The ongoing housing crisis remains a hot topic and one of the major concerns for many Australians. Figures from Equifax1 confirm a troubling trend: home ownership in Australia becomes a progressively distant aim for younger people.
Read more
Increasing operating costs, shrinking consumer spending and tougher lending market see insolvencies at highest levels since Covid-19
Businesses collect and process vast amounts of data, and often overlook the importance of ensuring the data is accurate, reliable, relevant, complete, consistent and timely. For a data-critical sector like insurance, the process of cleaning data to fix inaccuracies, incomplete, duplicate or wrongly formatted records holds valuable benefits.
Establishing real, demonstrable trust in a person’s identity is essential for Australia’s 26.7 million people to transact online safely and effortlessly, levelling the playing field for credit access and fuelling our digital economy.
With Equifax’s robust credit rating methodology and processes, and the qualifications and expertise of its analyst team, we are able to identify early warning signals of company failures and their potential impacts.
We spoke with Tehani Legeay, General Manager of Identity and Fraud at Equifax, to determine what businesses need to know about fraud detection and prevention.
Is your company holding onto personal data long after customers have gone inactive? Do you collect unnecessary details like date of birth when a name would suffice? And how confident are you that your stored data won’t end up in the wrong hands?
A person you trust initiates a video conference and requests access to a confidential document. Nothing in their appearance or demeanour seems untoward, and their follow-up email uses the same communication style you’ve come to expect. So, naturally, you share the file with them.
Commercial credit demand improving, but small business owners continue to bear the brunt of difficult market conditions
While insurers are increasingly using data to gain competitive advantage, the potential of credit data remains largely untapped within Australia’s commercial insurance sector. To explore its possible value across the policy lifecycle, Equifax partnered with a leading commercial insurer to augment their internal customer data with Equifax credit data.
Exploratory sandbox experiments unearthed compelling evidence showcasing the substantial gains of leveraging credit data, specifically across areas such as: Validation, Risk modelling and Marketing strategy.
