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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 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.