april i 2020 issue · 200,000 or more. that may be less than the 650,000 in the us who die each...

BIIA NEWSLETTER ISSUE 04 I - 2020

Copyright © BIIA 2020 - For Member Internal Use Only – To Request Permission to Publish Contact: [email protected] The content of this newsletter does not necessarily reflect the opinion of BIIA and its members. BIIA is not responsible for the use which might be made of the information contained in this Newsletter. Nothing in this Newsletter implies or expresses a warranty of

any kind. Neither will BIIA be responsible for any errors. To unsubscribe: Contact [email protected]

APRIL I – 2020 ISSUE Pages 2 - 5

Pages 6 - 8

Page 9

Pages 10 - 12

3 - 15

Page 16

Late Breaking News:

• COVID-19: The Treatment of Credit Data During this Crisis

• COVID-19 and the Value of Information

• Fear, Light, and M&A in the COVID-19 World and when will there be Light?

• A View from McKinsey: Convert Daily Firefighting into Reliable Risk Management

COVID-19 Related Actions Reported by Members

• UK Credit Reference Agencies Agree To Freeze Credit Scores

• US Reference Agencies Support the Signing of the Coronavirus Aid, Relief, and

Economic Security Act (CARES Act)

• Centrix, New Zealand Reports Deteriorating Business Conditions

• Experian Launches COVID-19 U.S. Business Risk Index

• COVID-19: Note on the Management of Emergency Provisioning -- CRIF Italy

Best Practice

• Equifax : Offers Insights To Employers With Webinar Focused on Interpreting the

New Unemployment Laws

• Equifax Launches COVID-19 Financial Resource Center To Support Consumers

COVID-19 Related Actions Reported by Members

• CFPB Issues Credit Reporting Guidance

Member News:

• CRIF Signs Agreement for the Acquisition of 100% of Strands Inc.

• Experian Aims at the Five Trillian Dollars AI Market

• CleverTap and Dun & Bradstreet Lead Mobile Marketing Discussions

Industry News:

• Public Economic Support Schemes Against the Backdrop Of Covid-19

• Ant Financial Has Set Up a Small Business Credit Rating Firm

• How to Spot and Avoid Covid-19 Fraud

NEWS FROM INDIA:

• India Coronavirus Shutdown Hits Outsourcing Groups

Dear Members: The fallout from the COVID-19 has not affected BIIA’s operational capabilities as yet. BIIA’s

Executive Committee works from their respective home offices. Thus, member and industry news coverage

continues unabated. As the effects of the crisis are being felt throughout our industry, an avalanche of

COVID-19 related news has been triggered.

We are deeply touched by the many phone calls and messages which we have received inquiring about our

wellbeing for which we are thankful. Be safe, stay well and please tell us about your experiences in managing

this crisis.

mailto:[email protected]




2

LATE BREAKING NEWS

COVID-19: The Treatment of Credit Data During this Crisis

The Business Information Industry Association (BIIA) is mindful of the

massive impact that the COVID 19 pandemic is having on all sectors of

business and civil society and wish all our members and other contacts our

best wishes as we all work though what are uncharted waters.

The treatment of credit data during this crisis has a potential impact on the integrity

of the consumer credit reporting and business information sharing and ultimately

on the overall financial eco system. If lenders are faced with inadequate or

untimely data this will dramatically reduce the reliance placed by credit providers

on credit reporting data, possibly leading to credit rationing, increased costs and

exclusion of borrowers.

Negative impacts on consumers and businesses as a

result of the pandemic can effect previously good

performing borrowers’ ability to meet their repayments

resulting in them being classified as non-performing

borrowers.

The International Committee on Credit Reporting

(ICCR) is currently developing guidance on the

treatment of credit data in credit reporting systems

in response to the pandemic and BIIA as a member

of the Committee is actively engaged in the work.

To gain an understanding of how regulators and policy

makers are reacting to the massive disruptions the

pandemic is having on credit granting and credit

reporting and to support the work of the ICCR, BIIA is

seeking feedback from its members on the initiatives

that are being undertaken in the regions that members

operate in via a brief online survey.

Information provided in the survey will be used to

develop an overview at a country level of the practices in place or being considered which will hopefully help shape the

ICCR guidance and help regulators, policy makers and credit reporting service providers to work together in developing

the most appropriate approach.

To access the survey, click here: https://www.surveymonkey.com/r/KCRV7GS

Thank you in advance for your support

The BIIA Executive Committee

If you have any questions of further suggestions please contact Neil Munroe, Deputy Managing Director : Neil can be

reached at: [email protected] a


https://www.surveymonkey.com/r/KCRV7GS





3

LATE BREAKING NEWS

COVID-19 and the Value of Information

Fear, Light, and M&A in the COVID-19 World and what a Difference a Couple of Months Make

This is the latest

contribution concerning

the value of information

by our friend Ken Marlin,

Ex-Marine, Ex D&B and

founder and CEO Marlin

& Associates, a New

York based investment

boutique.

“M&A’s latest report on values and M&A trends in the eleven segments of the FinTech, Data and Analytics world that

we follow is here. It’s been a heck of a month.

We are up to around one million cases of COVID-19 worldwide – including 200,000 in the US. More than 50,000 people

have died globally –including 13,000 in Italy, 9,000 in Spain, and 4,000 in the US. In some places, COVID-19 is doubling

every three to seven days. It is already overwhelming some medical systems and the forecast is for US deaths to reach

200,000 or more. That may be less than the 650,000 in the US who die each year from heart disease, but it is a lot

more than the 23,000 expected to die in the US from seasonal flu this year.

As you will see in the report here, valuations for companies in our world are not immune from this crisis. As businesses

are shuttered and workers furloughed, some buyers and investors have reassessed risk. Values are now about 20%

below January –not as much as much as you might expect – possibly for good reason The experts tell us that this

crisis is likely to be over in months. With that in mind, many financial sponsors and corporations, flush with cash, remain

on the hunt for opportunities. While compromised companies should hold off going to market, several of our stronger

clients remain in discussions with potential partners. This week our client, Barcelona-based Strands Labs, SA,

agreed to be acquired CRIF S.p.A, one of Italy’s largest credit bureaus and a leading open banking company.

We don’t have the

answers. We know that

fear has pushed many

governments to shut

down much of their

economies –hoping that

the damage caused by

shuttered businesses,

soaring unemployment

and increased national

debt –and personal debt –

will not be worse than the disease we seek to cure. When this crisis

does end, history has shown that pent up demand will spur economic activity; most (not all) businesses will recover,

and employment will rise. There is light at the end of this tunnel.” Source: Marlin & Associates


https://www.biia.com/crif-signs-agreement-for-the-acquisition-of-100-of-strands-inc

https://www.biia.com/crif-signs-agreement-for-the-acquisition-of-100-of-strands-inc

https://www.marlinllc.com/aboutus




4

LATE BREAKING NEWS

COVID-19 and the Value of Information - Source: M&A March 2020 Report

Value of Information - Source: M&A October 2019 Report





5

LATE BREAKING NEWS

Fear, Light, and M&A in the COVID-19 World and when will there be Light?

In borrowing Ken Marlin’s head line we looked elsewhere for current statistics. Armada Corporate Intelligence

told us:

Asian Recovery? The latest data from the

Purchasing Managers’ Index readings for

Asia are perhaps the best news heard in a

while.

China has jumped back above the 50 line

after falling into the contraction zone in the

low 40s.

There has been progress in South Korea,

Japan and Singapore as well. The

numbers continue to be awful in Europe and

in the US but there is some hope that

eventually the Asian pattern will manifest

elsewhere.

A View from McKinsey: Convert Daily Firefighting into Reliable Risk Management

For the technology industry, the effects of

COVID-19 disease, started to take hold in

January when China, a critical link in the

global technology chain, began reporting

more cases while the country’s early

lockdowns and quarantines are slowly

beginning to lift, the pandemic’s

international expansion is leading to new

restrictions across the globe which are

weighing on business activity.

Consequently, the technology supply chain

now faces a new set of challenges. One of

the key points is how to build a new robust

risk management system. To read the full

report click here.

We thank Dun & Bradstreet for alerting

us to this important insight. If our

members would like to join D&B on the

Power of Data podcast or have suggestions for potential guests, please feel free to get in touch with D&B: Subscribe

and listen to hear the latest interviews with business and industry leaders.


https://www.armada-intel.com/about-us

https://www.mckinsey.com/business-functions/operations/our-insights/Coronavirus-and-technology-supply-chains-How-to-restart-and-rebuild?cid=other-eml-alt-mip-mck&hlkid=1100d1a33fec400eaddddb25a2144b77&hctky=11636175&hdpid=584c1e34-bc36-4cf4-9bc5-cfa736b6192c&mkt_tok=eyJpIjoiWldKaFpqa3pOelJsTVRNeSIsInQiOiI1b0l6UUVJTjhBbzI0UjBWWStHeXMyQUdlUGVTdkl4OGtENVN5YitQK2VnTWRSMXduMzhRNzNYVmU0RmZCRHVqM014OWZhSTZ6aE4reDZIMUl6eVVmcW5zc01RSTdLbHRmRFRBd3M3R2I1ZWdFNTBpejFSTGM2YThMWWJNQWpKNiJ9

https://mktomail.dnb.co.uk/teUY1e0mHY0jf00tC50001p

https://mktomail.dnb.co.uk/teUY1e0mHY0jf00tC50001p




6

COVID-19 RELATED ACTIONS REPORTED BY MEMBERS

UK Credit Reference Agencies Agree To Freeze Credit Scores

Three of the mainstream credit reference agencies say that payment holidays

taken as a result of coronavirus will not affect credit scores.

Equifax. Experian and TransUnion all say that this ‘emergency payment

freeze’, as they call it, includes mortgage payment holidays

The payment freeze will not be recorded within the credit report at all, but the

agencies warn that borrowers should ask individual lenders if going on a

payment holiday will have an impact on future lending decisions because of

differing lender policies. It must also be noted that missing payments without

an agreed holiday in place will affect credit scores. As reported by BIIA

US Reference Agencies Support the Signing of the Coronavirus Aid, Relief, and

Economic Security Act (CARES Act)

Equifax Experian TransUnion

Centrix, New Zealand Reports Deteriorating Business Conditions

Our New Zealand member Centrix has sent their latest update on regulation

concerning the impact of COVID-19 on Consumer Credit Applications.

As of their latest update Credit Scores are falling sharply: Centrix score is a leading

indicator of default risk, average scores on application enquiries have dropped

28points since the global outbreak of COVID-19. Credit demand crashes by 65%.

Consumers with high scores are no longer as active whereas credit demand in low

score segments remain strong. Product mix is shifting which is contributing to the drop in score. Personal Loans and

Auto finance has dropped sharply in last 2 weeks. Mortgages down this week also.

It is still too early to observe any COVID-19 impact on arrears levels or Hardship flags as reported in Comprehensive

Credit Reporting (CCR).

For further details please click here: : https://www.biia.com/centrix-group-new-zealand-publishes-report-on-impact-

of-covid-19-on-consumer-credit-applications


https://www.biia.com/credit-reference-agencies-agree-to-freeze-credit-scores

https://www.biia.com/equifax-ceo-mark-w-begor-statement-of-support-for-federal-cares-act

https://www.biia.com/experian-supports-the-signing-of-the-coronavirus-aid-relief-and-economic-security-act-cares-act

https://www.biia.com/transunion-supports-enactment-of-the-u-s-cares-act

https://www.biia.com/centrix-group-new-zealand-publishes-report-on-impact-of-covid-19-on-consumer-credit-applications

https://www.biia.com/centrix-group-new-zealand-publishes-report-on-impact-of-covid-19-on-consumer-credit-applications




7


Experian Launches COVID-19 U.S. Business Risk Index

Experian®, announced that it will offer all American-owned

small businesses free access to their Experian business credit

report from now until May 1, 2020, to help small business

owners in need during the impact of the COVID-19 pandemic.

By accessing a free business credit report now, small business

owners can understand where their credit score stands and look for

the best lending options for their business before they obtain

funding.

To further help small businesses gain access to capital they need,

Experian also launched its free COVID-19 U.S. Business Risk

Index to assist lenders and government organizations in

understanding how to make lending options available to the

business segments that need it the most. This new risk index can

help business risk professionals better understand the impact that the pandemic may have on commercial operations

based on several key factors. This methodology combines business risk, anticipated impact on business industries and

real-time COVID-19 case data to help businesses better simulate various impact scenarios down to the state level to

help develop enterprise strategies. To read more click here: https://www.biia.com/experian-offers-free-business-credit-report-

to-every-small-business-in-america-and-free-access-to-new-covid-19-u-s-business-risk-index

COVID-19: NOTE ON THE MANAGEMENT OF EMERGENCY PROVISIONING -- CRIF

ITALY BEST PRACTICE -

THE ITALIAN CONTEXT: CRIF Italy has built itself along the years

a long-standing experience in managing the various regulatory

provisions and ad hoc decisions that our governments and the

banking system itself have put forward to address emergency

situations (i.e. earthquakes, flooding, etc..).

Normally these provisions would have been limited to the specific

territory affected by calamitous events while, of course, with the

COVID-19 emergency, dedicated provisions have been put in place

with regards to the whole Country. The approach, however, is the

same that we have seen and implemented as CRIF in the past, that

is a suspension or moratorium on the payments of credits, for both

companies and consumers.

With regards to the present emergency situations, we are talking specifically of: – The possibility for MSMEs to request

the suspension of the payments for mortgages and other loans repayable by installments, as well as an extension of

the contractual maturity of the credit; – The possibility for professionals and for employees to request a suspension of

the payments for the “first house” mortgages. To read more, click here: https://www.biia.com/covid-19-note-on-the-

management-of-emergency-provisioning-crif-italy-best-practice


http://www.freecompanycredit.com/

http://www.freecompanycredit.com/

https://public.tableau.com/profile/nicolette.emory5647#!/vizhome/ExperianCOVID-19U_S_BusinessRiskIndex/TableauPublicVersion

https://public.tableau.com/profile/nicolette.emory5647#!/vizhome/ExperianCOVID-19U_S_BusinessRiskIndex/TableauPublicVersion

https://www.biia.com/experian-offers-free-business-credit-report-to-every-small-business-in-america-and-free-access-to-new-covid-19-u-s-business-risk-index

https://www.biia.com/experian-offers-free-business-credit-report-to-every-small-business-in-america-and-free-access-to-new-covid-19-u-s-business-risk-index

https://www.biia.com/covid-19-note-on-the-management-of-emergency-provisioning-crif-italy-best-practice

https://www.biia.com/covid-19-note-on-the-management-of-emergency-provisioning-crif-italy-best-practice




8


Equifax : Offers Insights To Employers With Webinar Focused on Interpreting

the New Unemployment Laws

Just one week ago, the Coronavirus Aid, Relief, and

Economic Security (CARES) Act became law in the USA

providing more than $2 trillion in aid for individuals, small

businesses, specific industries, and local governments.

A significant part of the Act included new guidance around

unemployment insurance eligibility for individuals impacted

by the COVID-19 pandemic. As a result, there was

unprecedented employer demand for information presented

during the Equifax Workforce Solutions "Interpreting the New

Unemployment Landscape" webinar recently as more than

10,000 registrants from across the country representing

organizations large and small responded.

In order to assist more employers with management of COVID-19 related workforce shifts and unemployment

claims, Equifax is making playback of the webinar available on its website. The content, based on extensive

work done by the Workforce Solutions division at Equifax, covers some of the latest information gathered from

both federal and state-level changes related to unemployment insurance programs and claims management.

Click here to access the full recording of the event in its entirety. Source: Equifax Inc.

Equifax Launches COVID-19 Financial Resource Center To Support Consumers

As the COVID-19 outbreak continues, Equifax is

launching a new online support platform called COVID

+ CREDIT: Financial Resource Center. Recognizing the

widespread economic impact of this global pandemic,

Equifax has brought together its existing services and

capabilities in a single online destination for people to

leverage during this challenging time.

In addition, the company continues to explore other actions

it can take to better support consumers and businesses

during and after the virus outbreak.

"As we continue to see the negative impacts of this

pandemic on people's financial health, Equifax will be there

to help people get the information and resources they need to protect their credit and finances," said Mark W.

Begor, Chief Executive Officer of Equifax. "Our purpose at Equifax is to help people live their financial best,

and this new COVID-19 digital resource center and free credit reports are just two ways we're helping people

protect their credit and their family's financial life." Equifax Financial Resource Center


https://c212.net/c/link/?t=0&l=en&o=2769089-1&h=9235360&u=https%3A%2F%2Fevent.on24.com%2Fwcc%2Fr%2F2245741%2F5210EB3448EDD8CCBE2E5D3EFA9B1DDD&a=Click+here

https://www.marketscreener.com/EQUIFAX-INC-12424/news/Equifax-Offers-Insights-To-Employers-With-Webinar-Focused-on-Interpreting-the-New-Unemployment-Law-30304116/?utm_content=20200403&utm_medium=RSS

https://c212.net/c/link/?t=0&l=en&o=2768650-1&h=413787905&u=https%3A%2F%2Fwww.equifax.com%2Fpersonal%2Fcovid-19%2Fcoronavirus-manage-personal-finances%2F&a=COVID+%2B+CREDIT%3A+Financial+Resource+Center&mod=article_inline

https://c212.net/c/link/?t=0&l=en&o=2768650-1&h=413787905&u=https%3A%2F%2Fwww.equifax.com%2Fpersonal%2Fcovid-19%2Fcoronavirus-manage-personal-finances%2F&a=COVID+%2B+CREDIT%3A+Financial+Resource+Center&mod=article_inline

https://c212.net/c/link/?t=0&l=en&o=2768650-1&h=3697104228&u=https%3A%2F%2Fwww.equifax.com%2Fpersonal%2Fcovid-19%2Fcoronavirus-manage-personal-finances%2F&a=Financial+Resource+Center&mod=article_inline




9

COVID-19 RELATED ACTIONS BY REGULATORS

CFPB Issues Credit Reporting Guidance

The Consumer Financial Protection Bureau (Bureau) released a

policy statement outlining the responsibility of credit reporting

companies and furnishers during the COVID-19 pandemic. In

response to the pandemic, many lenders are being flexible when it

comes to consumers’ making payments. The Bureau’s statement

underscores that consumers benefit if lenders report accurate

information about these arrangements to credit bureaus so that the

credit reports of consumers are accurate.

“During this time of uncertainty, we are providing clarity to ensure the

consumer reporting industry can continue to function,” said Director

Kraninger. “Consumers rely on their credit report to purchase a new

car, their new home, or to finance their college education. An effective

consumer reporting system is critical in promoting fair and efficient

access to credit in the consumer financial services market.”

As lenders continue to offer struggling borrowers payment accommodations, Congress last week passed the

CARES Act. The Act requires lenders to report to credit bureaus that consumers are current on their loans if

consumers have sought relief from their lenders due to the pandemic. The Bureau’s statement informs lenders

they must comply with the CARES Act. The Bureau’s statement also encourages lenders to continue to

voluntarily provide payment relief to consumers and to report accurate information to credit bureaus relating to

this relief. The continuation of reporting such accurate payment information produces substantial benefits for

consumers, users of consumer reports, and the economy as a whole.

In addition, in response to staffing and resources constraints on lenders and credit bureaus due to the pandemic,

the Bureau’s statement also provides flexibility for lenders and credit bureaus in the time they take to investigate

disputes. The Bureau specifically states that it does not intend to cite in an examination or bring an enforcement

action against firms who exceed the deadlines to investigate such disputes as long as they make good faith

efforts during the pandemic to do so as quickly as possible.

Earlier this month, the Bureau provided consumers with resources to protect their credit. The Bureau’s blog

outlines the steps consumers should take if they cannot make a payment, how to dispute inaccurate information

on their credit report, and how to obtain a free copy of their credit report. The blog can be found here.

Statement on Supervisory and Enforcement Practices Regarding the Fair Credit Reporting Act and

Regulation V in Light of the CARES Act .

###

The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work

by regularly identifying and addressing outdated, unnecessary, or unduly burdensome regulations, by making

rules more effective, by consistently enforcing federal consumer financial law, and by empowering consumers to

take more control over their economic lives. For more information, visit consumerfinance.gov.


https://www.consumerfinance.gov/about-us/blog/protecting-your-credit-during-coronavirus-pandemic/

https://www.consumerfinance.gov/documents/8688/cfpb_credit-reporting-policy-statement_cares-act_2020-04.pdf

https://www.consumerfinance.gov/documents/8688/cfpb_credit-reporting-policy-statement_cares-act_2020-04.pdf

https://www.consumerfinance.gov/




10

MEMBER NEWS

CRIF Signs Agreement for the Acquisition of 100% of Strands Inc.

Creating a worldwide digital solutions provider for open banking business

CRIF announces an agreement to acquire the total shareholding of Strands, a FinTech company specialized in

advanced digital banking solutions. The closing of the deal is expected to be finalized in the coming weeks.

Strands, based in the US, is one of the top global providers of AI-driven Business and Personal Financial Management

with offices in Spain, Asia and South America.

Experts in Big Data, A.I. and Machine Learning since 2004, Strands creates highly-customizable digital money

management software (BFM, PFM and more) for top-tier financial institutions worldwide, and empowers people to be

smarter with their money. Moreover, Strands has carried out more than 700 implementations to date globally.

Already partners for financial management solutions, both companies have invested in advanced Open Banking and

Digital Economy solutions.

The combination between Strands and CRIF will create a strong worldwide digital solutions

provider in access to account, account aggregation, and AI-powered BFM and PFM solutions,

with new synergies in terms of expertise, solutions and offerings. It will allow further

development of an ecosystem of innovative and end-to-end open banking solutions for banks

and financial institutions, helping them to evolve their offerings and to boost their business

through digital channels, with a constant focus on sustainability and customer needs.

“Strands is trusted by more than 700 financial institutions and over 100 million banking

consumers as a key part of the financial ecosystem, and together with CRIF can support the rapid growth of digital

banking services. Strands' mission is to enable banks to anticipate customer needs and proactively suggest next-best-

actions, and we are excited about this opportunity to continue delivering on that promise”, said Erik Brieva, CEO of

Strands.

“We are happy to announce the agreement for the acquisition of Strands that will allow CRIF

to create a worldwide digital solutions provider for open banking. Through this deal, CRIF will

combine its market knowledge and expertise with an innovative and well positioned Fintech

player, creating synergies that will help our global clients to keep on growing and innovating

through their digital transformation journey”, commented Carlo Gherardi, Chairman of CRIF.

About Strands: Strands is a FinTech software company which develops AI-driven solutions for

banks and financial institutions to help increase customer engagement and generate new

revenue through digital channels.

With the mission of improving the bank-client relationship, Strands draws on its more than 15 years’ experience in Big

Data, Machine Learning, and Artificial Intelligence, developing highly-personalized digital money management solutions

that empower people and SMEs to better manage their lives and business, and make smarter financial decisions.

Founded in Corvallis (Oregon, US) and Barcelona (Spain) in 2004, Strands has a strong presence in North and Latin

America, Europe and Asia, and has collaborated on more than 700 digital banking implementations worldwide. For

more information: www.strands.com Source: CRIF Press Release


http://www.strands.com/

https://www.crif.com/news-and-events/press-releases/2020/march/crif-acquires-strands-to-create-worldwide-digital-solutions-provider-open-banking-business/




11

MEMBER NEWS

Financial Distress: A Top Motivator for Becoming an Insider Threat to Government

Agencies – New TransUnion Report

New TransUnion report provides in-depth look into insider threats

Predicting insider threats can be an arduous process, but a new TransUnion

(NYSE: TRU) insight guide points to the immediate need to thwart such

transgressions. The guide, which was unveiled at the 6th Annual Insider

Threat Summit in Monterey, Calif., includes analysis from an anonymous,

aggregated set of 165,000 U.S. Armed Services employees at the end of

2019. The analysis found that 23.2% of armed services employees run the

risk of financial distress with 10.7% at the highest risk threshold.

The findings are important because financial stressors are one of the key

risk factors that can lead to malicious insider threats. The risk can be costly

on a number of fronts especially when noting that the average cost of commercial insider threat last year was $11.45

million1 with the number of incidents rising 47% over a two-year period .

And while employee and contractor neglect dominate insider threat incidents, the most serious resulted from malicious

behavior, including criminal activities and credential theft. Malicious insider threats cost 40% or more on average than

negligent incidents.

Four Warning Signs of Insider Threats

While it’s nearly impossible to predict every insider threat, the TransUnion insight guide found that there are warning

signs that may alert organizations to a potential threat. The four common risk factors prior to an individual perpetrating

a hostile act include:

• Personal predispositions such a medical/psychiatric conditions or social network risks.

• Stressors including personal, professional and financial.

• Concerning behaviors related to financial, interpersonal or travel.

• Problematic organizational responses such as inattention or inadequate investigation.

Solutions to an Alarming Problem

Many companies and federal agencies are complying with the National Industrial Security Program Operating Manual

(“NISPOM”) that mandates government agencies and relevant contractors create a written insider threat program.

However, some organizations working to prevent insider threats tend to miss external information when establishing

the most effective means to measuring predispositions and stressors that could lead to problems from employees.

TransUnion is working on tamping down on insider threats within government organizations via its trusted workforce

solutions. The capabilities feature the CreditVision Financial Security Score (CVFS), purpose-built for helping employers

understand the financial distress facing their employees. This score, and CreditVision solutions more generally, are

unique in that they combine credit and public record signals.

To download the full insight guide, please click here. Additional information about detecting insider threats can be

accessed here. Source: TransUnion Press Release


https://solutions.transunion.com/insider-threat/insight-guide/?utm_campaign=pr-insider-threat-pr-&utm_content=report&utm_medium=press-release&utm_source=press-release&utmsource=press-release

https://www.transunion.com/industry/public-sector/detect-insider-threat?utm_campaign=pr-insider-threat-pr-&utm_content=landing-page&utm_medium=press-release&utm_source=press-release&utmsource=press-release

https://newsroom.transunion.com/financial-distress-one-of-the-top-motivators--for-becoming-an-insider-threat-to-government-agencies/




12

MEMBER NEWS

Experian Aims at the Five Trillian Dollars AI Market

Experian Sharpens Focus On Developing A Game-Changing Offering Using Analytics And AI

In an interview with Peter High, President of Metis Strategy, Shri Santhanam, Executive Vice President and General

Manager of Global Analytics and Artificial Intelligence [AI] at Experian, explains that the executive team at Experian

sees enormous potential in both analytics and AI to amplify the impact that Experian has in its current markets.

However, they see significant potential in other markets Experian does not currently serve.

To read the full story on BIIA click here or to listen to an unabridged podcast version of this interview, please click

this link. To read future stories like this one, please follow me on Twitter @PeterAHigh.

CleverTap and Dun & Bradstreet Lead Mobile Marketing Discussions

CleverTap, a leading AI-powered customer lifecycle and user retention platform, joined with Dun &

Bradstreet to host a thought leadership event in Dubai in early March.

The one-day summit offered insights from key CleverTap executives, as well as leaders from Network International and

JOIGIFTS.com. In addition, panel discussions looked at the journey from customer engagement to brand advocacy and

business growth strategies that have been most effective in the Middle East. Discussions at the summit focused on the

proliferation of smartphone usage across user segments in the region and the real-time cultural shift of people sharing,

accessing and needing content across social and online channels. In addition, the ability to store large amounts of data

in efficient and cost-effective ways will have a profound impact on the level in which Artificial Intelligence (AI) and

Machine Learning will play a role in digital-first marketing strategies. Panel topics assessed the evolving mobile

landscape over the next five years and new approaches to segmenting and engaging users with personalized

information, experiences, services, and more.

“Customer retention is as important as customer acquisition. We live in an age where mobile devices are scaling heights

in terms of marketability that the print and broadcast media could only ever dream of,” said Pankaj Khanna, Head –

Learning & Economic Insights Group, Dun & Bradstreet India.” Source: Martechseries.com


https://www.biia.com/experian-2

https://www.metisstrategy.com/interview/shri-santhanam/

https://www.metisstrategy.com/interview/shri-santhanam/

https://twitter.com/peterahigh

http://clevertap.com/

https://www.dnb.com/

https://www.dnb.com/

https://www.linkedin.com/in/khannapankaj/

https://martechseries.com/sales-marketing/customer-experience-management/clevertap-dun-bradstreet-lead-mobile-marketing-discussions-engage-grow-summit-middle-east/




13

INDUSTRY NEWS

Public Economic Support Schemes Against the Backdrop Of Covid-19

In a position paper, members of the International Credit Insurance and

Surety Association (ICISA) call for a coordinated approach to support

schemes across the European Union to meet the demands of the crisis

triggered by the Covid-19 pandemic.

The Covid-19 pandemic has triggered a sudden and significant economic

shock, the overall impact of which is not yet known. The pandemic and

essential containment efforts have already resulted in significant business

interruption across a wide range of businesses and sectors.

Experience from previous crises, including the 2008 financial crisis, has shown that structuring such schemes as

reinsurance arrangements where the state provides an essential backstop to private cover ensures minimal disruption

to existing arrangements, while also avoiding any delays in providing short term credit to the businesses that need it.

Cross-border business is a cornerstone of the internal market of the European Union and will be essential to its

successful recovery from this crisis. Firms ranging from large multinational firms to the micro-enterprises are engaged

in business between one or more member states. As a result, it is essential that approaches to support schemes within

the European Union are closely coordinated and harmonized to avoid unnecessary and costly administrative burden

and the possibility of arbitrage which differences in approaches across the EU may lead to.

Members of ICISA are working hard to support policyholders in this difficult time and remain committed to playing their

part in seeing this crisis through and spurring the eventual recovery.

About ICISA The International Credit Insurance & Surety Association (ICISA) brings together the world's leading

companies that provide trade credit insurance and/or surety bonds. For more information on ICISA, please visit www.icisa.org

Ant Financial Has Set Up a Small Business Credit Rating Firm

Ant Financial, Alibaba’s fintech arm, has set up a corporate credit rating company

for small and micro enterprises. The new venture brings Ant Financial closer to the

comprehensive offerings of traditional banks, with the distinct advantage of having

access to the Taobao marketplace—a massive pool of small and micro enterprises.

By performing financial risk assessments, the credit rating arm can help provide

hard-to-come-by loans to millions of small business owners.

Ant Financial Credit Rating is wholly owned by Ant Financial and funded with RMB

500 million (about $70.5 million) in capital, according to Chinese media reports.

The company was listed on China’s National Corporate Credit Information System (NCCIS), the national corporate

registry database.

Shao Wenlan, head of Alibaba’s personal credit rating arm Sesame Credit, will head the venture, according to media

reports. According to its NCCIS listing, the company will offer social, financial, and economic consulting services. It

will also offer technical services to lend developmental support in fields such as IT, data storage, data processing, and

software, media reported. Source: Technode.com


http://www.icisa.org/

https://36kr.com/p/5306672

https://technode.com/2020/03/31/ant-financial-has-set-up-a-small-business-credit-rating-firm/




14

INDUSTRY NEWS How to Spot and Avoid Covid-19 Fraud

Criminals are using the coronavirus pandemic to scam people out of their money and personal information,

multiple agencies have warned.

As the UK continues a lockdown to prevent the spread of Covid-19, the National Crime Agency (NCA) has urged

people to be wary of a variety of frauds that have emerged alongside the virus.

• What frauds related to the pandemic have been reported?

Fraudsters have exploited the outbreak to target people in a number of ways, director general of the

National Economic Crime Centre Graeme Biggar said.

Mr. Biggar warned the criminals’ methods are likely to increase as more people are isolated, working

remotely and may be more vulnerable to online attacks.

Some of the fraudsters have posed as legitimate sellers of high-demand goods, while others have

exploited financial concerns to ask for upfront fees for bogus loans or target pensions.

More than 200 people have also been victimized by phishing scams, where legitimate-looking emails

request money or attempt to access a person’s personal details.

• How many people have been affected so far?

City of London Police previously said there was a 400% increase in reports to Action Fraud, the UK’s

national reporting Centre for fraud and cybercrime.

The 105 reports to the center since February 1 had total losses reaching nearly £970,000.

• What are fraudsters doing?

The majority of cases flagged to authorities related to online shopping scams where people ordered

protective face masks, hand sanitizer and other products that were never delivered.

Other people have been targeted by those selling fake testing kits or supposed cures for the virus.

Industry body UK Finance warned fraudsters could seek to pose as a genuine organization, including

banks, police officers, and the Government – while frauds could come via emails, phone calls, text

messages or social media posts.

Other examples of fraudsters’ tactics include an email from a supposed research group mimicking the

US Centre for Disease Control and Prevention (CDC) and World Health Organization (WHO).

The message claims to provide a list of local infections, but for victims to access it they must click of a

credential-stealing link or make a payment to an e-currency Bitcoin account.

Mike Haley, chief executive of fraud prevention service Cifas, previously said hackers were looking to

target the increased numbers of people working from home due to the coronavirus outbreak.

To be continued on next page





15

INDUSTRY NEWS How to Spot and Avoid Covid-19 Fraud - continued from previous page

• How can people avoid being targeted?

The NCA has urged people to take their time to research any goods they may wish to buy, emails or

messages appearing from Government agencies or requests for money made over the internet.

“Only criminals will try to rush or panic you,” the agency said.

The NCA added that it is fine to refuse or ignore requests made online, especially if they are unsolicited

or appear “too good to be true”.

Internet users are also urged never to provide personal data such as full names, addresses and date of

birth as criminals can use this information to steal an identity.

People should also use an anti-virus programme to protect against malware, where a link or download

can place malicious software onto a computer without the user’s knowledge.

Authorities also advise against clicking links in emails and messages unless you are sure of its origin.

The NCA added that neither banks or the police will ask for people to transfer money or move it to a safe

account.

• What do I do if I’ve been targeted?

Contact your bank immediately if you think you have fallen for a scam and report it to Action Fraud, or

Police Scotland.

The National Cyber Security Centre also recommends people change their passwords and run their anti-

virus software if they have been targeted.

Source: ITV.com/news


https://www.itv.com/news/2020-03-25/how-to-spot-and-avoid-covid-19-fraud/




16

NEWS FROM INDIA

India Coronavirus Shutdown Hits Outsourcing Groups

According the Financial Times,

companies are racing to maintain

services for global clients Companies

are forced to upgrade networks so staff

can work from home.

The nationwide shutdown in India has left

some of the world’s biggest outsourcing

companies racing to maintain services for

global clients. India’s IT companies provide

back office operations for many of the

world’s largest corporations, from banks to

manufacturers and pharmaceuticals.

The spread of Covid-19 in India prompted

Prime Minister Narendra Modi to announce

last week that the country would enter a 21-

day shutdown with a strict curfew and only essential services running. A number of the country’s more than 900

confirmed cases were among employees at outsourcing firms in cities like Bangalore or Pune. As a result, IT companies

have had to swiftly shift desktops into employees' homes and upgrade networks so they can continue working remotely.

They have also had to lobby for exemptions so they can continue sending some workers to offices to perform critical

functions, such as maintaining clients’ cyber security systems.

Ramping Up: Tata Consultancy Services, which has $20bn in annual revenues, said that about 85 per cent of its

400,000 employees in India and elsewhere in the world were now working from home, up from 40 per cent a week

earlier. Infosys said that 70 per cent of its 200,000-strong workforce was working from home around the world. “This

is the crown jewel of the Indian economy,” said R Chandrasekhar, former president of industry association Nasscom

and a former government IT official. While there has been smaller scale disruption before, “this is a completely different

ball game and companies are now trying to adapt”.

Collectively, the industry employs about 4m and earns revenues of $180bn a year.

The shutdown in India and other outsourcing hotspots such as the Philippines has been a challenge for companies in

Europe and North America that depend on these businesses to manage internal systems or run call centres.

Some western companies have indicated they intend to reduce their dependence on outsourcing: Virgin Media

announced last week that it would hire 500 call Centre staff in the UK. Pankaj Kapoor, an analyst at JM Financial

in Mumbai, said most IT companies were managing despite the difficulty. “Has it increased the risk? Definitely.

Are clients happy? Definitely not. But I guess these are the times where the choice was to suspend the work,

or get it done with this risk.” Source: Financial Times

Business Information Industry Association Asia Pacific – Middle East Ltd. Suite 4114 Hong Kong Plaza, 188 Connoaught Road West, Hong Kong

Telephone: +852 2525 6120; Fax: +852 2525 6171; E-mail: [email protected] Home Page: www.biia.com

Certificate of Incorporation: 979425


https://www.ft.com/content/00611a21-9e43-430b-b46e-de0a50c0383a

https://www.ft.com/content/00611a21-9e43-430b-b46e-de0a50c0383a

http://www.biia.com/

april i 2020 issue · 200,000 or more. that may be less than the 650,000 in the us who die each...

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