CertifID protected more than $1.2 billion from wire fraud from late 2017 to December 2018, the company announced.
CertifID said its platform provides instant protection on money transfers by confirming the identities of both parties in a transaction, with guarantees up to $1 million on each deal.
Thomas Cronkright, CertifID’s co-founder and CEO, said the platform has stopped $40 million in high-risk wire transfers.
“The numbers are clear. CertifID is an effective safeguard against wire fraud,” Cronkright said in a release. “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.”