FinCEN’s Financial Trend Analysis
Verafin Blog
by Verafin
2d ago
In April 2024, the Financial Crimes Enforcement Network (FinCEN) released a Financial Trend Analysis (FTA) providing insights on threat patterns and trend information on Elder Financial Exploitation (EFE) incidents, as well as methods favoured by criminals to evade detection. The...  The post FinCEN’s Financial Trend Analysis appeared first on Nasdaq Verafin ..read more
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Applying AI to Fight Crime
Verafin Blog
by Rob Norris
1w ago
Artificial intelligence (AI) is among today’s hottest topics, but as Generative AI (GenAI) garners much of the mainstream attention, the term AI has become increasingly ubiquitous — and ambiguous in its meaning. For banks’ anti-financial crime efforts, understanding the breadth...  The post Applying AI to Fight Crime appeared first on Nasdaq Verafin ..read more
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Elder Financial Exploitation
Verafin Blog
by Verafin
1w ago
In a recent FinCEN analysis, Elder Financial Exploitation: Threat Pattern and Trend Information, June 2022 to June 2023, two predominant categories of victimization were identified across Elder Financial Exploitation (EFE)-related BSA filings. Elder scams, where the victim does not know...  The post Elder Financial Exploitation appeared first on Nasdaq Verafin ..read more
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Industry Insights: Addressing Anti-Financial Crime Challenges
Verafin Blog
by Verafin
3w ago
In today’s financial industry, the fight against financial crime looms large. Financial institutions are contending with a global $3.1 trillion financial crime problem, charged with safeguarding the integrity of the financial system in a landscape fraught with costs, complexities, and...  The post Industry Insights: Addressing Anti-Financial Crime Challenges appeared first on Verafin ..read more
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Four Unexpected Insights on Romance Scams
Verafin Blog
by Verafin
3w ago
  Romance scams are among the world’s fastest growing frauds, driven by immense profits for criminals. In 2023, $3.8B was lost to romance scams and other confidence schemes — a number that may even be underreported. With many victims struggling...  The post Four Unexpected Insights on Romance Scams appeared first on Verafin ..read more
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Top 3 Threats Facing the Financial System
Verafin Blog
by Verafin
1M ago
The global financial system is facing prolific and diverse threats from financial crime, driven by illicit fraud and money laundering schemes. In the 2024 Nasdaq Global Financial Crime Report, a survey of 200 industry professionals, along with interviews with senior...  The post Top 3 Threats Facing the Financial System appeared first on Verafin ..read more
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ACH Fraud: NACHA Promotes Detection Across Transactions
Verafin Blog
by Verafin
1M ago
Last year, NACHA’s ACH Network saw its eleventh straight year of growth exceeding $1 trillion as demand from consumers for electronic payments increased — and fraudsters are following the money. As Business Email Compromise (BEC) and other authorized push payment...  The post ACH Fraud: NACHA Promotes Detection Across Transactions appeared first on Verafin ..read more
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Beyond Alerts: Lessons from the Case of a BEC Mastermind
Verafin Blog
by Verafin
2M ago
Business Email Compromise (BEC) is among the greatest threats to our financial system, linked to $6.7 billion in losses globally and over 20,000 complaints to the FBI last year. Beyond alerts and compliance documents, financial professionals are the bedrock protecting...  The post Beyond Alerts: Lessons from the Case of a BEC Mastermind appeared first on Verafin ..read more
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Combating Complex Check Fraud
Verafin Blog
by Colin Parsons
2M ago
Check fraud is often viewed as an outdated crime — but these scams are in fact becoming highly sophisticated and causing significant losses. In 2023, there was $21B in check fraud losses in the Americas, representing nearly 80% of total...  The post Combating Complex Check Fraud appeared first on Verafin ..read more
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Understanding the Risks that Shape the Financial Landscape
Verafin Blog
by Verafin
2M ago
The United States is the largest economy in the world, making it a preferred target for money laundering. In the 2024 National Money Laundering Risk Assessment (NMLRA), the Department of the Treasury highlights the numerous risks shaping the financial landscape,...  The post Understanding the Risks that Shape the Financial Landscape appeared first on Verafin ..read more
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