Wire Transfer Fraud Report
Protect your borrower and your deal
Avoid the risks associated with the rapidly growing Business Email Compromise (BEC) and Email Account Compromise (EAC) schemes reported by the FBI as the primary methods used to redirect the wire transfer of funds associated with the home purchase.
Stop fraud before it starts
Wire transfer fraud is on the rise, costing lenders and consumers billions of dollars annually. In this type of scam, hackers send out a change of wire transfer instruction with “new” account information. Before you know it, you and your borrower are left in the lurch.
Protect your borrower and your relationship with Certified Credit’s Wire Transfer Fraud Report. Leveraging the power of the Settlement Agent and Bank Account Verification, our wire transfer fraud solution performs key due diligence checks to keep Lenders compliant and protected — while meeting CFPB vetting requirements on third party vendors associated with a loan closing.
LOS Integration
Integration with LOS systems provide Loan-level verification on the Business or Attorney chosen to complete the last step in homeownership, including Industry Watchlists, License details, Sanction History, and scans media sources for Mortgage Fraud associated with the enterprise
85–90 % Automatic Hit Rate
Instantaneous results from our established database reduce loan processing time. While most reports are returned same-day (depending upon individual order time), no hit reports will roll to our specialized operations team for manual verification.
Enhanced & Simplified Compliance
Streamlined reporting provides a consolidated report that can be used as an audit trail for GSE, OCC, CFPB Secondary Lenders.
Increased Time Savings
Simplified data import eliminates manual data entry and reduces typos. So you can spend less time verifying information and more time building business.
Settlement Agent Vetting
Ensures compliance with CFPB and investor requirements by checking:
- Title insurance agent license or attorney bar card status
- Sanctions
- Exclusion list matches
- NIPR – National Insurance Producer Registry
- Derogatory records
Bank Account Verification
This nearly instantaneous check removes the risk associated with loan funding using up-to-date information via a secure network to validate:
- Account holder name
- Routing number
- Account number
See Our Fraud & Risk Solutions in Action!
From comprehensive, investor-approved ADV-120 Fraud Reports to Flex ID Smart Select Shield to Wire Transfer Fraud Protection, our solutions not only prevent fraud at the earliest stages of the mortgage process but also protect you from unnecessary costs by verifying critical entry errors. Learn how you can benefit from our Fraud & Risk Mitigation solutions by requestion a demo with our fraud experts!
How to Protect Borrowers from Wire Transfer Fraud
Between 2019 and 2020, there was an increase of 17% in the number of wire transfer fraud victims.1 Wire fraud attempts are more likely to be successful when lenders or borrowers fail to take the proper precautions and verify the information they have before transferring funds. Learn how you can leverage modern mortgage technology throughout your lending process to develope a system and early detection tactics to protect for all parties involved from Wire Transfer Fraud.
More Than Just a Score
At Certified Credit, we deliver more than just a score. We provide industry-leading information and analytics with expertise and technology you can rely on to fuel your business.
- Credit Reports
- Fraud & Risk Mitigation
- Property
- Employment Screening
- Score Improvement Tools
- Third-Party Verifications
- Client Acquisition & Retention
- Tenant Screening
"I always appreciate the valued communication Certified Credit shows us. I have been on the processing side as well as the business development side and I never worry about how quickly the Certified team will get back to me."
