CertifID reports that its real-time identity platform for real estate protected more than $1.2 billion in transactions from wire fraud from late 2017 to December 2018.
The identity management platform also stopped more than $40 million in high-risk transfers, the company says in a release.
CertifID offers instant protection on money transfers by confirming the identities of both parties in a transaction. It offers a guarantee of up to $1 million on each deal.
“The numbers are clear. CertifID is an effective safeguard against wire fraud,” says Thomas Cronkright, CEO and co-founder, CertifID. “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 adds that the company will be announcing “many integrations in 2019 as well as more partnerships built upon CertifID.”
“In fact, we can confirm that ResWare, one of the industry’s most used title production platforms, is now integrated with CertifID,” he adds. “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.”