Wire Fraud: The Cyber Threat to the Mortgage Industry and How to Prevent It Webinar

Wire Fraud: The Cyber Threat to the Mortgage Industry and How to Prevent It Webinar

Wednesday, September 18, 2019
10:00 a.m. - 11:00 a.m.

The mortgage lending business is no longer a local business where all the parties supporting the lender and conducting the real estate transaction are well known to each transaction party. The legal and real estate industries are currently under attack by cyber fraudsters. Attorneys, Realtors, title agents, and lenders have been inundated with Phishing and Spear Phishing attacks and it is only increasing. Worse yet, the fraudsters are now bypassing industry professionals and are directly attacking Sellers and Buyers by way of online and social media infiltration tactics. Responsible lending and good business risk management methods require that appropriate due diligence occurs before doing business with any vendor as well as having a managed program to appropriately manage the vendor. What’s more, with the advent of significant losses from Business Email Compromise (BEC), the definition of a vendor has to go beyond the typical narrow definition of critical service providers like an LOS, credit reporting companies, appraisers, cloud services and others; to now include closing agents and other settlement service providers. After all, if the lender inadvertently wires the mortgage loan proceeds to the wrong party, that’s a loss that’s not, covered by the lender’s E&O insurance or the closing protection letter.


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Regina M. Lowrie, CMB
President & CEO, DYTRIX, Inc.
President & CEO, RML Advisors

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James Scott Stevenson, Esq.
CEO, Northwest Title Family of Companies, Inc.


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