Archives for FBI

FundingShield’s CEO, Ike Suri Provides Insights on Protecting Clients and Organizations from Wire Fraud

September 4, 2021 | by | Comments Off on FundingShield’s CEO, Ike Suri Provides Insights on Protecting Clients and Organizations from Wire Fraud

Protect Your Clients and Yourself From Wire Fraud Foil scammers before they steal someone’s closing funds By Ike Suri, FundingShield CEO Published in Scotsman Guide September 2021 Edition Homepage ———————————————————————————————————————————————————————- Wire Fraud is a growing problem for mortgage lenders of all sizes and their clients. This kind of fraud targets down payments and loan funds being sent into escrow. The scammer, who could be internal or external, uses a version of a phishing ploy ÔÇö often using email purporting to be from a legitimate company ÔÇö to infiltrate networks and watch transactions progress. At the right time, they send fraudulent
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Categories: Media.
Tags: #APIs, #formfree, #MortgageTech, #wirefraud, #wires, Bank, BEC, Business Email Compromise, Closing, Compliance, corelogic, Cyber, FBI, Fintech, Fraud, Freddie Mac, Mortgage, regtech, Risk, Security, and Title.

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

October 16, 2018 | by | Comments Off on 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
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Categories: News Letters and Press.
Tags: BEC, Business Email Compromise, Compliance, Crime, Cyber, FBI, Fintech, Fraud, lending, losses, Mortgage, Risk, Security, wire, and Wire Fraud.

Fundingshield CEO quoted in National Mortgage News “The best defense is offense”

August 29, 2018 | by | Comments Off on Fundingshield CEO quoted in National Mortgage News “The best defense is offense”

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 built a
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Categories: Media and Press.
Tags: Brad Finkelstein, Closing, Compliance, CPL, FBI, Fintech, Fraud, funding, Fundingshield, IC3, loss, Mortgage, National Mortgage News, protection, regtech, shield, wire, and Wire Fraud.