Michigan-based Credit Union Adopts CertifID for Wire Fraud Prevention

May 29, 2018

Citing its ongoing commitment to protect its members and the integrity of the mortgage process, Lake Michigan Credit Union (LMCU) has adopted CertifID as a solution to prevent wire fraud in its mortgage and retail operations. 

LMCU will utilize the wire fraud prevention platform to authenticate the identities of parties and share banking information in a secure manner. CertifID uses patent-pending digital device analysis, identity authentication sequencing and multi-factor verifications, which is guaranteed up to $500,000. LMCU will leverage the solution to verify identity and confirm bank credentials before mortgage funds are sent. It will also protect members in its branches by using the technology to confirm the member is dealing with the right person before funds leave their account. 

“We are seeing more wire fraud activity and are concerned about the safety of our members who walk into branches holding fraudulent wiring instructions without knowing it,” said Eric Burgoon, chief lending officer of LMCU. “CertifID provides the real-time identity verification and account confirmation that allows our staff to send funds electronically with trust. They also stand behind each transfer up to $500,000. This is something we’ve needed in the industry for some time.”

Tom Cronkright II, co-founder and CEO of CertifID. added “Our goal is to remove wire fraud from transactions so that our enterprise clients can focus on delivering great customer experiences without the threat of loss.”

Contact ALTA at 202-296-3671 or communications@alta.org.