In 2023, losses from payments fraud scams totaled $485.6B worldwide. With a perfect scenario of high-value transactions combined with a narrow window of opportunity for institutions to intervene, payments fraud scams will only continue to challenge financial institutions unless our...  The post Preventing Payments Fraud appeared first on Nasdaq Verafin ..read more

On October 7, financial institutions and regulators around the world will be watching closely as the United Kingdom (UK) embarks on a new frontier of fraud mitigation and consumer protections.   In a global economy experiencing increasing bank and consumer fraud...  The post Pushing Back: The UK’s Response to Authorized Push Payment Fraud appeared first on Nasdaq Verafin ..read more

The financial industry has been tackling the issue of check fraud for many years using outdated technology and siloed approaches. With the increase in check fraud, estimated at over $26 billion in losses globally, we need a new solution that...  The post Consortium Analytics and Machine Learning: A New Frontier in Check Fraud Detection appeared first on Nasdaq Verafin ..read more

Financial crime is a global epidemic – more than $3 trillion in illicit funds and money laundering activity flowed through the financial system in 2023. Predicate crimes are driving much of this activity with fraud being one of the eight...  The post A Complicated Crime appeared first on Nasdaq Verafin ..read more

Last year, $3.1 trillion in illicit funds flowed through the global financial system, fueled by hundreds of billions of dollars generated by predicate crimes, from drug trafficking to human trafficking, terrorist financing and fraud. As this global epidemic of financial...  The post Fighting Predicate Crimes: A New Vision appeared first on Nasdaq Verafin ..read more

Protecting the global financial system against financial crime is a collective responsibility, and financial institutions need to be armed with the best resources possible to respond to the pervasiveness of this problem. Financial crime is not bound by borders –...  The post Three Opportunities to Safeguard the Financial System appeared first on Nasdaq Verafin ..read more

The financing of terrorist activity threatens the integrity of the global financial system. With $11.5 billion in terrorist financing flowing through the worldwide economic system in 2023, this heinous crime is exceedingly lucrative “Terrorism threatens the safety and security of...  The post Nine Red Flags on Terrorist Financing from FinCEN’s New Advisory appeared first on Nasdaq Verafin ..read more

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

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

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