As home sales prices continue to rise, wired fraud prevention business is working CertificateID announced Thursday that it is maximizing its direct, first-party insurance coverage to $2 million.
This means that up to $2 million of a CertifID verified transfer can receive direct first-party insurance coverage. The company said this change is a result of the increasing transaction sizes being processed by both residential and commercial real estate companies, and is “supported by the largest insurance market in the world.”
“As part of the Lloyds insurance market, we have evolved to meet the growing threat of banking fraud caused by an explosion in cybercrime,” said Hugh Sprowson, Chief Underwriting Officer at Casper Specialtysaid a statement.
“We are pleased that our partnership with CertifID has enabled their clients to better mitigate and manage the risks now associated with real estate transactions. We strongly encourage companies to use preventive technology in combination with insurance for the highest level of protection.”
The $2 million limit is an expansion of the direct, first-party insurance program that CertifID has offered customers since 2020. According to the announcement, CertifID developed the insurance program to “better protect its customers, financially support the service guarantee and accelerate incidents.” answer.”
Through the program, the company provides customers with instant proof of insurance for each wire transfer it verifies and for the limit selected in their annual licensing agreement.
“CertifID provides an essential lifeline for real estate and title companies that need to protect themselves and their customers from banking fraud,” said Tyler Adams, CEO of CertifID, in a statement.
“We value our partnership with Lloyd’s underwriters, who are continuously at our side as we evaluate market conditions, risk management performance and customer demand. We encourage any company that transfers large sums of money on behalf of customers to protect themselves from the potentially catastrophic damage that bank fraud can cause.”
CertifID said customers who verify a bank transfer with the company are automatically covered under the first-party insurance policy that comes with each verified transaction. Customers can now purchase coverage up to the increased maximum of $2 million.
