Wire/ACH Validation Services
A wire/ACH and identity fraud crisis is impacting financial institutions and non-bank lenders across the country. Cybercriminals are constantly trying to, and succeeding at, intercepting high-value real estate and loan transactions by claiming to be one of the transactional parties and misdirecting the funds to fraudulent bank accounts. Since the CPL and E&O insurance exclude this fraudulent activity, institutions, lenders, and consumers, alike, are facing major financial losses and damaged reputations.
What’s more, according to the FBI, more than 1000 attempts are being reported to the FBI every day. When one considers all the attempts and actual losses that aren’t reported, the mind=boggling number is likely a significant multiplier of the reported numbers.
Dytrix provides a real-time SOC2-compliant and cloud-based platform for wire/ACH transfer validation and closing agent management. The integrated technology and service platform offers a proactive way to manage agents and validate bank accounts, streamlining the steps lenders must take to mitigate the risks of wire fraud. This platform also helps financial institutions and non-bank lenders save time and money, and manage financial, operational, confidentiality, and reputational risks.
Contact Laura Rosenberger at Gooi for more information