Archives for Fraud

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

September 4, 2021 | by Vanshika | Comments Off

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
Read More

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.

Real Estate Industry targeted by Highly Sophisticated Ransomware Attacks

July 20, 2021 | by Vanshika | Comments Off

Real Estate Industry targeted by Highly Sophisticated Ransomware Attacks Cloudstar Under Attack Industry experts said the attack and subsequent blockage of Cloudstar’s system could create a national emergency because the company provides technology for hundreds of title companies and lenders. Cloudstar said it has contacted law enforcement and does not know when its system will be accessible to customers. After accessible to customers. The incident occurred on Friday, July 16th and has halted all business operations supported by Cloudstar. “Cloudstar was recently the victim of a highly sophisticated ransomware attack. We have retained third-party experts to assist us in
Read More

Categories: Media.
Tags: #wirefraud, Fraud, Risk, Security, and Wire Fraud.

FundingShield partners with FormFree┬« to Deliver Enhanced Wire Fraud Protection to FormFree’s Network of More than 1,000 Mortgage Lenders

July 11, 2019 | by FundingShield | Comments Off

Strategic alliance will put wire fraud protection directly in the hands of mortgage lenders and loan applicants Newport Beach, CA – July 11, 2019 – FormFree┬« today announced that it has entered into a strategic alliance with FundingShield, a fintech firm that safeguards homebuyers, mortgage lenders and title insurance underwriters from wire fraud.FundingShield’s loan-level verification services assure closing funds transferred at the end of a mortgage loan transaction go to verified bank accounts belonging to authorized recipients. FormFree will integrate FundingShield’s Wire Account Verification Service (WAVS) into its Passport┬« all-in-one verification solution as a value-added service available to more than
Read More

Categories: Press and Press Releases.
Tags: #APIs, #formfree, #HW100, #Integration, #Passport, #wirefraud, #wires, Fintech, Fraud, HousingWire, regtech, Risk, and WAVs.

FundingShield partners with FormFree┬« to Deliver Enhanced Wire Fraud Protection to FormFree’s Network of More than 1,000 Mortgage Lenders Strategic alliance will put wire fraud protection directly in the hands of mortgage lenders and loan applicants

July 11, 2019 | by FundingShield | Comments Off

Categories: Press and Press Releases.
Tags: #formfree, #payments, #wirefraud, #wires, Fintech, Fraud, Fundingshield, Mortgage, regtech, and Risk.

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

October 16, 2018 | by FundingShield | Comments Off

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
Read More

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 FundingShield | Comments Off

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
Read More

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.

Fundingshield announces Jerry Halbrook joins its Senior Advisory Board

August 7, 2018 | by FundingShield | Comments Off

PRESS RELEASE: FundingShield, LLC – Newport Beach, CA – August 1, 2018 FundingShield, LLC (“FS”) is pleased to announce Jerry Halbrook has joined its Senior Advisory Board. Jerry brings with him 34+ years of leadership experience in mortgages, banking, title and technology running large scale businesses as a senior executive around the country. Mr. Halbrook’s leadership experience includes his role as CFO of Prudential Home Mortgage, Chief Information Officer of Bank of America consumer real estate, Managing Director of CitiMortgage in the Capital Markets area, Co-founder and COO of Nexstar Financial, President of Black Knight Inc. Origination Technology and Business
Read More

Categories: Press and Press Releases.
Tags: Bank of America, Black Knight, Blackknight, citimortgage, Closing, Fintech, Fraud, funding, Fundingshield, lender, MBNA, Mortgage, Price, Prudential, regtech, Risk, tech, Title, wire, and Wire Fraud.

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

June 5, 2018 | by FundingShield | Comments Off

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
Read More

Categories: News Letters and Press.
Tags: Bank, CMBA, Cyber, Fannie Mae, Fintech, FNMA, Fraud, Freddie Mac, Fundingshield, Hackers, IBM, MBA, Mortgage, Risk, Secure, wire, and Wire Fraud.

FS Newsletter 123: Mortgage “Purchase Market” Drives Closing Agent Stress

March 13, 2018 | by FundingShield | Comments Off

The current “purchase mortgage” market is causing mortgage banks across the country to re-examine their in-house closing party review processes as they have less control of closing agent selection. Additionally, this adds stress operationally and increases risk through closing agent review, compliance, risk management and wire fraud prevention if not actively utilized and deployed at the loan transaction level. Mortgage Participants: All Mortgage lenders doing purchase (non-refinance) transactions & any lender that cannot force the use of its preferred closing agents across all closings. Investors or Warehouse lenders concerned about closing agent controls. Problem: The purchase market is causing increased
Read More

Categories: News Letters and Press.
Tags: Agents, Bank, Closing, Fraud, insurance, lender, licensing, loan, Mortgage, Risk, Title, vendor, and wire.

Fundingshield Newsalert: Mortgage wire fraud percetage increase with interest rates

February 21, 2018 | by FundingShield | Comments Off

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
Read More

Categories: News Letters and Press.
Tags: BEC, Business Email Compromise, costs, Cyber, Fraud, LOS, Mortgage, Real Estate, Security, wire, and Wire Fraud.