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Media and Press. BEC, Business Email Compromise, consumer, Cyber, downpayment, funding, home, loan, Media, Mortgage, Mortgagemedia, payment, Webcast, and Wire Fraud.
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 bots, with redundant schemes
News Letters and Press. BEC, Business Email Compromise, Compliance, Crime, Cyber, FBI, Fintech, Fraud, lending, losses, Mortgage, Risk, Security, wire, and Wire Fraud.
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
News Letters and Press. BEC, Business Email Compromise, costs, Cyber, Fraud, LOS, Mortgage, Real Estate, Security, wire, and Wire Fraud.