has announced a key milestone. From late 2017 to December 2018, the system has protected more than $1.2 billion from wire fraud.
CertifID offers instant protection on money transfers by confirming the identities of both parties in a transaction. With a guarantee of up to $1 million on each deal, funds can be transferred with trust. The system has also stopped $40 million in high-risk wire transfers. In the same period, more than 40 communications devices from foreign nations have been identified. Many of these devices were attempting to circulate wiring instructions fraudulently.
“The numbers are clear,” said Thomas Cronkright, CertifID CEO and Co-Founder. “CertifID is an effective safeguard against wire fraud. 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.”