Fraud of Real Estate Wire Transfers On The Rise

KCBS Radio: On-Demand
Thursday, August 15th
Anyone who's bought a home knows there's several times in the process where you may need to wire money to the seller or another party, but in the last couple years the cases of fraud on transfers has really taken off. According to the FBI last year there were over eleven-thousands victims, costing nearly $150-million-dollars.

Now several companies are starting to try and do something about it.

KCBS Radio's Stan Bunger and Holly Quan spoke with Tom Cronkright, CEO of Certif-ID, an online portal that authenticates identities of parties in a real-estate transaction and securely sends wire-transfer instructions.