Archives for Risk

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 Receives MISMO┬« Software Certification for Wire Fraud Prevention Technology

October 11, 2019 | by FundingShield | Comments Off

NEWPORT BEACH, Calif. (October 9, 2019) – FundingShield, an industry leading innovator within the mortgage fintech industry, is pleased to announce that its wire fraud prevention software products, Guardian Service and Wire Account Verification Service, have received Premiere Level Certification from MISMO┬«, the mortgage industry’s standards organization. Premiere Level Certification is the highest certification given by MISMO. “We are delighted to have FundingShield successfully certified MISMO compliant,” said Ike Suri, Chairman and CEO, FundingShield, LLC. “This is an important step towards a better customer experience through safeguarding data, preventing wire fraud, managing risk, and ensuring loan level transaction compliance.”
Read More

Categories: Press and Press Releases.
Tags: #MortgageTech, #Titleinsurance, #wirefraud, Fintech, insurance, Mortgage, Risk, and Title.

FundingShield announces a strategic partnership with Tavant to integrate into Tavant VELOX’s FinConnect enterprise bus

August 19, 2019 | by FundingShield | Comments Off

Solution to seamlessly provide lender and consumer wire fraud prevention tools NEWPORT BEACH, Calif. (August 19, 2019) – FundingShield, an industry leading innovator within the mortgage fintech industry, is pleased to announce a strategic partnership with Tavant. FundingShield will be integrating its solutions into Tavant VELOX’s FinConnect hub. Tavant is a Silicon Valley-based provider of AI-powered digital lending technologies. Tavant VELOX’s FinConnect is an enterprise service bus for the financial services industry, and an intelligent lending data and services network that integrates with more than 120 ecosystem partners. FundingShield is an award-winning FinTech firm providing cloud-based, plug n’ play tools
Read More

Categories: Press and Press Releases.
Tags: #APIs, #MortgageTech, #tavant, #wirefraud, Fintech, Fundingshield, regtech, and Risk.

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 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.