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Commonsense measures are needed to prevent wire fraud

August 31, 2017 by Kathy Reichle Leave a Comment

Wire fraud is a growing issue for consumers and financial institutions involved in real estate transactions. It’s an area that Congress should focus on as it affects consumers in every state in America.

On Wednesday, the Financial Institutions and Consumer Credit Subcommittee of the House Financial Services Committee held a hearing to examine compliance with the anti-money laundering (AML) provisions of the Bank Secrecy Act (BSA). How is wire fraud related to the BSA/AML and the hearing? According to ACAMS Today, the leading publication for career-minded professionals in the financial crime detection and prevention field, criminal activity related to fraud generates money that needs to be concealed and legitimized. Where there is fraud, there is money laundering.

The FBI says the number of wire fraud scams reported by title companies to the Internet Crime Complaint Center (IC3) spiked 480 percent in 2016. According to the FBI, perpetrators monitor real estate transactions and time their fraudulent requests for changes in payment type (frequently from check to wire transfer) or changes in payment destination to a different account under their control.

There are two common wire fraud scams. The first is known as Business Email Compromise (BEC). This scam targets businesses working with suppliers and/or businesses that regularly perform wire transfer payments. The second is called Email Account Compromise (EAC). This version of a BEC targets individuals who perform wire transfer payments. The FBI said that these scams have been reported in all 50 states and in 131 countries. Victim complaints filed with the IC3 and financial sources indicate fraudulent transfers have been sent to 103 countries. Criminals sought to steal roughly $5.3 billion through this fraud.

ALTA is working with lending and real estate industry groups to increase awareness about wire fraud, identify and promote industry best practices to deter wire fraud and advocate for steps the government can take to protect people from hackers. ALTA also has several suggestions for various players in the industry that could help cut prevent these devastating crimes.

Real estate and mortgage professionals should alert homebuyers at the outset of the transaction to never open unsolicited links or attachments, to avoid sending any sensitive financial information by email and to use an independently-verified phone number to confirm wiring instructions for their earnest money deposit or down payment.

Businesses should follow these best practices and contact law enforcement immediately if fraud is suspected, especially by reporting wire fraud.

In addition, Congress should consider increasing criminal penalties for wire fraud to be as tough as criminal penalties and sentencing guidelines for identity theft and bank robbery.

Finally, a simple change in practices can be the single biggest deterrent to wire fraud: When sending a wire, financial institutions should match the payee’s name with the account number.

Consumers and businesses with an increased awareness and understanding of the BEC/EAC scam are more likely to recognize when they have been targeted by fraudsters, and are therefore more likely to avoid falling victim and sending fraudulent payments.

BY DANIEL MENNENOH, OPINION CONTRIBUTOR

Filed Under: Education, Finances, What's Trending Tagged With: Big Banks and Real Estate, Finances, Trending Topics, Wire Fraud

Big Banks Behind Growth in Home Flipping

December 29, 2016 by Kathy Reichle Leave a Comment

DAILY REAL ESTATE NEWS | THURSDAY, DECEMBER 29, 2016

Despite rising home prices, house flipping is still hot. And it’s the banks that are being credited as helping investors jump back in lately.

Banks are offering up greater financing vehicles for house flippers. Bank giants like Wells Fargo & Co., Goldman Sachs Group Inc., and J.P. Morgan Chase & Co., for example, have extended credit lines to companies that specialize in lending to home flippers, The Wall Street Journal reports. J.P. Morgan reportedly is lending an estimated $60 million to 5 Arch Funding, a company that offers financing to home flippers in Irvine, Calif.

“The floodgates have opened,” Eduardo Axtle of Oakland, Calif., who has taken out about 50 home loans over the past five years.

In the first nine months of 2016, the number of investors who flipped a house reached the highest level since 2007. Further, about a third of the deals in the third quarter were financed.

Private lenders reportedly are even, in some cases, offering debt in excess of the value of the home (also known as a high loan-to-value ratio). Lenders reportedly also are loosening up their documentation rules. They may still require bank statements to get a loan but not a W-2 tax earnings statement. What’s more, home flippers are finding greater financing opportunities through online lenders, such as LendingHome Corp. and Asset Avenue Inc., or crowdfunding websites, such as Groundfloor Finance Inc.

Source: “House Flipping Makes a Comeback as Home Prices Rise,” The Wall Street Journal (Dec. 28, 2016)

Filed Under: Flipping Homes, What's Trending Tagged With: Big Banks and Real Estate, Home Flipping

Eastside Real Estate Blog

The Cost Of Purchasing A Home In The U.S. Increased 55% Last Year. But It’s Still A Great Time To Buy A House For These Five Reasons

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Larry & Kathy Reichle

371 NE Gilman Blvd. #160
Issaquah, WA 98027

Phone: 206-999-1690

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Eastside Real Estate Blog

The Cost Of Purchasing A Home In The U.S. Increased 55% Last Year. But It’s Still A Great Time To Buy A House For These Five Reasons

I’ve always been all-in on homeownership. Yet, for the first time in two decades … Read More

New Listings Signal Hope Is On The Horizon For Home Buyers

At the midpoint of April, housing markets are reflecting a changing landscape, … Read More

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