The US Mortgage Industry continues to face wire and title fraud risk in an unprecedented manner during Q3 2020.
The risk of wire and title fraud in the closing and settlement space persisted and grew in certain risk concentrations during Q3 2020. Our unique data analytics captures data at the transaction level allowing us to pro-actively remediate risk and report potential first or third-party fraud, misrepresentations, errors due to negligence or operational gaps, as well as cybersecurity threats.
FBI’s IC3 report issued a warning to the market of increased 3rd party fraud schemes targeting financial institutions and their customers of fake banking applications, websites, and App-based banking trojans that are swarming the market seeking to steal data and funds. The rise in the broader Financial Institution cyber risk environment coupled with the transaction level risks highlighted drive the continued demand for FundingShield’s services during this which is cybersecurity awareness month.
Comparing Q2 vs Q3-2020 we saw continued increase in fraud/risk exposure in CPL errors/issues of nearly 30%, Wire verification and ownership issues increased by 31.5%, and state licensing issues increased by an additional ~90% over the quarter.
- 30% increase in fraud/ risk exposure in CPL errors and issues
- 31.5% increase in wire verification and ownership issues
- 90% increase in State licensing issues
PREVENT WIRE AND TITLE FRAUD WITH FUNDING SHIELD’S FINTECH SOLUTIONS
About FundingShield offers industry-leading fintech B2B and B2B2C fraud prevention solutions that deliver transaction-level coverage against the wire and title fraud, settlement risk, closing agent compliance, and cyber threats, while reducing operating costs and improving asset quality. User-centric plug and play tools that are scalable, pay-per-loan, secure, cloud-based, and integrate easily through APIs driving ROIs greater than 200% Housingwire TECH100 Winner for 2019 & 2020,