CertifID Raises Wire Fraud Guarantee to $1 Million
October 23, 2018
CertifID, an identity management platform for wire fraud prevention, has increase to its transaction guarantee now covering up to $1 million in losses. CertifID verifies the identity of both parties in a transaction so funds can be transferred with trust.
The company said the increased coverage provides CertifID customers higher protection for commercial transactions and higher-value residential real estate markets. Given the record price appreciation nationwide, the increase ensures that nearly all purchases are properly protected, according to CertifID.
“The frequency and complexity of wire fraud schemes are only increasing,” said Thomas Cronkright, CEO and co-founder of CertifID. “This increased guarantee provides our customers greater value without added costs. Our platform is simple to use, and we partner with our clients to educate their customers on the importance of identity verification for wire fraud prevention.”
The guarantee kicks in for all transactions verified via the CertifID platform. Should clients wire funds to a fraudster's account after utilizing CertifID, the company would cover those losses up to $1 million. The solution covers a cyber insurance policy void that the title industry needs now more than ever to help combat the $1.4 billion wire fraud epidemic.
In addition to the increase in policy coverage, the company is also reducing their pricing structure to protect consumers that are sending funds via wire transfer for closings.
“We’ve lowered our pricing so that buyers can be afforded the level of protection they deserve when they are being asked to wire funds for real estate closings,” Cronkright said. “For less than $5, CertifID helps protect the life savings of consumers that are under attack by cybercriminals. They are the most vulnerable in a transaction and deserve to be protected.”
Contact ALTA at 202-296-3671 or [email protected].