Fundingshield reports an estimated $75 million per day in wire and closing fraud exposure. This would equate to exposure of ~$20 Billion in 2018. This report leverages Fundingshield’s industry-leading proprietary software, analytics and transaction database of wire account information and transaction closing history. Furthermore, this projection is specific to lender wire and closing fraud attempts, and does not capture the much higher volume of wire fraud attempts against consumers in housing transactions. Wire and closing fraud victims overwhelmingly underreport losses because of reputational risk concerns. As Fundingshield has shared previously, Cyber criminals use crawlers, also known as software bots, with redundant schemes
News Letters and Press. BEC, Business Email Compromise, Compliance, Crime, Cyber, FBI, Fintech, Fraud, lending, losses, Mortgage, Risk, Security, wire, and Wire Fraud.
Original Article from National Mortgage News: https://www.nationalmortgagenews.com/news/housing-market-players-beef-up-defenses-to-thwart-new-wire-fraud-threat ————————————— ————————————— ————————————— Editor’s Note: This is part three in a three-part series from the August edition of National Mortgage News magazine about the growing prevalence of business email compromise fraud. Read part one and part two here. It takes a multipronged approach, through systems and education, by mortgage lenders to stop business email compromise attacks. After a number of unsuccessful attempts at wire fraud against Gateway Mortgage Group, the Tulsa, Okla.-based lender spent much of its 2017 information technology budget putting up defenses to thwart these types of scams. It
Media and Press. Brad Finkelstein, Closing, Compliance, CPL, FBI, Fintech, Fraud, funding, Fundingshield, IC3, loss, Mortgage, National Mortgage News, protection, regtech, shield, wire, and Wire Fraud.
As the mortgage industry lenders implement the requirements to meet the New York Cyber Security requirement (DFAS) and the FFIEC CAT, the Equifax breach highlights the existing risk surrounding data integrity, fraud and the need for enhanced controls. Consumer finance and mortgage banks will have to manage the ongoing threat of fraud which the mortgage press and our clients have reacted to by showing an increased demand for third party diligence, oversight and controls. National Mortgage News Reported Monday September 11, 2017 the Seven Aftershocks of the Equifax Breach of which one of the 7 points highlighted was precisely Third-party
Press Releases. Bank, Compliance, Cyber, Equifax, Fraud, funding, lender, lending, Mortgage, Risk, Security, third party, and wire.
FundingShield LLC – Newport, CA – July 25, 2016 – Newsletter 111 FundingShield is excited to announce that it has successfully completed a consulting assignment for a National Title Company (“NTC”) that resulted in the amendment of Closing Protection Letter template (“CPL”) documentation of NTC for the attorney states of North Carolina and South Carolina. FundingShield began the process on the back of a referral from an existing and current top 10 retail lender client and the assignment was lead by FundingShield’s President Adam Chaudhary who has been driving the expansion of the firms client base and service offerings that