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 layered information security platform “that has really helped us get eyes on this,” said Chief Information Officer Steven Harpe. “We have software in front of our communications system that is looking specifically for things like impersonation attempts or emails that are coming from geographic regions that we don’t do business in.”

Gateway partnered with a company that gave it the ability to write its own programming, Harpe said, adding the first eight months of the roll out was specific to customizing everything to meet its needs.

“If there is one thing that keeps you up at night, it is trying to stay ahead of this,” he said. “The industry is behind the curve. The criminals have the advantage because there’s a lot more of them and it’s almost a frictionless process for them. And it makes peoples’ jobs like mine and others in lender information security harder.”