminals continue to evolve, Experian is continuously working to incorporate innovative and robust technologies to tackle different types of data breaches and fraud,” concludes Kathleen.