Archives for Security

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.

Real Estate Industry targeted by Highly Sophisticated Ransomware Attacks

July 20, 2021 | by | Comments Off on Real Estate Industry targeted by Highly Sophisticated Ransomware Attacks

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

“Fraud Trends in The COVID Environment” with Adam J. Chaudhary

June 20, 2021 | by | Comments Off on “Fraud Trends in The COVID Environment” with Adam J. Chaudhary

  “Fraud Trends in The COVID Environment” with Adam J. Chaudhary MQAC Webinar is going to be insightful discussing the rising issues of elder abuse and wire fraud. Join Us https://cmba.com/event/june-mqac-webinar/  
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Categories: Media, News Letters, and Press.
Tags: #wirefraud, Cyber, Fintech, and Security.

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 Newsalert: Mortgage wire fraud percetage increase with interest rates

February 21, 2018 | by | Comments Off on 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.
Tags: BEC, Business Email Compromise, costs, Cyber, Fraud, LOS, Mortgage, Real Estate, Security, wire, and Wire Fraud.

Fundingshield Alert – Rise In 2017 Holiday Season Wire Fraud Attempts

December 28, 2017 | by | Comments Off on 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.
Tags: breach, Cyber, Fraud, Mortgage, Security, Title, and Wire Fraud.

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

September 14, 2017 | by | Comments Off on 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.
Tags: Bank, Compliance, Cyber, Equifax, Fraud, funding, lender, lending, Mortgage, Risk, Security, third party, and wire.