Industry NewsMortgage

Mortgage fraud reports rise 23%

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Depository institutions reported 64,816 cases of suspected mortgage fraud in 2008, a 23 percent increase from the year before but the smallest annual increase since 2002.A report from the Financial Crimes Enforcement Network (FinCEN) shows growth in suspicious activity reports related to mortgage fraud ranged from 41 percent to 44 percent from 2005-07 after peaking at 93 percent in 2004 (see chart below).Last year, mortgage fraud was ranked third among 21 categories of fraud covered by suspicious activity reports, up from fifth in 2007, FinCEN said.Double-digit increases were also seen in reports of suspected check fraud, consumer loan fraud, wire transfer fraud, commercial loan fraud, credit card fraud and debit card fraud, FinCEN said.A single report may indicate several types of suspected fraud by the same suspect. When depository institutions reported suspected cases of identity theft, for example, about 35 percent of those cases also involved suspected credit card fraud or one or ...