The low interest rates this year have led to increased revenue and high loan volumes. Unfortunately, the threat of wire and title fraud risk has also increased.
As companies and their workforces continue to adjust to a work-from-home system in a disjointed environment, transition challenges persist. Acceleration of technology and the embrace of new, innovative solutions can help companies coordinate and collaborate to improve customer satisfaction, but the same new tech is also available to bad actors. As a result, even new technology hasn’t diminished the threats of fraud risk and compliance issues.
Comparing Q2 vs Q3 2020 in its latest Wire and Title Fraud Analytics report, FundingShield found:
- 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
Working with FundingShield tools can help prevent these issues while increasing overall production and cutting costs, leading to higher profits.
FundingShield offers industry-leading fintech B2B and B2B2C fraud prevention solutions that deliver transaction-level coverage against wire and title fraud, settlement risk, closing agent compliance and cyber threats. For more information, visit https://fundingshield.com/ or email sales@fundingshield.com.
