Funds transfer fraud causes millions of dollars in losses for businesses.
- Last year, financial institutions filed over 248,000 Suspicious Activity Reports on incidents of wire fraud and/or suspicious funds transfers.
- The FBI’s Internet Crime Complaint Center just reported that it received 791,790 complaints in 2020, up 69% from 2019 levels. 2020 Internet crime losses totaled $4.2 billion, up 20%from prior year levels. Business Email (BEC)/Email Account Compromise (EAC) accounted for $1.8 billion of reported losses. (See the full report at 2020 FBI IC3 Report.)
Cyber attackers continue to grow more sophisticated with their schemes and attempts and have increased even more during the recent pandemic. Recent successful cyberattacks on wire transfers have raised the bar on expectations for system and risk monitoring of wire transfers. Are you prepared?
In addition to dealing with increased BEC/EAC and wire fraud issues, lenders are under tremendous cost pressure to make lending practices more productive. For example, the cost to originate a retail residential mortgage loan currently exceeds $10,000 according to the Mortgage Bankers Association. Thus, it’s imperative that lenders continually review workflow and business processes to lower loan manufacturing costs. Would you like to reduce your cost to originate?
DYTRIX is the “Be Prepared” and “Be Productive” Solution
The Dytrix Closing Agent Management Solution uniquely covers both critical strategic objectives.
- We ensure wire transfers only go to the right bank account. Our authentication and validation process for wire instructions prevented clients from fraudulent attempts totaling $1.2 million in the last quarter and no client has experienced a wire fraud loss under our assiduously managed program.
- Our closing agent management program integrates with lender LOS systems and eliminates some 30 minutes from the loan manufacturing process by uniquely meeting individual lender requirements and eliminating processing, closing and treasury tasks