CertifID launches seller identity verification service

Wednesday 10 May 2023 15:14 CET | News

Global wire fraud protection company CertifID has launched its seller identity verification service, built for enabling firms to combat seller impersonation fraud.

The new service will be included in CertifID’s already existing suite of capabilities that were designed to evaluate more than 150 markets around the world of fraud. These include the verification of wiring instructions, as well as bank account information and data. 

The launch aims to address the alarming increase in seller impersonation scams that involve vacant land. The real estate industry and title agencies market continue to be a big target for fraud and online threats, according to the Financial Crimes Enforcement Network. 

In particular, vacant lots scams have been fuelled by an existing downturn in home sales, which is paired with an increase in vacant land prices, as noted by the National Association of Realtors (NAS).  

In order to offer companies and businesses the possibility to detect seller impersonation fraud, CertifID provides them with its seller identity verification tool. Customers can use it to verify the identity of a seller in any property of sale involving vacant land, as well as having the possibility to verify the device of the merchant. In addition, the product can be leveraged in order to perform multi-factor authentication, and knowledge-based authentication for triangulating and verifying the identities of the seller. 

Global wire fraud protection company CertifID has launched its seller identity verification service, built for enabling firms to combat seller impersonation fraud.


More detail on the seller identity verification product

Global wire fraud protection company CertifID offers its partners, business, and clients a wide range of solutions that aim to determine and eliminate fraudulent activities across multiple industries. The tools are designed with the enterprise’s software and technology, which offer insurance and proven recovery services to their customers. 

The new seller identity verification product will offer companies and users the capability to secure and insure their transactions while keeping their customer base safe and protected. 

At the beginning of the closing procedure, the company that is listing real estate agents will initiate a request for seller information through the use of CertifID. The product will perform a series of security checks in order to assess the risk of fraud and to make sure that all the data provided by the seller is authentic. 

If CertifID identifies a high risk of fraud or theft, a request for additional proof of ownership will be sent to the merchant. During the procedure, any change in seller parties or payment details should lead to another request to be sent, for re-verifying the identity of the trader before the closing funds are transferred.  

The solution also includes wire fraud insurance of USD 1 million per transaction which is applied for sellers that are verified through this process. 

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Keywords: product launch, fraud management, fraud detection, online fraud, fraud prevention, identity verification, identity fraud
Categories: Fraud & Financial Crime
Companies: CertifID
Countries: World
This article is part of category

Fraud & Financial Crime


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