CertifID

Overview

CertifID is a leading technology company focused on preventing wire fraud in the real estate industry. Founded in 2017, the company is headquartered in Grand Rapids, Michigan. It was co-founded by Tom Cronkright and Tyler Adams after a personal experience with wire fraud. Since its inception, CertifID has raised approximately $23 million to bolster its suite of wire fraud prevention products. The company is known for its digital identity and device verification solutions, which help secure electronic payments and ensure safe real estate transactions.

Recent Developments

April 2024: CertifID secured growth financing from CIBC Innovation Banking. This funding aims to strengthen CertifID's financial position in anticipation of high growth, enhancing its suite of wire fraud prevention products. This investment added to the company's previous capital raised, bringing the total funding to $23 million. Source.
2024: The company's Fraud Recovery Services team identified an increase in buyer cash-to-close fraud, underlining the importance of educating clients about wire fraud risks. CertifID emphasized how its solutions can help secure client transactions by safely managing wiring instructions. Source.
February 2024: According to CertifID's 2024 State of Wire Fraud report, there was a noticeable rise in real estate fraud, with consumer losses averaging $70,000 per incident. The report highlighted the need for better education on fraud risks, particularly for elderly clients. Source.

Attribute	Information
Founding Date	2017
Headquarters	Grand Rapids, Michigan, USA
Founders	Tom Cronkright, Tyler Adams
Revenue	Not publicly disclosed
Profits	Not publicly disclosed
Key Investors	CIBC Innovation Banking, Investisseurs & Partenaires
Industry	Real Estate Technology, Cybersecurity
Number of Employees	Not publicly disclosed

Early History

CertifID was born out of necessity when its co-founders faced the devastating effects of wire fraud in a real estate transaction. In response, Tom Cronkright and Tyler Adams launched the company in 2017 with a mission to protect industries vulnerable to fraud, particularly real estate. The founders channeled their personal encounter with fraud into developing a robust platform offering digital identity verification and device authentication solutions. CertifID quickly garnered attention in the real estate sector, helping title companies, law firms, and other stakeholders secure their transactions by countering electronic fraud risks effectively.

Company Profile and Achievements

CertifID has cemented its position in the real estate sector with innovative fraud prevention solutions. The company offers a comprehensive suite of services:

Digital Identity Verification: CertifID provides tools to verify the identity of parties involved in real estate transactions, ensuring that wiring instructions are securely confirmed.
Device Verification: Its platform includes features to authenticate devices used in transactions, preventing unauthorized access and reducing fraud risks.
Fraud Recovery Services: The company is known for its ability to help clients recover from wire fraud incidents effectively.
Partnerships: CertifID collaborates with major players in the real estate industry to expand its market reach and technological capabilities. CertifID has been recognized for its cutting-edge technology and contribution to cybersecurity in real estate. The company's solutions are integrated by title agencies, law firms, and real estate professionals, safeguarding billions of dollars in transactions monthly.

Current Operations and Market Position

CertifID remains at the forefront of the fight against wire fraud, utilizing advanced technology and comprehensive solutions to protect real estate transactions. The company's operations have expanded to include a wide customer base, consisting of law firms, lenders, and real estate professionals. CertifID maintains a competitive advantage through its unique combination of identity verification, device authentication, and robust fraud recovery services. With continuous innovation and strategic growth initiatives, CertifID is poised to enhance its presence in the cybersecurity market, particularly within the real estate sector.

Conclusion

CertifID stands as a pivotal player in the cybersecurity sphere, particularly within the real estate industry, with its strategic focus on preventing wire fraud. The company's innovative solutions, driven by the personal experiences of its founders, have established it as a trusted partner for many real estate professionals. As CertifID looks towards future growth, its ongoing enhancements in product offerings and strategic partnerships position it well to continue leading efforts against real estate fraud and expanding its influence in the broader cybersecurity market.