Cyber-Crime: Where the real threats are for Auto Captives
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Presented by Nick Mothershaw from Experian at the White Clarke Group - Auto Captives Summit 2015
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Cyber-Crime: Where the real threats are for Auto Captives
- 1. ©2014 Experian Limited. All rights reserved. Experian and the marks used herein are service marks or registered trademarks of Experian Limited. Other products and company names mentioned may be the trademarks of their respective owners. No part of this copyrighted work may be reproduced, modified, or distributed in any form or manner without prior written permission of Experian Limited. Experian Confidential. Cybercrime – where are the real threats for Auto Captives Nick Mothershaw Experian Director ID and Fraud Solutions
- 2. 2©2015 Experian Limited. All rights reserved. Experian Public. Our new FraudStats website Join the conversation on Twitter @ID_and_Fraud #FraudStats
- 3. 3©2015 Experian Limited. All rights reserved. Experian Public. Fraud as a % of Applications FIRST PARTY
- 4. 4©2015 Experian Limited. All rights reserved. Experian Public. Fraud as a % of Applications THIRD PARTY
- 5. 5©2015 Experian Limited. All rights reserved. Experian Public. First / Third - Product Analysis H1 2015 38% 95% 20% 84% 32% 23% 66% 77% 43% 62% 5% 80% 16% 68% 77% 34% 23% 57% Current Accounts Mortgages Cards Automotive Loans Savings Accounts Insurance Policies Insurance Claims Total First/Third Split 2015 H1 First Party Third Party Black bars show 2014 split positon;
- 6. 6©2015 Experian Limited. All rights reserved. Experian Public. What type of Fraud? ID Theft False ID Documents Hidden Adverse False Financial Documents Misuse of Product Employment Fronting
- 7. 7©2015 Experian Limited. All rights reserved. Experian Public. Fraud Type Analysis AUTOMOTIVE RFF Category Distribution - Automotive 2014 H12015 Difference ID Theft - Corporate 0% 1% 1% ID Theft - Current Address 2% 2% 1% ID Theft - Deceased Impersonation 0% 0% 0% ID Theft - False Documents 1% 1% 0% ID Theft - Other 12% 12% 0% Misrepresentation - Employment 8% 6% -2% Misrepresentation - False Documents 5% 4% -1% Misrepresentation - Fronting 26% 22% -3% Misrepresentation - Hidden Adverse 42% 44% 1% Misrepresentation - Insurance Staged 0% 0% 0% Misrepresentation - Undeclared Credit 0% 1% 1% Misrepresentation - Other 1% 1% 0% Avoiding/False Payments 2% 2% 1% Misuse of Product 3% 4% 1% Total 100% 100%
- 8. 8©2015 Experian Limited. All rights reserved. Experian Public. Who are the Fraudsters? – Mosaic Analysis First Party Fraud - AUTOMOTIVE Municipal Challenge Urban Cohesion Aspiring Homemakers -100% -50% 0% 50% 100% 150% 200% CityProsperity PrestigePositions CountryLiving RuralReality SeniorSecurity SurburbanStability DomesticSuccess AspiringHomemakers FamilyBasics TransientRenters MunicipalChallenge VintageValue ModestTraditions UrbanCohesion RentalHubs First Party Automotive - Variance to UK Population 2013 2014 2015
- 9. 9©2015 Experian Limited. All rights reserved. Experian Public. Map Analysis Automotive THIRD PARTYFIRST PARTY
- 10. ©2015 Experian Limited. All rights reserved. Experian and the marks used herein are service marks or registered trademarks of Experian Limited. Other products and company names mentioned may be the trademarks of their respective owners. No part of this copyrighted work may be reproduced, modified, or distributed in any form or manner without prior written permission of Experian Limited. Experian Public. Cyber Incidents, Identity Theft & The Dark Web
- 11. ©2015 Experian Limited. All rights reserved. Experian Public. Insider threat Organised crime More Cyber focussed State sponsored Inside team developing Russia Asia Business interruption Political Evolving threats - vectors
- 12. ©2015 Experian Limited. All rights reserved. Experian Public. Advanced Malware Targeted Employee Attack Cyber Extortion/ Denial of Service Not just links & PDF files Phishing attacks Using social media Employee profiling Physical Property Commercial Intellectual Property Evolving threats - methods
- 13. ©2015 Experian Limited. All rights reserved. Experian Public. Consumers An increased awareness of the risk posed by data breaches Source: Experian Whitepaper 2.0, 2015 40% of British adults have already been affected by a data breach 65% are concerned about falling victim in the future 84% think companies should be penalised for compromising their customers' personal information Focus Humanising the incident Effects on employees/ consumers Reassure, support, secure
- 14. Govt. & Commercial Databases Open & Social WebDark Web Name Email Card No. Telephone No. A review of each step provides further insight into how we keep consumers better informed of data protection risks Structured Unstructured Data Step 1: Experian read and extract a selection of personal data on a variety of data sources Step 2: Convert data forms into meaningful information Step 3: Allows us to keep customers better informed about their online exposure Our data and analytics offer a host of service capabilities Advanced web crawlers tracking consumers exposed personal details Email alert sent to: jim.steven@experian.com > Update details
- 15. ©2015 Experian Limited. All rights reserved. Experian Public. • Mandatory requirement to notify the Regulator • Requirement to notify the consumer if data is not encrypted • Regulatory penalties either 2%-5% of global revenue • Requirement to have a live, practised Data Breach Response Plan EU Data Protection Regulations Currently in draft expected approved legislation in early 2016 (2-Year phase in period)
- 16. ©2015 Experian Limited. All rights reserved. Experian Public. Incident timeline Experian post breach incident service Notification Web and Identity Monitoring Call Centre Support Pre breach incident Incident readiness Post breach incident IT Forensics Response Plan Practise Response Plan Education/Awareness Legal IT Forensics Press Relations
- 17. ©2015 Experian Limited. All rights reserved. Experian and the marks used herein are service marks or registered trademarks of Experian Limited. Other products and company names mentioned may be the trademarks of their respective owners. No part of this copyrighted work may be reproduced, modified, or distributed in any form or manner without prior written permission of Experian Limited. Experian Public. Today’s Digital Journey Finding Fraud and Improving your Customers’ Experience Experian Fraud Solutions Hunter Authenticate Identity IQ AutoDoc-ID Device Recognition 41st How can we help you?
- 18. 18©2015 Experian Limited. All rights reserved. Experian Public. The Challenge - Achieving the right balance Customer convenience and choice Fraud Risk Mitigation Customer Preferences Data Footprint Market Approach • More and more people prefer online. • Some people want a Showroom experience. • Might not be near a Dealership. • Some people will use a financial advisor • For consumers with data footprint can do more online, and more instantly • For less data footprint need to revert to documents and face to face checks: when this is the case make this easy; give options • Dealership: support for face to face checks. Expert driven • Online: offer consumer options, maximise online conversion rate. Online, Phone or Face-2-Face
- 19. 19©2015 Experian Limited. All rights reserved. Experian Public. Online Approach More happy customers! ID Validation Letter to home Send in Documents Bring Documents into Dealership Abandon Proceed Ways to access a service - Today ID Validation Penny Payment Automatic Document Verification Manual Document Verification Knowledge Based Questions Phone call to Home Card / Bank Account Verification Abandon Proceed Selfie Verification Letter to Home Ways to access a service - Tomorrow • More customers get immediate access to products • Less customers abandon applications due to inconvenient processes
- 20. 20©2015 Experian Limited. All rights reserved. Experian Public. Support throughout the Digital Journey
- 21. 21©2015 Experian Limited. All rights reserved. Experian Public. Support throughout the Digital Journey Protection against First Party Fraud, ID Theft and Cybercrime Hunter Device Recognition 41st DetectAuthenticate Identity IQ AutoDoc-ID Identity as a Service Bank Wizard Absolute
- 22. 22©2015 Experian Limited. All rights reserved. Experian Confidential.
Editor's Notes
- 85% instant online can be achieved for Medium risk services – based on Auth pass rate of 85% and then 100% passing through auto doc ID 45% instant online can be achieved for High risk services – based on combined auth and IIQ pass rates for Experian’s own credit expert services.
- Humanise the scenario This is about all of us – we are all the individuals who could be affected Personally we would all want to feel supported and have a level of comfort that I would be provided with additional security that could support me in the event of fraudulent activity.
- Web Monitoring Credit Monitoring Credit Score Evaluation Financial Strategy Segments
- Legal • Legal representation will for many be the first point of call • Understand potential regulatory and compliance implications • Engage relevant insurers to commence the issue identification process. IT Forensics • Determine whether a breach has occurred • Investigate what information has been compromised and for how long • Identify the point of egress • Mitigate this access route by putting an effective solution in place. Public Relations • Engage with a Public Relations organisation experienced in data breach response management • Ensure the tone of proposed communications reflects the organisation’s position appropriately Customer Support Services • Select the appropriate channels for communications that ensure customer confidence • Provide notifications that support your customers 24/7 and ensure that they are agreed by both your legal and PR representatives • Check whether there are any regulatory or legislative requirements around the chosen channels of communication. Customer Support Services • Select the appropriate channels for communications that ensure customer confidence • Provide notifications that support your customers 24/7 and ensure that they are agreed by both your legal and PR representatives • Check whether there are any regulatory or legislative requirements around the chosen channels of communication.
- 85% instant online can be achieved for Medium risk services – based on Auth pass rate of 85% and then 100% passing through auto doc ID 45% instant online can be achieved for High risk services – based on combined auth and IIQ pass rates for Experian’s own credit expert services.