COMPLIANCE HOT TOPIC
With wire fraud on the rise in the mortgage industry why should I have a Wire Modification Process in place and what are some steps I can take to mitigate the risk of wire fraud?
The potential of wire fraud is on the rise. Perpetrators have grown more sophisticated in their ability to disguise and find ways to make an email look legitimate. In fact, the FBI reported that the amount targeted by perpetrators via business email compromised in 2016 was $5.3 billion.1 Over the past three years, the Minneapolis FBI office has tracked approximately 14,000 victims in the United States with fraud approaching $1 billion.2
There are some steps to take in an effort to mitigate wire fraud by implementing process controls and best practices such as the following:
For more information on MQMR or other hot button compliance related topics, contact:
TMC - Chief Operating Officer