This last week, mortgage rates sank with the 30-year fixed-rate mortgage dropping to 3.56 percent from 3.71 percent, the lowest it has been since October 2016. We are also watching a virus pandemic create unprecedented stock market volatility.
Mortgage rates have declined dramatically, making housing exceedingly affordable. As a result, consumers of all age cohorts and investors are scrambling to buy homes This is all great and wonderful for business, but what people forget is that increased high-value real estate and mortgage loan transactions being handled by overworked staff means more attempts by hackers to divert funds into their accounts, hurting your business. According to the FBI Cyber Crime Unit, there has been a marked spike in recent cybercriminal activity.
As the COVID, 19 Virus continues to spread panic world markets are seeing large losses and increased volatility. Public Events are being canceled, airlines are seeing empty flights, the public is being told to avoid cruising, and hospitality workers are to blame for the spread of the virus because they can’t take a day off work. All these compounding factors are leading to many people experiencing financial hardships across all sectors.. While certainly some of the increase in cybercrime may come from your typical criminals, good people end up going bad to try to make ends meet in times like this. The bulk of the increased attempts comes from savvy criminals who recognize that high volumes and longer hours cause people to make mistakes. Email scams will increase with the continual spread of this virus. Lenders need to be aware of these added pressures and risk factors.
As Regina Lowrie, CEO of Dytrix keeps emphasizing, while “Knowing Your Counterparty” is important when you get very busy your guard goes down and counterparty risks increase. Don’t let good times fool you into lowering your guard. Always be one step ahead of the criminals and protect your business at all times. “
At Dytrix we are helping provide a solution that is completely outsourced to help lenders manage counterparty risk. Dytrix integrates seamlessly into your LOS and process. Dytrix can mitigate your risk by authenticating all your counterparties and validating their information to be correct. What’s more, we ensure that the bank account to which immediate usable funds are electronically transferred is the correct and intended bank account of the recipient. Our platform is secure and accessible at all times. Dytrix eliminates desperate measures.