Banking CIO Outlook

Experian Information Solutions

Experts in Detecting Fraudulent Activity

Steve Platt, Executive VP of Fraud & Identity Management, Experian Information SolutionsSteve Platt, Executive VP of Fraud & Identity Management
“In the 21st century digital age, where everything is mobile and online, delivering a seamless consumer experience while protecting businesses against fraud is a major challenge,” explains Steve Platt, Executive VP of Fraud and Identity Management. Platt believes that passwords alone are insufficient to safeguard consumers and the companies where they transact. “We provide our clients with a variety of information in real time to advise on whether or not to proceed with a transaction. This feature is a core differentiator for Experian,” says Platt. Back in June, Experian launched CrossCore™, the fraud and identity industry’s first open platform designed to catch fraud faster, improve compliance and enhance the customer experience.

CrossCore gives companies an easier way to connect any new or existing tools and systems in one place. This “plug-and-play” capability allows companies to connect multiple disparate services through a common access point that then enables a layered approach to managing risks. CrossCore includes powerful workflow and strategy design capabilities that allow fraud and compliance teams to rapidly create and adapt strategies based on evolving threats and business needs.

A client of Experian was recently at a very high risk of malicious activities for new accounts opened by its customers due to vulnerability in their online channel. Experian quickly provided the client with a solution that collected a combination of data from customers and also gathered insights gathered from devices that were being used to open up those accounts.

The combination of our products and capabilities together help our clients capitalize on the opportunities they have


The information allowed Experian to identify requests from fraudsters and through subsequent profiling, it was able to bring out specifics about the devices and look for hidden patterns and settings that revealed the possibility of any form of fraudulent activity.

“The technology that we provide to our clients averts the risk of attacks,” says Platt. Experian is also making significant investments in its product portfolio to bring new innovations to its client base. “The combination of all of our products and capabilities really helps our clients capitalize on the opportunities they have while protecting them against security threats,” concludes Platt.

Experian, whose corporate headquarters are based in Dublin with additional offices in the UK, US, and Brazil, is a global leader in information services. The firm’s foundations in data and analytics with industry leading technology helps organizations around the world to manage credit risk, prevent fraud, target marketing offers, and automate decision making. Using its comprehensive understanding of individuals, markets, and economies, Experian helps companies to find, develop, and manage customer relationships to make their businesses more profitable. Also, the firm promotes greater financial health and aids clients to identify new business opportunities by enabling them to understand, manage, and protect their personal information.
Top 10 Security Solution Companies - 2016

Company
Experian Information Solutions

Management
Steve Platt, Executive VP of Fraud & Identity Management

Description

An Experian business line, providing customer-centric fraud and identity solutions

Experian Information Solutions News

Experian and Credit Strategy launch Credit Awareness Week 2023

• Annual campaign aims to promote awareness and understanding of credit, including dispelling common credit scoring myths

• Millions of people reached since 2017

LONDON: Experian announced the return of Credit Awareness Week in partnership with financial services publication, Credit Strategy.

Now in its seventh year, the campaign aims to help improve people’s understanding about how credit information works, and dispel common myths and misconceptions around credit scores and reports. Since its original launch in 2017, the campaign has reached millions of consumers in the UK.

To mark this year’s Credit Awareness Week, Experian has created some exciting new educational content that aims to improve public awareness and understanding of the credit system.

This includes collaborations with several TikTok influencers which is expected to reach nearly 400,000 consumers with valuable tips and guidance to help them manage their money with confidence.

This year’s event is especially significant, as people struggle financially against a backdrop of rising inflation and the strain of rising living costs. Experian analysis has shown that household discretionary spending power has reduced by 10% and 61% of consumers acknowledge that cost-of-living crisis is having a significant impact on their finances.

Jose Luiz Rossi, Managing Director UK&I at Experian, said: “It’s no secret that there’s a significant squeeze on people’s spending, with consumers being forced into managing their money carefully. Although the UK has a very well-educated population, there are still a lot of people who lack confidence when it comes to managing their finances. Understanding credit is a key part of that.

“Through Experian’s ongoing financial education work, including our seventh year of supporting the Credit Awareness Week campaign, we remain committed to helping more people improve their financial health.”

Credit Awareness Week is the latest in a series of financial education campaigns launched by Experian to help consumers, and businesses, through recent economic uncertainty.

In 2022, as part of its United For Financial Health initiative, the UK business teamed up with the influential voices of Young Money blogger, Iona Bain, and celebrity footballer Bayo Akinfenwa promoting credit education and helping young people take control of their financial health. The campaign reached over 1 million 18–25-year-olds and over 3 million people in total.

In addition, Experian’s #EaseTheSqueeze campaign has been helping people manage their financial health better, with tips and guidance about how people can take control of their finances. So far, it’s reached 8.5 million people in the UK.

Equifax, Experian and TransUnion Support U.S. Consumers With Ongoing Availability of Free Weekly Credit Reports

ATLANTA and COSTA MESA, Calif. and CHICAGO, -- The three Nationwide Credit Reporting Agencies (NCRAs) – Equifax® (NYSE: EFX), Experian (LON: EXPN) and TransUnion (NYSE: TRU) – are reinforcing their commitment to the financial health of U.S. consumers with the ongoing availability of free weekly credit reports through AnnualCreditReport.com. This free service was first introduced at the onset of the COVID-19 pandemic to help consumers protect their financial health during the sudden and unprecedented hardship caused by the public health emergency. It has been permanently extended by the NCRAs to empower consumers to more regularly review their credit history and better understand their financial data.

The companies' CEOs provided a statement on the availability of free weekly credit reports: "We maintain a shared commitment to building consumers' financial capabilities and are dedicated to helping increase financial access for people across the United States," said Mark W. Begor, CEO Equifax; Brian Cassin, CEO Experian; and Chris Cartwright, CEO TransUnion. "The ongoing availability of free weekly credit reports is another way that our industry is supporting consumers as they make financial decisions. We recognize the important role that credit reports play in people's financial lives and encourage consumers to regularly check their credit history – an important way of understanding their current credit position and preparing for important future financial milestones."

Consumer credit reports serve as an accurate documentation of an individual's credit-related actions and their history of payments. These reports are employed by lenders, creditors, service providers, and various businesses to assess creditworthiness and extend financial opportunities and offers to individuals. To ensure accuracy, consumers have the ability to access their credit reports free of charge every week from all three major credit reporting agencies via www.AnnualCreditReport.com. It is advisable for consumers to meticulously scrutinize every entry in all sections of their credit reports. In the event of any identified errors, consumers should promptly get in touch with the respective credit reporting agency to rectify the inaccuracies.

Experian launches digital checking account and debit card for US consumers

Global financial services firm Experian has launched digital checking account and debit card products for customers in the US.

With the new digital checking account, customers will be able to pay their bills, and through Experian Boost embedded into the product, the payments will be captured and added onto consumers’ Experian credit files with a view to boost their credit scores.

Claiming the sign-up takes “minutes”, Experian’s new feature allows consumers to “streamline” their financial experience and provide them with a platform to start building their credit scores with no fees and access to a virtual debit card.

Experian says its new product especially targets consumers who are new to credit or those looking to improve their credit profiles. According to a recent survey it conducted, more than half of Gen Z it surveyed say they are not aware of how to start building credit.

Additional features of the digital checking account include getting your paycheck up to two days early, access to over 55,000 ATMs worldwide, and Experian membership benefits such as Experian credit report, FICO Score and credit monitoring.

Commenting on the launch, Jeff Softley, group president of Experian Consumer Services, says: “This offering is a natural next step in how we are using our technology to provide consumers greater credit-building power and financial control.”


Survey Says: Personal Finance Knowledge Gaps Are Leading to Costly Mistakes

COSTA MESA, Calif: Lack of financial knowledge is leading to costly financial missteps for many Americans according to new research1 released by Experian®. A survey of 2,000 adults across the U.S. revealed 3 in 5 adults feel their limited understanding of credit and personal finance has led them to make financial mistakes, with 60% of this group stating these mistakes have cost them $1,000 or more.

This trend is particularly apparent among younger groups with 71% of Gen Zers and 70% of millennials claiming their inadequate knowledge of credit and personal finance has come at a price. Twenty-nine percent of Gen Zers and 38% of millennials report these financial mistakes have cost $5,000 or more.

Experian's research also highlights the gap between the desire for financial education and its availability in schools. While 78% of adults believe that personal finance courses should be mandatory in high schools, only 25 states across the U.S. currently require them schools, according to the advocacy group Next Gen Personal Finance.

The study revealed many consumers have an appetite for further education, with two-thirds of adults (66%) stating they’d like to expand their knowledge of credit and personal finance, with even higher percentages among Gen Zers (80%) and millennials (79%).

“Understanding credit and personal finance is paramount for financial well-being, especially for younger generations navigating today's financial landscape,” said Christina Roman, consumer education and advocacy manager at Experian. “Financial mistakes, such as missed payments, overpaying on interest or simply not understanding the terms you are agreeing to, can come at a serious cost for consumers. As part of our mission to bring financial power to all, we are committed to being a trusted resource for consumers and want to remind them about the free tools and educational resources we have available to help them live more financially empowered lives.”

Where consumers are learning today

According to Experian’s research, adults most frequently learn about credit and personal finance from a parent or family member (36%); in school, college or through community classes (33%); or through online research (32%). Additionally, they consider banks and credit unions (45%), financial advisors (48%) and national credit reporting agencies like Experian (37%) to be some of the most trusted sources to learn about improving their credit score.

Not surprisingly, social media is another common source of information about credit and personal finance. Thirty percent of adults have turned to social media to learn more about credit and personal finance. This sentiment rang especially true for America’s youngest consumers with over half of Gen Zers (52%) and 47% of millennials stating they learned about credit and personal finance through social media in some form, including YouTube (30% Gen Z, 31% millennials), TikTok (20% Gen Z, 15% millennials) and Instagram (18% Gen Z, 16% millennials).

Experian’s free tools and resources

Those looking to expand their financial knowledge are encouraged to take advantage of Experian’s free tools and resources, including:

• Signing up for credit monitoring and receiving a free copy of your Experian credit report and FICO Score®2 monthly at www.experian.com or via Experian’s mobile app. Experian also offers access to personal finance and credit building tools, such as:

o Experian Boost®: Consumers can add positive telecom, utility, video streaming service and qualifying residential rent payments to their Experian credit file for an opportunity to improve their credit scores by visiting www.experian.com/boost.3

o Experian Go™: Consumers without an established credit history can download Experian’s mobile app and enroll in a free Experian membership to establish, use and build credit responsibly with Experian Go.

o Experian’s official credit advice blog, Ask Experian, has answers to common questions, advice and education about credit. Consumers can find additional credit education resources at http://www.experian.com/consumereducation.

Consumers are also encouraged to join Experian’s weekly #creditchat hosted by @Experian on Twitter with financial experts every Wednesday at 3 p.m. Eastern time. In recognition of Financial Literacy Month, consumers can learn personal finance basics from experts each week on topics, including budgeting, savings, credit and debt, and more.