FundingShield in the News: MarketWatch

Wire & Title Fraud Risk Hit Record Highs in Q4 2023 with 51.8% of loans at risk. First American & Fidelity Title Cyber Events Increased Focus on Risk Controls

NEWPORT BEACH, Calif.–(BUSINESS WIRE)–January 23, 2024–
Wire and title fraud risk reached all time highs for Q4 2023. With 51.8% of loans in Q4 2023 having at least one risk issue. This is a 5% rise from Q3 2023.

Quarterly Data:

During Q4 2023 51.8% percent of transactions on a $61bn portfolio had issues leading to a risk of wire & title fraud. On average, problematic loans had 2.2 issues per loan indicating the lack of appropriate controls by closing agents to identify and fix issues.

Read full article here:
https://www.marketwatch.com/press-release/fundingshield-q4-2023-fraud-analytics-show-record-high-risk-for-wire-title-fraud-d30c889d