Archives for Wire Fraud

HousingWire Reports FundingShield Q3 2021 Wire Fraud Market Risk Analytics

October 22, 2021 | by | Comments Off on HousingWire Reports FundingShield Q3 2021 Wire Fraud Market Risk Analytics

  HousingWire Reports FundingShield Q3 2021 Wire Fraud Market Risk Analytics Commentary from FundingShield’s CEO Ike Suri Wire and title fraud risk continued to rise in the third quarter of 2021 where 47% of loans reviewed by FundingShield had at least one risk finding, and of those loans, an average of 2.1 risk findings existed per transaction. This is a sign of increased overall risk and a higher concentration of risk elements for problematic loans. This growth comes on the back of all-time high values from the first & second quarter of this year. E-closings and other automation technologies continue
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Categories: featured, Press, and Press Releases.
Tags: Consumer Fraud, Mortgage, mortgage Fraud, Title Fraud, and Wire Fraud.

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.

FundingShield’s Chairman & CEO, Ike Suri, interviewed by MortgageMedia’s Dave Matthews

October 4, 2019 | by | Comments Off on FundingShield’s Chairman & CEO, Ike Suri, interviewed by MortgageMedia’s Dave Matthews

CLICK ON IMAGE BELOW TO VIEW THE FULL INTERVIEW AND WRITE UP FROM MorgtgageMedia Loan Security: Don’t Bring a Knife to a Gunfight
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Categories: Media and Press.
Tags: BEC, Business Email Compromise, consumer, Cyber, downpayment, funding, home, loan, Media, Mortgage, Mortgagemedia, payment, Webcast, and Wire Fraud.

Housing Finance Leader Faith Schwartz Joins Board of Wire Fraud Fintech FundingShield

January 8, 2019 | by | Comments Off on Housing Finance Leader Faith Schwartz Joins Board of Wire Fraud Fintech FundingShield

FundingShield, LLC – Newport Beach, Calif. – Jan. 8, 2019 FundingShield is pleased to announce that Faith Schwartz has joined its senior advisory board. She brings a wealth of experience and relationships stemming from her leadership in the lending, fintech, non-profit and advisory space, and she is currently president of automated verification provider FormFree. Schwartz received the HousingWire HW Vanguard AwardÔäó for her career contributions to the housing finance industry in 2018 and was recognized as one of mortgage banking’s most powerful women by National Mortgage Professional magazine the same year. Other awards include HousingWire’s HW Women of InfluenceÔäó award
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Categories: Press and Press Releases.
Tags: Business Email Compromise, corelogic, Fintech, Freddie Mac, Fundingshield, HousingWire, Mortgage, regtech, Wire Fraud, and women in business.

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.

Fundingshield announces Jerry Halbrook joins its Senior Advisory Board

August 7, 2018 | by | Comments Off on Fundingshield announces Jerry Halbrook joins its Senior Advisory Board

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

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
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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.

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.