Fraudsters have been around as long as we all can remember. In the last several years, fraudsters have become more sophisticated in the ways they can steal money in a real estate transaction. In particular, they have increasingly been able to hack emails and impersonate your real estate agent, title company, or lender to trick you into wiring money to their own fraudulent bank account instead of your desired destination.
According to a 2021 FBI IC3 Report, wire transfers continue to be the most frequently reported payment method for fraud with a reported aggregate loss of $2.4 Billion and an average loss of $120k for individual victims. So by the data alone, this is a very real threat to your everyday real estate transaction. To help protect against this threat, CertifID helps verify your identity before sending private banking information between the parties to a real estate transaction.
So what does this process look like for a buyer or seller? First, the buyer or seller receives an email or text from CertifID. Next, the buyer or seller validate their identity on the secure portal. And lastly, the buyer or seller then exchange bank account information securely through the portal.
For many people, buying and selling real estate is the biggest financial decision one can make in life. CertifID helps bring peace of mind and security when carrying out those big decisions. At Investors Title Co., we recognize this significance and are now offering CertifID to help bring continued peace of mind to your real estate transaction. If you have any questions about this service, contact us at Investors Title Co. We are always happy to help!