With home sale prices continuing to rise, wire fraud prevention firm CertifID announced Thursday that it is increasing its direct, first-party insurance coverage maximum to $2 million.
This means that up to $2 million of a wire transfer verified by CertifID can receive direct, first-party insurance coverage. The company said this change is the result of increasing transaction sizes being processed by both residential and commercial real estate companies, and that it “is backed by the largest insurance marketplace in the world.”
“As part of the Lloyd’s insurance marketplace, we’ve been evolving to meet the growing threat of wire fraud caused by an explosion of cyber-enabled crime,” Hugh Sprowson, chief underwriting officer at Casper Specialty, said in a statement.
“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 $2 million limit is an expansion of the direct, first-party insurance program CertifID has provided customers with since 2020. According to its announcement, CertifID developed the insurance program to “better protect its customers, financially support its service warranty, and accelerate incident response.”
Through the program, the firm provides customers with direct proof of insurance for every wire transfer it verifies and for the limit that is selected in their annual license agreement.
“CertifID provides an essential lifeline for real estate and title businesses who need to protect themselves and their clients against wire fraud,” Tyler Adams, the CEO of CertifID, said in a statement.
“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.”
CertifID said that customers who verify a wire transfer with the company are automatically covered under the first-party insurance policy policy that comes with each verified transaction. Customers are now able to purchase the coverage up to the increased maximum of $2 million.
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