Wire Funding

1. FundingShield: Preventing Fraud In Financial And Mortgage Transaction Has Never Been Easier

2. Research shows that in general an organization loses a significant part of its annual revenue each year due to fraud. Prevention and detection can go a long way in reducing this loss. There ought to be a plan in every organization to prevent fraud so that recovering your losses after a fraud is easier. • There are frauds of many forms but they mainly fall into three categories: asset misappropriation, corruption, and financial statement fraud. Asset misappropriation do not prove that costly, but they make a whopping 90% of all fraud cases committed. • FundingShieldprovides protection and lays out foolproof plans for mortgage and title fraud prevention. This allows lenders, investors, homebuyers and title companies to confirm wire funding is going to intended recipients and transactions are free of impact from cyber fraud, phishing, business email compromise, or title fraud.

3. Tips for Fraud Prevention Every organization, be it large or small, ought to have a fraud prevention plan in place. Studies of fraud cases reveal that fraudulent activities can last for months before being detected. Just imagine the loss your organization would suffer if such acts go undetected for long. Luckily, you can minimize the fraud occurrences by implementing different procedures and controls. Let’s have a look at some of those tips: • Verbal ConfirmationMake sure you verbally confirm that the request to initiate the wire is from an authorized person within the company. • Verify ChangesWhenever you receive new wire instructions or a change to existing wire instructions, go out of your way to verbally verify with your wire transfer vendor.

4. Investigate Unique RequestsIf you have received a request for a payment that seems suspicious or is out of your ordinary payment arrangement, confirm by phone with your vendor. • Double Check Email AddressesIt is wise to double check your email address time and again or whenever you feel a suspicious transaction can be initiated. Slightly modifying the email address is a common trick. • FWD Instead of ReplyIt is always best to forward the email to the address that you have on file instead of replying to it.

5. Be AlertYou ought to be on your guard all the time and be alert for fraud anytime the wire transfer instructions include tight deadlines or pressure you to act quickly. FundingShieldoffers the best defenses against wire fraud and title insurance in the form of rock-solid fraud prevention solutions to monitor and actively thwart fraudulent activities effectively and diligently.