Former MBA chair is leading the fight against real estate wire fraud
October 27, 2019 – Blue Bell, PA – Dytrix, a fintech company that protects lenders from wire and identity fraud by validating financial transactions in real time through the Dytrix Platform, announced that president and CEO Regina Lowrie has been recognized by National Mortgage Professional magazine as one of Mortgage Banking’s Most Powerful Women in 2019.
National Mortgage Professional Magazine’s recognition program honors women who are mortgage industry leaders and who have been “instrumental to a major industry innovation.” Honorees were selected by the magazine’s editors based on their professional accomplishments, social media influence and other criteria.
Lowrie, a former chair of the Mortgage Bankers Association (MBA), has more than 40 years of executive leadership in the mortgage industry. She launched Dytrix earlier this year to help lenders and closing agents leverage technology to manage and mitigate the risk of wire and identity fraud. Dytrix helps financial institutions prevent wire fraud with a real-time, SOC2-compliant web platform that provides wire/ACH transfer validation and a complete closing agent management program.
“I am delighted to be recognized among so many great women leaders and innovators,” said Lowrie. “However, I’m more excited about what we’re doing at Dytrix and how we’re helping lenders fight back against cybercriminals. Hopefully this recognition helps bring more attention to our industry’s wire and identity fraud crisis and the fact that lenders must be more proactive in protecting themselves and their customers.”
According to recent FBI statistics, there have been an estimated $26 billion in reported losses associated with wire fraud committed through compromised business and personal emails since 2016. Fraud during real estate closings has been identified as the fastest-growing type of wire fraud. Yet relatively few companies in the mortgage industry are properly validating wire transfers between lenders, closing agents, consumers and other transaction parties.
The Dytrix platform enables lenders to stop wire fraud and fully manage all closing agent risks, including agent due diligence. The platform automatically confirms routing and bank account numbers, email identity and other risk indicators, and helps lenders meet new privacy laws like the New York State SHIELD Act and the California Consumer Privacy Act.
Based in Blue Bell, Pennsylvania, Dytrix enables secure financial transactions for institutions through the Dytrix Platform, which mitigates the increasing risks of wire fraud and disclosure of non-public customer information. The platform includes wire/ACH transfer validation and closing agent management and is supported by a secure and fully managed processes and a highly experienced team. The company’s proprietary WireWaterfall™ approach uses carefully vetted databases to automatically verify wiring instructions and information about wire recipients in real-time, before funds are transmitted. Both Dytrix solutions are easily implemented by clients through the company’s Secure Financial Transaction Gateway that handles virtually all aspects of program startup. For more information on Dytrix, go to www.dytrix.com/.