CertifID Expands Insurance Coverage to Address Escalating Risk of Wire Fraud
September 19, 2024
CertifID increased its first-party insurance coverage to $2 million on every wire transfer that it verifies.
The company developed its insurance program in 2020 to better protect its customers, financially support its service warranty and accelerate incident response. In its program, CertifID provides each customer with direct proof of insurance for every verified wire transfer and for the limit that is selected in their annual license agreement.
“As part of the Lloyds insurance marketplace, we’ve been evolving to meet the growing threat of wire fraud caused by an explosion of cyber-enabled crime,” said Hugh Sprowson, chief underwriting officer at Casper Speciality Lloyd’s Syndicate number 7935. “We are pleased that our partnership with CertifID has allowed their clients to better mitigate and manage the risks now associated with real estate transactions. We highly encourage businesses to utilize preventative technology paired with insurance for the utmost levels of protection.”
Tyler Adams, CEO of CertifID, added, “CertifID provides an essential lifeline for real estate and title businesses who need to protect themselves and their clients against wire fraud. We value our partnership with Lloyd’s underwriters who have been by our side continually evaluating market conditions, risk management performance, and customer demand. We encourage any business who is moving large sums of money on behalf of clients to protect themselves against the potentially catastrophic damages that wire fraud can cause.”
Contact ALTA at 202-296-3671 or [email protected].