Items Tagged with 'wire fraud'

ARTICLES

  • Feds arrest 8 more in ongoing action against hackers targeting wire transfers

    Africa-based conspiracy defrauded U.S. citizens and companies out of $15 million
    For the second time this month, federal authorities have arrested a number of people who allegedly participated in schemes designed to intercept and hijack wire transfers from businesses and individuals, including those involving real estate transactions. This week, eight more people were arrested for participating in a widespread, Africa-based conspiracy that allegedly defrauded U.S. citizens and companies out of $15 million over the last several years.
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  • Feds arrest dozens in sweeping action against hackers targeting wire transfers

    Including those targeting real estate transactions
    The federal government announced Monday that it conducted a massive sweep and arrested nearly 75 people who allegedly participated in schemes designed to intercept and hijack wire transfers from businesses and individuals, including those involving real estate transactions. The operation also resulted in the seizure of nearly $2.4 million, and the disruption and recovery of approximately $14 million in fraudulent wire transfers.
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  • How to detect mortgage wire fraud before it is too late

    A day-by-day look at a fraud case
    Wire fraud victims have few options once they discover they’ve been had. But when minutes mattered, one Michigan homebuyer enlisted the help of a few friends—and made a recovery. In this play-by-play summary of a mortgage wire fraud, Thomas Cronkright walks through a timeline of a wire fraud, from discovery to resolution.
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  • MBA Tech: Here are the biggest cybersecurity threats to mortgage companies right now

    Ransomware and wire fraud are low-hanging fruit for criminals
    Cybersecurity experts on several panels at the MBA Tech conference in Detroit on Monday outlined the greatest risks the mortgage industry is facing right now and what companies can do to prepare. Among the worst things that could happen? A ransomware attack. This extortion scheme has morphed in recent years, with individuals or companies offering ransomware-as-a-service, which puts another layer of criminality between you and your data.
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  • Real estate and fintech solution CertifID raises $1.7M in seed round financing

    Initial round led by Wakestream Ventures
    Authentication software provider CertifID announced it has raised $1.7 million in its seed round of financing, led by Wakestream Ventures. The company was founded in 2017 by the owners and founders of Sun Title, and entrepreneur Tyler Adams, after Sun Title fell victim to a social engineering fraud scheme that cost the company almost $200,000.
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  • Sounding the alarm: Mortgage wire fraud is a much bigger threat than you realize

    If you think mortgage wire fraud is a problem only for vendors, think again
    Fraud is an issue that we don’t like to think about in the mortgage industry. Yet it always seems to be there, lingering on the fringe of our focus. From time to time, the topic bubbles up in the news or at a convention. We talk about it, give it the proverbial “15 minutes of fame", but rarely are we forced to alter the way we do business or invest large amounts into protecting ourselves from it.
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  • From HW Magazine

    How hackers are targeting title and settlement companies

    Wire transfers in the crosshairs
    Olympic Peninsula has been the target of wire fraud three times in the last six months. In the first instance, a hacker infiltrated one of the seller’s accounts on a $350,000 sale, but it was derailed when staff noticed the sender’s email address contained .com.za.
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  • Former TierOne Bank CEO gets 11 years in federal prison

    Charged with fraudulently concealing loan and real estate losses
    On Wednesday, U.S. District Judge John Gerrard ordered the former CEO of TierOne Bank to 11 years in prison. Why? Well, as it turns out, what happens in Vegas doesn't always stay in Vegas, especially when it comes to defrauding investors. Here's a breakdown of the criminal activity.
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  • CUNA issues alert on HELOC wire fraud

    New round of attacks prompts cautions on data
    CUNA Mutual Group issued an alert this week regarding a wave of fraud that originates from home equity lines of credit and requests wire transfers be sent to construction company accounts.
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