The company has doubled its maximum coverage tier to $2 million per verified transaction to meet rising business demand and housing values
CertifID, a leader in wire fraud protection, announced up to $2 million in direct, first-party insurance coverage on every wire transfer that is verified by the company. Thursday’s announcement is the result of increasing transaction sizes being processed by residential and commercial real estate businesses and is backed by the largest insurance marketplace in the world.
“We are pleased to partner with CertifID to provide our agents with direct insurance against wire fraud. Doing so better protects everyone in a real estate transaction.”
The newly available $2 million limit expands the direct, first-party insurance program that CertifID has provided to its customers since 2020. The company developed its insurance program 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.
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Wire fraud in the real estate industry causes $446 million in annual losses according to the FBI. Other traditional forms of cyber and crime insurance typically limit or exclude coverage for wire fraud losses caused by social engineering, particularly for escrowed closings. In response, the company pioneered a combination of verification software, recovery services, and insurance to fill these gaps. While other real estate providers maintain third-party insurance coverage similar to CertifID, they do not provide the direct first-party level coverage for customers that CertifID does.
“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.”
“The movement of money has become the most important and risk-prone aspect of today’s title business,” said Michele Green, SVP of National Agency Operations at Fidelity National Financial. “We are pleased to partner with CertifID to provide our agents with direct insurance against wire fraud. Doing so better protects everyone in a real estate transaction.”
“CertifID provides an essential lifeline for real estate and title businesses who need to protect themselves and their clients against wire fraud,” said Tyler Adams, CEO of CertifID. “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.”
Customers who verify a wire transfer with CertifID software automatically become a first party insured on the policy that comes with each verified transaction. This coverage significantly reduces customer risks and accelerates any future claims under a policy that directly insures each verified transaction. The increased maximum of $2 million in coverage is available for purchase immediately as part of a premium level CertifID annual software license.
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