News Alert: Senior Govt cyber-crime advisor to Fundingshield issues holiday wire fraud alert

A senior government cyber-crime advisor to Fundingshield has issued a holiday season wire fraud alert to lenders warning of heightened cyber attacks and a need for diligence and screening.

November 16, 2017 Newport Beach, CA: Fundingshield is a financial technology company that protects the Mortgage, Real Estate, Title and Legal firms from wire fraud, social engineering attempts, cyber based and settlement agent wire fraud.
A recent report shared by a cyber security government contractor shares that in the coming holiday season extra diligence is needed in processing wire validation in advance of 3-day weekends and key employee holiday periods such as Thanksgiving, Christmas, Chanukah and New Years.  The report identifies the timeline for fund recovery being best within the first 48 hours. After 48 hours it becomes exponentially more difficult to track and recover funds. Feel free to reach out to Fundingshield for further report details.

Adam Chaudhary – President of Fundingshield LLC shared,

“The best strategy for lenders and consumers is to take pro-active preventative measures to confirm funds are verified by a third-party verification agent leveraging traditional wire account measures coupled with technology driven document and party identity validation at the loan level, not the closing party level. Fundingshield reminds lenders and market participants to take extra precautions when releasing funds including leveraging its services if they are experiencing irregular email activity, altered CPLs or wire instructions.”

Ike Suri, Chairman & CEO of Fundingshield, Commented,

“When senior decision makers and those with tenure schedule time off during holiday periods, it creates a perfect storm for hackers and cyber criminals to penetrate established policies, procedures and funding protocols. Security and I.T. resources also suffer the same lack of oversight if not adjusted to ensure you have adequate staffing and intelligent controls in place.”

Current trends in the mortgage market including automation, technology enabled workflows and APIs create a need for technology solutions to secure and confirm data at the transaction documentation level to remove risk from real estate and mortgage loan settlements. Risks to lenders and investors may give rise to regulatory risks or actual loss of closing funds. Fundingshield drives thought leadership and development of standards with solutions for our lender and title clients in addition to groups such as regulatory bodies, law enforcement agencies and MISMO / MBA.
Fundingshield’s cost & time effective solutions deliver the highest level of control and risk mitigation around cyber based threats of wire fraud / diversion helping you improve your bottom line.  Fundingshield has proven products with hundreds of billions of dollars of transaction history from its existing clients such as major banks, asset managers and independent mortgage banks of all sizes in the residential and commercial mortgage business.
Our services include the following:
  • Service Provider Compliance (SPC) Third party service provider and vendor oversight automation system for pre-close, closing and post-close service providers:
    • System designed to meet enhanced standards by the OCC to manage all vendors and create a live approved party list according to a lender’s, asset manager’s or investors own compliance requirements. The system automates document collection, compliance checks and audits as well as provides access to partners such as warehouse lenders, TPOs, brokers, correspondents, construction partners and more.


  • Guardian Service – A loan closing transaction level monitoring system that provides a loan level certificate of assurance confirming good settlement, valid CPL coverage, wire account confirmation (using our WAVs system), approved and authorized closing parties, licensing of agents and more on every closing.
  • Wire Account Verification Service (WAVs) – Customers can leverage wire verifications instantly from our proprietary dataset of over 40,000 verified settlement party wire accounts.
We look forward to being in touch and presenting our services in person or via a Webex. Please contact or call +1 (800) 295 0135 x2 to speak with our sales and management team.