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How Does This Keep Happening?

Tom Cronkright, Published on June 25, 2019

Nearly every day we see a new headline about how a buyer wired their life savings to a fraudster posing as a trusted party. Given the efforts of the FBI, ALTO, and others, why does this keep happening?

Full video transcript:

Hello, this is Tom with CertifID. Nearly every day now, we see another headline of how buyers wired their life savings to a fraudster posing, as someone to be a trusted party in a transaction. Given the awareness efforts and there have been many of the trade associations of Ulta, NAR, the MBA coupled with governmental entities such as the FBI and Secret Service, Federal Trade Commission and others to spread the word and educate consumers about the risk of fraud.

Why does this keep happening? We’re not keeping pace with what’s going on.

The answer is simple, cyber fraud has developed into a big, organized and well-financed sophisticated business. On the dark web, you can purchase all the materials and services that you would need to start a fraud. Wire fraud, online romance fraud, IRS tax fraud you name it. There is the ability to purchase individual profiles and playbooks for anyone that you wanna target or the type of fraud you want to start. The real estate industry, they hire professionals to guide them into these strategic attacks. They craft emails that are timely and convincing. And then they hire professional money launderers that are used to move the money around the globe almost instantaneously once they hit an account.

People trained in psychology and persuasion run social engineering plays to measure open and activation rates to improve their success of frauds. We have more than 100 items in our workflow but they just have one. Convince someone to send funds to a fraudulent account. It’s hard because the threat is real and we need to do everything we can to protect ourselves and our customers from it, while we’re trying to do the work that we’re hired to do. So that’s why it’s taking place and from everything that we’ve learned not only on the CertifID project but on our individual fraud experience. And I hate to say this but it’s not going away. In fact, they’re stepping up their game.

So just be aware of that this fight we need to take can kinda pushback on, is something that we have never struggled with before as industry professionals, but we have to take it on. So again, join with me in that fight. If you want to learn more about CertifID and how we can come along side you in your best practices to protect your business and your customers from instances of wire fraud, just reach out. Send me a Linkedin contact, go to our website, request a webinar, or just hit the Live Chat Feature. And I or one of our skilled professionals here at CertifID will contact you nearly immediately, we’ll start a conversation.

Until then, I hope you enjoyed the video feel free to share it. As always, open to comments. And until next time, take care.


Tom Cronkright

CEO and Co-Founder @ CertifID

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