Avoiding Mortgage Payoff Fraud, with guest Kelley Shumaker, World Class Title Co-Owner
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Avoiding Mortgage Payoff Fraud, with guest Kelley Shumaker, World Class Title Co-Owner
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Mortgage payoffs tend to be one of the most ideal opportunities for fraudsters to infiltrate due to the high dollar amount of most payoffs. Hackers are able to do this by using spoof portals and fake identities. One of the largest issues revolves around how the internet makes it much easier for them to have access to the payoff transaction process.
Smaller lenders tend to be most likely to become a victim of payoff wire fraud. These companies are sending payoffs and wiring instructions through applications such as a Word document instead of via fax or from a secured email. Many lenders also aren’t seeing this as an issue, which results in their employees being unaware of and unable to combat mortgage payoff fraud.
Chris, Nicole, and Kelley discuss their opinions and experiences with mortgage payoff fraud as well as what are the best ways to go about avoiding it.
Learn how wire fraud happens and how to protect yourself.