Archives for Cyber

FundingShield’s Chairman & CEO, Ike Suri, interviewed by MortgageMedia’s Dave Matthews

CLICK ON IMAGE BELOW TO VIEW THE FULL INTERVIEW AND WRITE UP FROM MorgtgageMedia Loan Security: Don’t Bring a Knife to a Gunfight
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Categories: Media and Press.

Fundingshield reports ~$75 million per day in wire and closing fraud exposure

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
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Categories: News Letters and Press.

Fundingshield reports an estimated $3 Billion in wire and closing fraud attempts in the first 4 months of 2018

Fundingshield reports an estimated $3 Billion in wire and closing fraud attempts in the first 4 months of 2018, triple the $1 billion reported to the FBI for all real estate related wire fraud losses for the first 9 months of 2017. 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. “The rising fraud attempts come while lenders expand their efforts
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Categories: News Letters and Press.

Fundingshield Newsalert: Mortgage wire fraud percetage increase with interest rates

Mortgage closing fraud continues to increase to and is reaching all-time highs while mortgage volumes are on a decline due to rising rates. From The Trenches  Cybercriminals are using sophisticated phishing and email system penetration strategies to find a transactions in the mortgage market where they can execute an attempt to defraud one or more parties to the loan transaction.  As the market volume has decreased, the percentage of transactions being attacked has spiked significantly.  Fundingshield is actively assisting law firms, working with regulators and law enforcement to help non-clients in their attempts to recover stolen funds.   Recent Fundingshield
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Categories: News Letters and Press.

Fundingshield Alert – Rise In 2017 Holiday Season Wire Fraud Attempts

Newport Beach, CA – December 28, 2017: As the holidays continue and lenders push forward to close loans ahead of the year end FundingShield has been called upon to assist in numerous situations of wire diversion and closing fraud hitting lenders across the country.  As highlighted in our recent newsletters and alerts our sources and systems have noticed an increase in wire swapping and diversion attempts during the run up to and through the holiday season in 2017.  The many system breaches at Uber, Yahoo, Equifax and the most recent from Alteryx (see Fundingshield commentary in the press National Mortgage
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Categories: News Letters and Press.

FundingShield News Alert 9/14/2017: Equifax Data Breach Impact on Mortgage Funding & Third Party Risk

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
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Categories: Press Releases.

Fundingshield Newsletter 121: Increased Cyber Security Breaches & Wire Fraud Impact the Mortgage & Real Estate Industry

Recent cyber security reports continue to highlight the increased intensity and scope of various schemes being used to steal millions in real-estate settlements and  experts agree the vast majority of incidents are never reported or discussed.  2017 has started off at a blistering pace for record losses for the industry related to cyber criminal attacks on fund movements.  During 2016, at a single government agency alone an estimated $19 million in real estate purchase transactions funds were reported lost as a result of diverting or manipulating the communications of key industry participants.  Such participants including but were not limited to
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Categories: News Letters.