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Fraud is on the rise, according to a new Equifax, but brokers are finding AI to be a great tool for handling administrative tasks.
Almost three-quarters of Australian mortgage brokers have been impacted by scams or fraud over the last 12 months, a sharp increase from the 26 per cent reported in the same period last year.
The worrying numbers come from data analytics firm Equifax, based on a survey of more than 1,000 brokers.
Half of brokers said this scam activity took the form of relatively basic emails, texts, or calls, while 37 per cent said they’d been targeted by fake emails and websites. 38 per cent said they’d experienced interactions with sophisticated fake sites.
“At Equifax, we know just how aggressive fraudsters are in continuously evolving their practices,” Moses Samaha, Executive General Manager at Equifax, said in a comment.
“Now more than ever, it’s vital to remain educated and take precautions.”
That remains easier said than done, however. Only 13 per cent of those surveyed said they prioritised scam education. Constant scam awareness dialogues have contributed to a sense of fatigue, in turn leading to a “de-prioritisation of staying on top of best practice,” Samaha said.
That said, more than a quarter – 27 per cent – of respondents said they were paying more attention to the applications in their environment in order to detect fraudulent activity.
AI revolution
One potentially positive thing to come out of the report is the doubling of the use of AI tools being used by mortgage brokers.
67 per cent of those surveyed said they were making some use of AI, compared to 33 per cent in 2024.
“The doubling of AI adoption in just 12 months shows a clear effort by brokers to minimise their administrative load and maximise their time supporting their clients. However, even with this fast adoption, one-third (33 per cent) of brokers also stated that AI does not currently play a role in their business,” Samaha said.
“In a lower rate market, and with mortgage demand increasing, those who successfully integrate AI tools into their business may be able to establish efficiency advantages over those who lag behind.”
David Hollingworth has been writing about technology for over 20 years, and has worked for a range of print and online titles in his career. He is enjoying getting to grips with cyber security, especially when it lets him talk about Lego.
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