CertifID Reports It has Protected Over $1.2 Billion in Wire Transfers
January 15, 2019
CertifID announced it has protected over $1.2 billion from wire fraud from late 2017 through December 2018.
Funds can be transferred with trust, according to Thomas Cronkright, CEO and co-founder of CertifID, because each deal is protected up to $1 million. He added that the company has verified thousands of unique identities before funds were transferred. The system has also stopped $40 million in high-risk wire transfers. In the same period, the company reported that over 40 communications devices from foreign nations have been identified. Many of these devices were attempting to circulate wiring instructions fraudulently.
“The numbers are clear,” Cronkright said. “CertifID is an effective safeguard against wire fraud. Although the threat continues for any business using wire to transfer funds, these statistics show that there is a way to protect against it. Education, awareness and technology are the best lines of defense against the ever-growing threat of fraud.”
Cronkright also said since entering the market in late 2017, adoption of the technology is increasing. “We’ll be announcing many integrations in 2019 as well as more partnerships built upon CertifID,” he said. “In fact, we can confirm that ResWare, one of the industry’s most used title production platforms, is now integrated with CertifID. We are also excited that AmTrust, a national title insurance underwriter, has made a tangible commitment to prevent fraud by paying for the use of CertifID for its agents across the country.”
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