AUSTIN, Texas & GRAND RAPIDS, Mich.--(BUSINESS WIRE)--CertifID, a leading wire fraud protection company, today announced that it has been chosen by Shaddock National Holdings, a full-service title agency with operations across the U.S., to deploy its solution across Shaddock National Holdings’ portfolio of title and escrow agencies. By implementing CertifID’s software, insurance, and recovery services, the partnership provides Shaddock National Holdings’ agencies with a stronger safeguard against real estate-related payments risk.
As fraud schemes adapt and become more sophisticated, the risk of financial loss is now an increasingly pertinent threat to real estate transactions. According to the FBI Internet Crime Complaint Center (IC3), victim losses from real estate business email compromise (BEC) increased 72% from 2020 to 2022.1 What is more, according to proprietary user data, CertifID itself identified $1.4B worth of suspected fraud across more than 340k real estate transactions in 2022 alone.2 To properly address fraud’s attraction in real estate translations, deploying a layered, technology-driven fraud prevention solution is key.
“Home buyers and sellers trust that Shaddock National Holdings agencies are responsible stewards of the most important transactions of their lives. This includes ensuring their funds are correctly disbursed without the risk of fraud,” said Michael Rubin, President of Shaddock National Holdings. “Our priority is to bring together the most effective resources possible to manage these risks so that our agencies can deliver the best experience possible.”
Early results from running transactions through CertifID show that Shaddock National Holdings was able to protect $652M in transactions and stop $773K worth of suspected payoff fraud.
“Shaddock National Holdings’ effort to bolster its leadership in the title industry includes taking real steps to address payments fraud, which is commendable,” said Tyler Adams, co-founder and CEO of CertifID. “All real estate transactions are at risk. As an industry, action needs to be taken to tackle fraud’s rise. Real estate firms of every size should explore how they can more effectively and efficiently mitigate payments risk.”
All Shaddock National Holdings agencies now have access to CertifID’s software to validate the authenticity of wiring instructions, dedicated wire fraud recovery services, as well as up to $1M in insurance on every validated transaction.
About CertifID
CertifID is a leader in wire fraud protection. The company safeguards billions of dollars every month from fraud with advanced software, insurance, and proven recovery services. Trusted by title companies, law firms, lenders, realtors, home buyers and sellers, and others, CertifID provides further peace of mind with up to $1M in direct coverage on every wire it protects. Learn more at: www.certifid.com.
About Shaddock National Holdings
Shaddock National Holdings is the national title and escrow growth arm of The Shaddock Companies. The company is actively acquiring and organically growing title insurance agencies coast to coast. Together with its sister companies, Shaddock National Holdings is acquiring and growing the largest network of title insurance agencies in the United States. For more information go to www.shaddocknational.com.
Citations:
- Federal Bureau of Investigations and Internet Crime Complaint Center (IC3), “Public Service Announcement I-060923-PSA, Business Email Compromise: The $50 Billion Scam,” June 9, 2023. URL Reference: https://www.ic3.gov/Media/Y2023/PSA230609
- CertifID, “State of Wire Fraud: 2022 Trends and Industry Forecast” 2023. URL Reference: https://www.certifid.com/state-of-wire-fraud-2022
