Shaddock National Holdings Partners With CertifID to Combat Wire Fraud
July 11, 2023
Shaddock National Holdings will deploy CertifID’s wire fraud protection solution to its portfolio of title and escrow agencies to help protect 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. What is more, according to proprietary user data, CertifID itself identified $1.4 billion of suspected fraud across more than 340,000 real estate transactions in 2022. To properly address fraud’s attraction in real estate translations, deploying a layered, technology-driven fraud prevention solution is key.
“Homebuyers and sellers trust that Shaddock National Holdings agencies are responsible stewards of the most important transactions of their lives,” said Michael Rubin, president of Shaddock National Holdings. “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.
“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.”
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