Equifax Targets Fraud Amid 13% Jump in Mortgage Revenue

Core Insights - Equifax is launching new fraud prevention tools in response to increasing mortgage revenues and evolving fraud threats [2][3] Financial Performance - Equifax reported a 7% increase in overall revenue, with mortgage revenues specifically rising by 13% despite challenges in the U.S. hiring and mortgage markets [2] - Consumer lending revenue grew by 20% in the quarter, driven by strong performance in auto, personal loans, and card markets [5] Fraud Prevention Initiatives - The company is utilizing advanced AI capabilities to develop new fraud prevention tools, focusing on synthetic and first-party fraud [3] - A new synthetic identity model will analyze billions of non-traditional data points to detect "ghost identities" [3] - Equifax plans to introduce a first-party fraud model to identify behavioral patterns indicating credit taken out with no intention of repayment [3][4] AI Solutions - Equifax launched Equifax Ignite AI Advisor, a generative AI solution designed to help lenders analyze portfolio performance and identify growth opportunities [6] - The tool integrates lenders' internal data with Equifax's credit and risk analytics, allowing for natural language queries and visual dashboards [7]