Bank Upheaval Drives Increase in Mortgage Payoff Fraud

National Mortgage News, August 11, 2023-Brad Finkelstein (subscription)
Fraud attempts on mortgage payoffs increased by five times in the second quarter versus the prior three months, and based on July’s data, that elevated pace is still ongoing, CertifID found. Among the causes is the disruption in the banking industry caused by three high profile failures earlier this year, which resulted in shifts in deposit relationships.