Lake Michigan Credit Union (LMCU) has adopted Michigan-based CertifID’s solution to prevent wire fraud in its mortgage and retail operations, the company announced.
LMCU is a top five mortgage originator among all U.S. credit unions. It said it will use CertifID to authenticate the identities of parties and share banking information in a secure manner. CertifID uses digital device analysis, identity authentication sequencing, and multi-factor verifications and is guaranteed up to $500,000.
“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,” LMCU Chief Lending Officer Eric Burgoon said in a release. “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 promises 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,” CertifID co-Founder and CEO Tom Cronkright II said. “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.”