Experian Insights’ Post

Over 26 million Americans are "credit invisible," but what does that mean and how can it affect you? According to the Consumer Financial Protection Bureau being credit invisible means common credit score models have insufficient data to give an accurate read and can signal risk to financial institutions that may deny loans, issue false declines, and have outdated data. Fiserv and Microsoft are working together to outline the transaction characteristics across 3,500 dimensions to verify and validate people and businesses' identities. 

How can financial institutions enhance their credit, fraud and analytics operations? CEO of Experian Software Solutions Alex Lintner discusses the transformative power of the Experian Ascend Technology Platform™ in his interview with DigitalJournal.com: https://lnkd.in/g3U42GbD #FinTech #Credit #FraudPrevention

In the rapidly evolving world of finance, real-time payments are becoming the norm. But how do we ensure that faster payments don't mean faster fraud? Join Julie Conroy from Datos Insights and Incognia CEO André Ferraz as they delve into this pressing issue. Date/time: Tuesday, Nov 14th @ 1EST/10PST https://lnkd.in/g-EWJSGp #RealTimePayments #Finance

Today, Mitek released the 7th annual Mobile Deposit Benchmark Report in partnership with CI&T and Cornerstone Advisors. Our consumer survey revealed how #fraud is shaping the way customers and small businesses interact with their financial institutions. Learn more about the findings and how 20 of the largest U.S. financial institutions ranked this year. https://lnkd.in/gZBq-RHU #mobiledeposit #digitalbanking #mobilebankingexperience

·       Fraud and identity verification: Experian's platform stops fraudsters faster and streamlines consumer experiences via a suite of software services powered by advanced AI analytics and comprehensive data assets across digital identity, device intelligence, behavioral analytics and credit insights. It delivers unrivaled identity verification and fraud risk detection to enable businesses to grow revenue through seamless consumer experiences and reduce fraud loss exposure

Non-bank financial institutions (and there are a lot) will soon (likely Q2 2024) be required to report certain data breaches affecting 500 or more consumers to the FTC "as soon as possible, and no later than 30 days after discovery." For more details, click below and see the analysis of the changes to the FTC's "Safeguards Rule" by my colleagues Michael T. Borgia and Patrick Austin.

This was a hot topic among bankers at this week's Ohio Bankers League The Main Event conference. It's also something EPCOR - Electronic Payments Core of Knowledge members have been sharing with us this week. 🔍 Key Highlights from the report: 📊 31% of small businesses fell victim to check fraud in the past year. 💰 Shockingly, 65% of affected small businesses reported losses exceeding $50,000. 😰 80% of consumers express concern about personal information security. 🏢 Small businesses play a critical role in the U.S. economy, with 33.2 million nationwide. 📱 98% of small businesses have embraced mobile deposit, but only 10% utilize it for all checks. 📬 55% receive over 50 checks monthly, with 47% citing check fraud as a major concern. 📈 Check fraud incidents are on the rise, as reported by the U.S. Treasury Department's Financial Crimes Enforcement Network. 🔒 The Takeaway: In today's digital banking landscape, safeguarding small businesses from fraud is paramount. This report highlights the pressing need for comprehensive fraud protection solutions tailored to small businesses' unique requirements. Checks aren't the only way to pay! Now is the time to embrace more electronic options like #rpt, #fednow, #ach, etc. Your bank or credit union might also consider utilizing Positive Pay to help alleviate this situation. If you need help on where to start, give me a shout! #checkfraud #paymentfraud #fraud #scams #checks

Great tips to keep your credit card data safe!

🔍 Discover how automating the fraud claims process can help banks swiftly resolve cases with unparalleled accuracy, enhancing customer trust while combating financial fraud: https://okt.to/4aRk5X #fraudclaimsautomation #processautomation #lowcodeplatform

Digital verifications are reshaping how we authenticate income and employment data, transforming the verification landscape. Say goodbye to tedious paperwork and long waiting times – with advanced technology; verifications are now quicker and more efficient than ever!   So, how can you benefit from these Digital Verifications? Follow the steps below to explore the advantages:   🔍 Browse through the carousel below to discover the various benefits of digital verifications.   📖 Dive deeper into the blog post titled "Driving Financial Inclusion with Advanced Verification Solutions" by visiting the link: https://lnkd.in/gJyds4Up   🎧 Tune in to our latest Lending Link Episode, hosted by Rich Alterman and featuring insights from Shelly Nischbach, SVP of Verification Services at Equifax, and Doug Mihalow, Sr. Director of Credit & Fraud Risk Management at Best Egg. In this episode, they discuss the Evolution of Income Verification in Lending. Listen here: https://lnkd.in/e9rADEVb