Mortgage Identity Fraud Growth

The Numbers:

• $5.3 billion: the amount targeted by perpetrators via business email compromise in 2016 (source: FBI)
• 480 percent: the year-over-year increase in wire fraud scams reported by title companies to the Internet Crime Complaint Center (IC3) in 2016
• 2,370 percent: the increase in identified exposed losses to the most typical of wire fraud scams between January 2015 and December 2016
• 50: the number of states in which attempted wire fraud has been reported (source: IC3 and American Land Title Association)
• 131: the number of countries in which attempted wire fraud has been reported (source: IC3 and ALTA)
• 103: the number of nations to which fraudulent transfers have been rerouted (source: IC3 and ALTA)

These are the reported cases.

Only 10 to 15 percent of fraud attempts are even reported.

It is necessary for the industry to recognize the scale of wire fraud, and the harm it brings.  

Stay aware, and be diligence to mitigate risk.

Article:

http://www.dsnews.com/daily-dose/12-18-2017/identity-fraud-mortgage-threat-real-growing