As the administrator of the CyberLock Defense Insurance program, Lockton Affinity is always on the lookout for new resources that may help businesses reduce their risk of wire fraud.
Wire fraud is a significant cyber risk for business, because it can harm relationships with clients and customers and impact your insurability. Protecting against wire fraud is key, but standard transaction safeguards are often time-consuming, costly and complex. Plus, they don’t work every time.
By partnering with CertifID, Lockton Affinity seeks to help more businesses protect their transactions from wire fraud and increase their insurability against other cyber risks.
Here’s what to know about the current risks of wire fraud and how to get 360° wire fraud protection for your business with CertifID and Lockton Affinity.
Wire fraud can strike at any moment
Wire fraud is an increasingly common risk whenever money changes hands in business. According to the FBI’s Internet Crime Complaint Center (IC3):
- More than 6,000 businesses are targeted each month.
- Every 43 seconds, a cyber crime is reported to the FBI’s IC3.
- From 2016 to 2020, the average total loss increased more than 220%.
Wire fraud can impact bank and 401k accounts, sales contracts and vendor invoices, real estate sales, legal settlements and other large transactions.
The results can be devastating when wire fraud strikes your business. Monies can be difficult to recover, operations can be interrupted, and your reputation can take a big hit.
CertifID helps stop wire fraud in its tracks
Fraudsters target you and your clients and customers with social engineering schemes, getting between you and your customers and clients, gaining trust and then stealing funds.
The best way to prevent wire fraud is to prevent fraudsters from getting between you and your customers and clients in the first place. CertifID helps stop wire fraud by doing just that.
CertifID (“Certified I.D.”) is a technology company that provides wire fraud prevention, protection and recovery services.
CertifID’s proprietary solution is designed to protect businesses and consumers from fraud by securely transferring bank account information that may otherwise be intercepted or tampered with by fraudsters.
CertifID ensures that all of your business transactions are:
- Secured with validated identities and credentials.
- Insured individually with up to $1 million in direct insurance.
- Accelerated to eliminate time-consuming call back procedures.
Benefits of partnering with CertifID and Lockton Affinity
Businesses gain big benefits when they partner with CertifID and Lockton Affinity. With CertifID, you can:
- Save staff time and money by replacing traditional phone and verbal verification processes with CertifID’s electronic verification process.
- Eliminate the risk of phone verification being intercepted by fraudsters and money stolen when CertifID is used prior to a transfer of funds.
- Cover each CertifID wire transfer for up to the first $1 million in transferred funds with no-deductible insurance protection.
- Increase your overall insurance limits by reserving coverage for your other existing policies and shifting your transaction risk to CertifID.
- Improve your cyber liability insurability and overall risk management position, saving you money on your insurance premiums.
Plus, when you partner with CertifID and Lockton Affinity, you can operate your business with confidence, knowing your transactions are backed by Lloyd’s of London.
Get 360° wire fraud protection for your business
As past wire fraud victims themselves, the founders of CertifID understand personally how devastating it is to lose funds through fraud and how important it is to protect your transactions.
Now on a mission, their secure, easy-to-use platform helps keep money safe in customers’ pockets and away from cyber criminals.
Thanks to Lockton Affinity’s partnership with CertifID, you have the opportunity to access 360° wire fraud protection for your business.
Get started with CertifID and protect your business’s most valuable transactions at CertifID.