Skip to main content

Lake Michigan Credit Union Taps CertifID for Wire Fraud Prevention

NationalMortgageProfessional.com
May 29, 2018
CertifID has announced a key milestone. From late 2017 to December 2018, the system has protected more than $1.2 billion from wire fraud

Lake Michigan Credit Union (LMCU) has adopted Michigan-based CertifID as a solution to prevent wire fraud in its mortgage and retail operations. LMCU will utilize CertifID, a unique wire fraud prevention platform designed to safely 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. Lake Michigan Credit Union (LMCU) has adopted Michigan-based CertifID as a solution to prevent wire fraud in its mortgage and retail operationsLMCU 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.”
 
CertifID is a real-time identity platform for real estate, mortgage and title industry professionals to authenticate parties in a transaction and securely transfer bank account information. It has the unique ability to protect the entire transaction ecosystem from fraud.
 
“It’s an honor to add LMCU to our great list of enterprises that are taking a stand against fraud,” said Tom Cronkright II, Co-Founder and Chief Executive Officer of CertifID. “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. We applaud LMCU for joining us in this journey.”


 
Published
May 29, 2018
More from
Tech
Flagstar Bank's Christy Soukhamneut To Appear On The Mortgage Leadership Outlook

The next installment in the Mortgage Leadership Outlook's Tech Stack Heroes collaboration with BeSmartee is set to feature Christy Soukhamneut, chief of staff/director of mortgage strategic initiatives for Flagstar Bank.

Tech
Aug 02, 2021
First Tech Federal Credit Union Chooses ICE Mortgage Technology’s EPPS

First Tech Federal Credit Union has chosen ICE Mortgage Technology’s EPPS to improve automation, compliance, and scalability to meet the demands of over 720,000 members. 

Tech
Jul 29, 2021
ICE Makes Enhancements To Its Mortgage Prepayment Model

The Intercontinental Exchange, Inc. made enhancements to its mortgage prepayment model with daily residential mortgage rates from ICE Mortgage technology.

Tech
Jul 27, 2021
Liquid Mortgage Technology Supports Efficient Debt Market

Liquid Mortgage received a U.S. patent for its distributed ledger technology to support its future vision of efficient and transparent debt markets.

Tech
Jul 22, 2021
Rocket Expands Home Search Tool To All 50 States

Rocket Homes announced its growing home search tool now includes listings from all 50 states.

Tech
Jul 21, 2021
Better's One-Click Checkout Now Offers Title Insurance For Refi's

Better announced it has been licensed as a title insurance provider for refinance transactions through Better Settlement Services (BSS) in Virginia. 

Tech
Jul 20, 2021