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47 Follow Us At: @DSNewsDaily Industry Updates CERTIFID LAUNCHES NEW WIRE FRAUD PROTECTION SOLUTION CertifID, a provider of wire fraud protection, has unveiled PayoffProtect, giving title, escrow, and settlement companies peace of mind by preventing property loan payoffs from being sent to fraudsters. e announcement comes on the heels of the company's recent $12.5 million Series A funding by Arthur Ventures. PayoffProtect solution combines CertifID's expert knowledge and suite of intellectual property, including machine learning capabilities that are now being leveraged to automate and standardize the mortgage payoff demand letter verification process. In more than 95% of cases, the company's validation engine software authenticates loan payoff wiring instructions. PayoffProtect was designed in response to customer feedback about an unaddressed area of vulnerability for real estate wire transfers. PayoffProtect addresses the sharp increase in fraud surrounding wire transfers made from title companies to lenders in connection with mortgage payoffs. ese scams involve fraudsters impersonating the mortgage lender as part of a real estate closing, in hopes of having the payoff wire transfer redirected to the fraudster's bank account. "We've helped recover nearly $50 million in loan payoff fraud, and now we have the solution to prevent it," said Tyler Adams, CEO of CertifID. "For large sum loans such as mortgages, payoff wiring instructions verification has remained a laborious and vulnerable process. anks to PayoffProtect, the days of mortgage payoff fraud are finally over." PayoffProtect is coming out of a beta period where it's already being used with great success by customers including Knight Barry Title, Continental Title Company, and Bluegrass Land Title. "Verification by phone is frustrating, time-consuming, and oftentimes comes to a dead end," said Rachel Petrach, Chief Closing & Compliance Officer at Knight Barry Title. "PayoffProtect allows us to feel comfortable, allows us to sleep better at night, and hopefully reduces a bit of the gray tint in my hair."