CertifID announced it has been chosen by Shaddock National Holdings to deploy its solution across Shaddock’s portfolio of title and escrow agencies.
“Homebuyers and sellers trust that Shaddock National Holdings agencies are responsible stewards of the most important transactions of their lives,” Shaddock President Michael Rubin in a release. “This includes ensuring their funds are correctly disbursed without the risk of fraud. 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 $652 million in transactions and stop $773,000 worth of suspected payoff fraud, according to leaders.
According to the FBI Internet Crime Complaint Center, victim losses from real estate business email compromise increased 72 percent from 2020 to 2022. CertifID said it identified $1.4 billion worth of suspected fraud across more than 340,000 real estate transactions in 2022 alone.
“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 $1 million in insurance on every validated transaction.