CertifID, a leading wire fraud protection company, announced that it has been chosen by Acrisure, a global Fintech leader, to protect its Title Insurance clients from payments fraud. The preferred partnership includes CertifID’s fraud detection software, access to fraud recovery services, and up to $1M in payment insurance on every validated transaction.
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According to a survey from the American Land Title Association (ALTA), nearly half (46%) of title agencies reported receiving at least one attempt to change wire or payoff instructions a month. ALTA’s survey also reported that only 17% of title agencies, following an incident, were able to recover all stolen funds.1 Knowing the frequency and gravity at which fraud tactics are currently being deployed against mortgage payments, many title agencies are beginning to put more emphasis on protecting the homebuyers and sellers they represent.
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Acrisure’s preferred partnership deal with CertifID demonstrates an industry-leading approach that has protected $5B in transactions to date for homeowners across the U.S. through use of the PayoffProtect solution. Additionally, CertifID underwent and completed a stringent vendor security certification process required of Acrisure preferred partners.
“Providing superior customer experience is our absolute focus – that is why we implemented a technology solution with CertifID to protect the mortgage payments of every homeowner we represent,” said Greg Williams, Co-Founder, Chairman and CEO at Acrisure. “By deploying CertifID’s payoff fraud protection solution, Acrisure has accelerated decision-making and increased security for our portfolio of title businesses – catching numerous fraud attempts since going live.”
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“Leading Fintech businesses like Acrisure have a vested interest in protecting their customers and themselves, using solutions to strengthen and automate payment fraud protection,” said Tyler Adams, CEO at CertifID. “The real estate industry can no longer ignore the threat of mortgage payoff fraud. We are proud to be working with Acrisure as a preferred partner to help move the industry forward and protect more U.S. homeowners.”
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