Loading...

Build a Better Data Breach Playbook

Published: November 16, 2021 by Michael Bruemmer

Hackers are playing the game of data compromise, and they are winning. At this point, companies of all sizes, from all industries, know that consumers have a growing desire totake control of their data and digital privacy. In case you missed the latestwebinarandwhitepaperrelease from Javelin Strategy & Research, it makes three things clear about consumers’ current attitudes about fraud and its impact on businesses.

1. Consumers are much more privacy-aware

In 2020, consumers turned to social media and telecommunicating platforms to work, stay in touch with friends and family networks and learn. While the broad-scale increase provided a way for global commerce and connections to continue during the worldwide pandemic, it also accelerated cybercrime. The influx of internet traffic created a ready-made environment for fraudsters to profit from consumers in a big way, primarily through scams. Scams were so profitable that they accounted for $43 billion of the $56 billion reported ID fraud losses last year.1

2. Consumers blame Financial Institutions for fraud. It’s the main reason they leave.

When consumers experience fraud, they blame their financial institutions, even if the loss has nothing to do with the institution or its business’s responsibility to the consumer. This attitude shows that consumers hold FIs accountable for their data protection. And when they don’t get it, they take their expectations and their business elsewhere. The data shows the proof. In 2020, 38% of consumers closed a bank account affected by fraud, with 69% saying their primary FIs did not resolve their fraud concerns or losses.1As the saying goes, perception is reality, and in the case of fraud, consumer thoughts have real consequences for organizations.

3. Consumers leave when breaches happen

This point is simple: consumers leave even when personally identifiable information (PII) or other data is not stolen.

Be prepared with a playbook or be ready to lose consumer trust

To improve the customer experience, build trust and reduce risk, companies need a playbook—a fraud resolution and breach response playbook—a solid plan that falls under their existing business and continuity disaster recovery plan. Why? Because consumers need to know and, more importantly, trust that companies are prepared to react quickly and deliver resolution when a network intrusion occurs.

According to Javelin Strategy & Research data, fraud resolution is the best way to retain customers and members. In addition, consumer perception of cybersecurity plays a significant role in consumer attrition and retention. Again, even if personal information is protected, if your organization is attacked, consumers are more likely to stop doing business with your organization, even if no data was compromised. This means cybersecurity and fraud prevention empowerment is a game-changer, driving 22% of consumers’ satisfaction ratings with online banking.2

When building your playbook, consider two core things:

1. Make sure it’s well-developed

A comprehensive fraud resolution and breach response should include a solid approach to collaborate with consumers when fraud occurs. Ensuring your plan includes fraud, cyber, and marketing communications teams will help your company act swiftly and build consumer confidence.

2. Don’t just encrypt data; strengthen perimeter security.

Strong perimeter security will ensure safe interactions with consumers. Even if personal information is protected, consumers will perceive a penetration of the network as a breach and will be more apt to stop doing business with your company.

At Experian, preparedness is our business. We know how important fraud resolution and breach response is to your customer’s experience. Developing a solid playbook is key to that experience, building trust and reducing risk.

To learn more, read theGiving Consumers Control and Enhancing Fraud Preventionwhitepaper,watch theEmpowerment and Fraud Prevention are Keywebinarand find out how to protect your business withExperian’s Global Data Breach Solutions.

1 Javelin Strategy & Research. March 2021.

2 Javelin Strategy & Research. June 2021.

Related Posts

Tenant screening fraud is rising, with falsified paystubs and AI-generated documents driving risk. Learn how income and employment verification tools powered by observed data improve fraud detection, reduce costs, and streamline tenant screening.

Published: September 4, 2025 by Ted Wentzel

In today’s digital lending landscape, fraudsters are more sophisticated, coordinated, and relentless than ever. For companies like Terrace Finance — a specialty finance platform connecting over 5,000 merchants, consumers, and lenders — effectively staying ahead of these threats is a major competitive advantage. That is why Terrace Finance partnered with NeuroID, a part of Experian, to bring behavioral analytics into their fraud prevention strategy. It has given Terrace’s team a proactive, real-time defense that is transforming how they detect and respond to attacks — potentially stopping fraud before it ever reaches their lending partners. The challenge: Sophisticated fraud in a high-stakes ecosystem Terrace Finance operates in a complex environment, offering financing across a wide range of industries and credit profiles. With applications flowing in from countless channels, the risk of fraud is ever-present. A single fraudulent transaction can damage lender relationships or even cut off financing access for entire merchant groups. According to CEO Andy Hopkins, protecting its partners is a top priority for Terrace:“We know that each individual fraud attack can be very costly for merchants, and some merchants will get shut off from their lending partners because fraud was let through ... It is necessary in this business to keep fraud at a tolerable level, with the ultimate goal to eliminate it entirely.” Prior to NeuroID, Terrace was confident in its ability to validate submitted data. But with concerns about GenAI-powered fraud growing, including the threat of next-generation fraud bots, Terrace sought out a solution that could provide visibility into how data was being entered and detect risk before applications are submitted. The solution: Behavioral analytics from NeuroID via Experian After integrating NeuroID through Experian’s orchestration platform, Terrace gained access to real-time behavioral signals that detected fraud before data was even submitted. Just hours after Terrace turned NeuroID on, behavioral signals revealed a major attack in progress — NeuroID enabled Terrace to respond faster than ever and reduce risk immediately. “Going live was my most nerve-wracking day. We knew we would see data that we have never seen before and sure enough, we were right in the middle of an attack,” Hopkins said. “We thought the fraud was a little more generic and a little more spread out. What we found was much more coordinated activities, but this also meant we could bring more surgical solutions to the problem instead of broad strokes.” Terrace has seen significant results with NeuroID in place, including: Together, NeuroID and Experian enabled Terrace to build a layered, intelligent fraud defense that adapts in real time. A partnership built on innovation Terrace Finance’s success is a testament to what is  possible when forward-thinking companies partner with innovative technology providers. With Experian’s fraud analytics and NeuroID’s behavioral intelligence, they have built a fraud prevention strategy that is proactive, precise, and scalable. And they are not stopping there. Terrace is now working with Experian to explore additional tools and insights across the ecosystem, continuing to refine their fraud defenses and deliver the best possible experience for genuine users. “We use the analogy of a stream,” Hopkins explained. “Rocks block the flow, and as you remove them, it flows better. But that means smaller rocks are now exposed. We can repeat these improvements until the water flows smoothly.” Learn more about Terrace Finance and NeuroID Want more of the story? Read the full case study to explore how behavioral analytics provided immediate and long-term value to Terrace Finance’s innovative fraud prevention strategy. Read case study

Published: September 3, 2025 by Allison Lemaster

BIN attacks are a growing threat in today’s digital payments ecosystem. Learn how to mitigate these attacks to reduce losses.

Published: August 27, 2025 by Theresa Nguyen