OC Business Council Cybersecurity Task Force Meeting Online Fraud Update. April 2015

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1 OC Business Council Cybersecurity Task Force Meeting Online Fraud Update April Experian Information Solutions, Inc. All rights reserved. Experian and the marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the trademarks of their respective owners. No part of this copyrighted work may be reproduced, modified, or distributed in any form or manner without the prior written permission of Experian. Experian Public.

2 Picture today s cyber criminal 2014 Experian Information Solutions, Inc. All rights reserved. Experian Proprietary and Confidential. 2

3 In the news From: Wall Street Journal, April Ransomware 4. Home Sweet Home 2. Teens Just Want To Have Fun 5. It s Business, Not Personal 3. Ethical Hackers Are Not Always, Um, Ethical 2014 Experian Information Solutions, Inc. All rights reserved. Experian Proprietary and Confidential. 3

4 The attack vectors Stealing data INDUSTRIALIZATION OF FRAUD 10,000 Estimated number of fraud rings in the U.S. alone DATA BREACHES 2,200,000,000 + The number of records exposed as a result of data breaches since beginning 2013 Source: Risk Based Security/Open Security Foundation, Data Breach Quick View (February 2014) SHIFT TO SPEAR-PHISHING EXPLOSION IN MALWARE 91% Number of cyber attacks originating from Spear Phishing each year - includes Vishing, SMiShing, etc. 75,000,000 Unique strains of MALWARE detected in 2014 Source: TechCrunch (2015) Source: PandaLabs (2015) 4

5 The data breach problem reaches critical mass 5

6 EuroPay MasterCard Visa (EMV) impact Prior experience in other regions Fraud rates after EMV Results vary by market Card-not-Present (CNP) fraud after EMV Source: Financial Fraud Action UK, The Observatory for Payment Card Security, Interact, Australian Payments Clearing Association 6

7 EuroPay MasterCard Visa (EMV) impact Chip-and-signature environment Fraud expectations for the U.S. Lost-Stolen Non-Receipt Fraud Application Counterfeit Account Takeover CNP 7

8 Fraud is NOT a single event! Account Takeover Fraud Malware is installed , ad, fake URL Logon Credentials stolen Credentials are sold Breach data purchased Validation Check stolen credentials They work! Monitor account Plan strike Execution Money is moved Infection Sale Surveillance 8

9 Need to protect the entire customer journey Regardless of the industry Protect your entire estate, not just the most sensitive areas Every customer touch-point is a fraudster s entry-point Considerations: Device intelligence Risk-based authentication Knowledge-based authentication Out-of-band (text) Identity verification Ongoing identity verification 9

10 But don t forget the customer experience is key Customized experience Based on recognition and behavior technologies Immediately usher customers to their desired location on the site Showcase meaningful products, offerings, services Remove meaningless functions 2014 Experian Information Solutions, Inc. All rights reserved. Experian Public. 10

11 Balance risk and reward While delivering a positive customer experience BALANCE RISK & REWARD HOW WE HELP Electronic identity verification and risk assessment Out-of-wallet, knowledge-based authentication Age verification Device identification Deposit behavior screening KYC and compliance checks FFIEC compliance Identity document authentication VALUE DELIVERED Reduce losses from identity and third party fraud Maximize straight-through processing Improve customer satisfaction Improve staffing efficiency Ensure compliance KNOWLEDGE IQ SM PRECISE ID SM 2014 Experian Information Solutions, Inc. All rights reserved. Experian Proprietary and Confidential. 11

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