Nation’s top credit union adopts CertifID for wire fraud prevention
GRAND RAPIDS, MI (May 30, 2018) — Citing its ongoing commitment to protect its members and the integrity of the mortgage process, Lake Michigan Credit Union (“LMCU”) has adopted Michigan-based CertifID as a solution to prevent wire fraud in its mortgage and retail operations.
LMCU, a top five mortgage originator among all US credit unions, will utilize CertifID, a unique wire fraud prevention platform designed to safely authenticate the identities of parties and share banking information in a secure manner. CertifID uses patent-pending digital device analysis, identity authentication sequencing, and multi-factor verifications which is guaranteed up to $500,000 – an industry first. LMCU will leverage the solution to verify identity and confirm bank credentials before mortgage funds are sent. It will also protect members in its branches by using the technology to confirm the member is dealing with the right person before funds leave their account.
“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,” said Eric Burgoon, Chief Lending officer of LMCU. “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 is a real-time identity platform for real estate, mortgage and title industry professionals to authenticate parties in a transaction and securely transfer bank account information. It has the unique ability 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,” said Tom Cronkright II, Co-Founder and CEO of CertifID. “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.”
CertifID’s patent-pending technology harnesses billions of digital records and Internet metadata to confirm the identity of an individual and the device he or she is using in the course of the transaction.
Headquartered in Grand Rapids, MI, CertifID was founded by Lawrence Duthler and Tom Cronkright, experienced attorneys and award-winning business leaders of Sun Title, one of Michigan’s largest title agencies which has been ranked as an Inc. 5000 company for the past four consecutive years. In 2015, Sun Title fell victim to a social engineering fraud that cost the company nearly $200,000. Immediately following the fraud, Tom and Lawrence spent two years collecting a portion of the money that was stolen and discovered even more elaborate and complex schemes being perpetrated on the industry.
Through that experience, they identified a need in the marketplace to create a real-time solution to verify identities and documents in financial transactions – CertifID was born. Having lived through a significant fraud event and having to continually combat the threat on a monthly basis the founders of CertifID know how critical the need is for this solution in the title, real estate, and lending industries. Their experience, partnerships, and leadership team positions CertifID to become a leader in the fight to eliminate fraud in real estate and financial transactions.