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.
“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.”
“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.”
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.