Core Insights - Fraud is causing significant financial losses for businesses globally, with an average loss of 7.7% of annual revenue, equating to approximately $534 billion across surveyed companies [1][2] - In the U.S., the average revenue loss due to fraud is reported at 9.8%, a 46% increase from the previous year, amounting to an estimated $114 billion among surveyed leaders [2] Fraud Types and Impact - The predominant types of fraud causing business losses globally include scam/authorized fraud (24%), synthetic identity fraud (20%), and account takeover (20%) [3][4] - In the U.S., account takeover fraud is the most damaging, responsible for 31% of reported fraud losses, followed by synthetic identity fraud at 24% and scam/authorized fraud at 23% [4] Trends in Fraud - Account takeover fraud has seen a significant increase, with a 21% rise in volume from H1 2024 to H1 2025 and a staggering 141% increase from H1 2021 to H1 2025 [5] - The sophistication of fraud tactics is evolving, necessitating businesses to adopt proactive security measures rather than solely reactive defenses [6] Consumer Awareness and Exposure - Globally, 48% of consumers reported being targeted by various fraud schemes, with a concerning 52% unaware of such attempts [7] - In the U.S., 51% of consumers reported being targeted, with phishing and smishing being the most common types of fraud [8] Regional Insights - Countries like India, South Africa, and Guatemala reported the highest percentages of respondents falling victim to fraud in H1 2025, with specific fraud schemes varying by region [10]

Core Insights - TransUnion's study indicates that Canadian businesses lost an estimated CAD$111 billion to fraud in the past year, representing 7.2% of their revenues, a significant increase from CAD$78 billion in 2024 [3][6] - Synthetic identity fraud has risen to 26% of total fraud losses, up from 18% in 2024, marking the largest year-over-year increase among fraud types in Canada [7][6] - Despite an overall decline in suspected digital fraud rates, online communities and gambling transactions have seen significant increases in fraud attempts, with online communities experiencing a 68% year-over-year increase [8][9] Fraud Losses and Trends - Scams and authorized fraud account for 29% of reported losses among Canadian businesses, while synthetic identity fraud is becoming increasingly prevalent [5][6] - The rate of suspected digital fraud attempts in Canada decreased from 5.4% in H1 2024 to 4.2% in H1 2025, although this rate remains higher than the global average [3][6] - Online communities had the highest suspected digital fraud attempt rate at 11.4%, followed closely by gambling at 10.9% [10][8] Business Leaders' Concerns - 48% of Canadian business leaders reported that their customers were victims of fraudsters spoofing their business' phone number or name, while 60% cited fake emails impersonating their brand [3][6] - There is a significant concern regarding spoofing scams, indicating a need for enhanced security measures [3][4] Fraud Mitigation Strategies - Canadian businesses are focusing on various technologies to combat fraud, including identity verification (53%), device reputation (46%), and behavioral biometrics (42%) [11][8] - The study emphasizes the importance of a collaborative approach and advanced tools to stay ahead of evolving fraud tactics [8][4] Consumer Awareness and Actions - A separate survey found that 46% of Canadians were targeted by fraud attempts, yet only 6% reported falling victim, indicating high awareness [12][13] - Despite this awareness, 37% of Canadians took no action in the last 60 days due to cybersecurity concerns, with many unsure of what steps to take [12][13]

Group 1: Berkshire Hathaway Acquisition - Berkshire Hathaway confirmed a nearly $10 billion acquisition of Occidental Petroleum's petrochemical division, marking its largest deal since 2022 [2] - Following the announcement, shares of Occidental Petroleum fell by 7.3%, while Berkshire Hathaway shares experienced fractional losses [2] Group 2: Fair Isaac and Credit Bureaus - Fair Isaac (FICO) shares surged by 18% after announcing it would provide consumer credit scores directly to firms selling consolidated credit reports to mortgage providers, reducing reliance on major credit bureaus [3][7] - Shares of competing credit bureaus, Equifax and TransUnion, dropped significantly, with Equifax down 8.5% and TransUnion nearly 11% [3] Group 3: Cryptocurrency Market - Major cryptocurrencies, including Bitcoin, saw a revival, contributing to a 7.5% increase in shares of Coinbase Global, the largest U.S. crypto exchange [4] - Robinhood Markets, which also offers crypto trading, saw its shares rise by 4.1% as the CEO predicted significant impacts from the tokenization of real-world assets [4] Group 4: Intel and AMD - Intel shares gained 3.8% amid reports that Advanced Micro Devices (AMD) is in early talks to become a customer of Intel's foundry business [5] - Intel's stock has doubled in value since reaching its year-to-date low in April, driven by investments from Nvidia, SoftBank, and the U.S. government [5] Group 5: AES Corp and Market Reactions - Shares of AES Corp, a renewable energy provider, fell by 7% after reports of advanced negotiations for a potential acquisition by Global Infrastructure Partners, owned by BlackRock [8]

Core Insights - Fair Isaac (FICO) announced a new program that allows it to provide credit scores directly to mortgage lenders, bypassing traditional credit bureaus [3][4] - This move is expected to significantly reduce costs for lenders, potentially saving them up to 50% on FICO score fees [3][4] - The announcement led to a decline in shares of major credit bureaus Equifax and TransUnion, which fell by 9% and 12% respectively, while Fair Isaac's shares rose by about 20% [2][4] Company Impact - Fair Isaac's new FICO Direct Mortgage License Program enables tri-merge resellers to access and distribute FICO scores directly, eliminating reliance on Equifax, TransUnion, and Experian [3][7] - The change is described as a "turning point" in the mortgage industry regarding how credit scores are delivered and priced [3] Industry Implications - The decision to bypass major credit bureaus could reshape the mortgage scoring landscape, threatening a critical revenue stream for these bureaus [4] - The move reflects a significant shift in the competitive dynamics of the credit scoring industry, as lenders may prefer direct access to scores to reduce costs [4]

Core Insights - Fair Isaac (FICO) announced a new program that allows it to provide credit scores directly to mortgage lenders, bypassing traditional credit bureaus, which could significantly alter the mortgage industry landscape [2][3][4] Group 1: Fair Isaac's New Program - Fair Isaac's FICO Direct Mortgage License Program enables tri-merge resellers to access and distribute FICO scores directly to customers, reducing reliance on major credit bureaus [3] - The program is expected to save lenders up to 50% on per score FICO fees, marking a significant shift in how credit scores are delivered and priced in the mortgage sector [3][4] Group 2: Market Reactions - Following the announcement, shares of Equifax (EFX) and TransUnion (TRU) fell by 9% and 12% respectively, reflecting concerns over the potential loss of revenue from mortgage scoring [2][4] - In contrast, Fair Isaac's shares surged by approximately 20%, indicating strong market confidence in the new strategy [2][5] Group 3: Industry Implications - The move by Fair Isaac threatens a critical revenue stream for the major credit bureaus, as lenders may opt to bypass them entirely for credit scoring [4] - The third major credit score provider, Experian, also experienced a decline in share value in London, although it does not trade in the U.S. [4]

Market Overview - U.S. stock futures showed mixed results, with Dow futures declining approximately 0.1% [1] Company-Specific Movements - Fidus Investment Corp (NASDAQ:FDUS) experienced a significant drop of 2.6%, trading at $19.80 in pre-market after announcing a $100 million public offering of 6.750% notes due 2030 [1] - Bolt Biotherapeutics Inc (NASDAQ:BOLT) shares fell sharply by 13.4% to $4.90 following an update on BDC-4182 and an extension of its cash runway into 2027 [3] - Equifax Inc (NYSE:EFX) saw a decline of 10.9%, trading at $226.00, after Seaport Global initiated coverage with a Neutral rating [3] - TransUnion (NYSE:TRU) shares dropped 8.8% to $75.00, also receiving a Neutral rating from Seaport Global [3] - Lithium Americas Corp (NYSE:LAC) fell 5% to $6.69 after a previous increase of 23% on Wednesday [3] - Erasca Inc (NASDAQ:ERAS) shares decreased by 3.2% to $2.14 in pre-market trading [3] - Petco Health and Wellness Company Inc (NASDAQ:WOOF) declined 3.1% to $3.79 [3] - Rocket Companies Inc (NYSE:RKT) slipped 3.1% to $18.99, with Western Union set to replace Mr. Cooper Group Inc. in the S&P SmallCap 600 effective prior to trading on October 6 [3]

Market Overview - U.S. stock futures showed mixed results, with Dow futures declining approximately 0.1% on Thursday [1] Company-Specific Movements - Fidus Investment Corp (NASDAQ:FDUS) experienced a significant drop of 2.6%, trading at $19.80 in pre-market after announcing a $100 million public offering of 6.750% notes due 2030 [1] - Bolt Biotherapeutics Inc (NASDAQ:BOLT) shares plummeted 13.4% to $4.90 following an update on BDC-4182 and an extension of its cash runway into 2027 [3] - Equifax Inc (NYSE:EFX) fell 10.9% to $226.00 after Seaport Global analyst John Mazzoni initiated coverage with a Neutral rating [3] - TransUnion (NYSE:TRU) saw a decline of 8.8%, trading at $75.00, also receiving a Neutral rating from Seaport Global [3] - Lithium Americas Corp (NYSE:LAC) dropped 5% to $6.69 after a notable increase of 23% on the previous day [3] - Erasca Inc (NASDAQ:ERAS) fell 3.2% to $2.14 in pre-market trading [3] - Petco Health and Wellness Company Inc (NASDAQ:WOOF) decreased by 3.1%, trading at $3.79 [3] - Rocket Companies Inc (NYSE:RKT) slipped 3.1% to $18.99, with the announcement that Western Union will replace Mr. Cooper Group Inc. in the S&P SmallCap 600 effective prior to the opening of trading on October 6 [3]

Core Viewpoint - Premarket trading is showing notable activity with significant price movements indicating potential investment opportunities before the market opens [1] Premarket Gainers - Concorde International Group Ltd. (CIGL) increased by 53% to $3.94 [3] - Fermi Inc. Common Stock (FRMI) rose by 13% to $36.99 [3] - Kodiak AI, Inc. (KDK) also saw a 13% increase, reaching $6.76 [3] - AngioDynamics, Inc. (ANGO) gained 12%, trading at $12.45 [3] - Angel Studios, Inc. (ANGX) was up 11% at $8.51 [3] - Spruce Biosciences, Inc. (SPRB) increased by 9% to $9.75 [3] - K Wave Media Ltd. (KWM) rose by 9% to $2.66 [3] - Shoals Technologies Group, Inc. (SHLS) saw an 8% increase, trading at $8.59 [3] - StableX Technologies, Inc. (SBLX) was up 7% at $5.65 [3] Premarket Losers - Uni-Fuels Holdings Limited (UFG) decreased by 51% to $2.42 [4] - Akanda Corp. (AKAN) fell by 13% to $2.91 [4] - Equifax Inc. (EFX) dropped 11%, trading at $224.57 [4] - TransUnion (TRU) also saw an 11% decline, reaching $73.24 [4] - Bolt Biotherapeutics, Inc. (BOLT) decreased by 11% to $4.99 [4] - Dogwood Therapeutics, Inc. (DWTX) fell by 8% to $6.50 [4] - Galaxy Payroll Group Limited (GLXG) decreased by 8% to $4.52 [4] - Old Market Capital Corporation (OMCC) dropped 7% to $5.08 [4] - Entero Therapeutics, Inc. (ENTO) fell by 7% to $3.96 [4] - Flux Power Holdings, Inc. (FLUX) decreased by 7% to $3.74 [4]

Core Insights - The whitepaper "Giving Marketing the Credit it Deserves" reveals that traditional measurement methods have undervalued the impact of brand marketing on sales by as much as 83% [1][8] - The Brand as Performance (BaP) framework demonstrates how brand-building translates directly to customer acquisition, retention, and sales, providing a new approach for CMOs to justify brand investments [2][3] Group 1: Brand Marketing Impact - Properly measured brand campaigns not only build sentiment but also drive performance by acquiring new customers and fostering long-term revenue growth [1] - The BaP framework has been validated across multiple industries, providing marketers with the evidence needed to link brand investment to measurable outcomes [2][3] Group 2: Case Studies and Evidence - The whitepaper includes case studies from major U.S. brands such as Ally, Kroger, and The Campbell's Company, showcasing the effectiveness of brand-first strategies [3][5][6] - Ally reported a 16% increase in customers and a 29% increase in accounts, demonstrating the tangible business results of a brand-first approach [8] Group 3: Research Methodology - The analysis was conducted using large-scale identity backbones, consumer surveys, and long-term measurement techniques, ensuring robust and reliable findings [6] - The studies involved tracking periods of 9–10 months and utilized causal lift experiments and advanced attribution methods [6]

Core Insights - A significant number of federal student loan borrowers are facing potential involuntary collections, such as wage garnishment and withholding of tax refunds, due to high delinquency rates [1][5][7] - Borrowers are prioritizing mortgage and auto loan payments over student loans, but in the face of involuntary collections, they are more likely to prioritize student loan payments over credit cards and personal loans [2][3] Delinquency Trends - Serious delinquency rates for federal student loan borrowers have shown a concerning trend, with a notable increase in delinquencies across various credit products from December 2024 to June 2025 [3][4] - The serious delinquency rates for different credit products as of June 2025 are as follows: Mortgage at 5.59%, Auto at 6.30%, Personal Loans at 9.50%, and Credit Cards at 5.96% [4] Borrower Behavior - Nearly half of the federal student loan borrowers who are missing payments cite affordability concerns, while one-third are prioritizing other bills over student loan repayments [5] - As of July 2025, 29.0% of federal student loan borrowers in repayment, equating to 5.4 million individuals, were reported to be 90 or more days past due, indicating a persistent issue with delinquency [6] Future Implications - The ongoing high levels of serious delinquency among federal student loan borrowers may lead to a shift in payment hierarchy, where student loans could take precedence over other debts once involuntary collections begin [7] - Lenders are encouraged to utilize tools like TruVision Premium Student Loan Attributes to better understand the risks associated with federal student loan borrowers in their portfolios [8]