New LendingQB Partnership to Protect Against Wire Fraud
LendingQB has announced a partnership with PitchPoint Solutions to provide lenders stronger tools to protect against wire transfer fraud. Through this integration, customers of LendingQB have access to PitchPoint’s Bank Account Verification and Settlement Agent Vetting tools. Bank Account Verification verifies an account holder’s name, routing number and account number via a secure financial network, while Settlement Agent Report vets the settlement company to ensure it is in good standing and our clients are compliant with CFPB and investor requirements.
This integration helps lenders deal with increasing levels of wire fraud, which increased 480 percent last year, totaling more than $748 million in losses. The partnership also enables lenders to comply with Fannie Mae and Consumer Financial Protect Bureau (CFPB) recommendations announced in bulletins encouraging lenders to “confirm before you fund.”
“Ensuring comprehensive fraud detection and verification services remain our top priority, especially in an environment where hackers are growing more sophisticated by the day,” said Ron Hughes, Senior Vice President of Business Development for PitchPoint Solutions. “Our partnership with LendingQB enables rapid and secure verification of wire instructions protecting lenders from hackers and reducing the risk of profit loss.”
Tim Nguyen, President of LendingQB, said, "LendingQB has always held a strong focus on cybersecurity. In an era of the ever-increasing volume of cyber-related crimes, there can never be enough precautions for financial data. Our partnership with PitchPoint reaffirms our commitment to the importance of data security and extends it to our valued lenders. PitchPoint's fraud detection tool doesn't just detect fraud, it offers our lenders peace-of-mind."