Verafin Blog
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Check out our posts on the latest topics affecting the fraud detection and BSA/AML compliance industry. Verafin is an industry pioneer in anti-financial crime management solutions, with a mission to create the world's most effective crime-fighting network. It serves a global ecosystem of Tier-1 and Tier-2 banks, as well as regulatory authorities and consortium initiatives.
Verafin Blog
23h 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
Verafin Blog
6d 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Check fraud is often viewed as an outdated crime — but these scams are in fact becoming highly sophisticated and causing significant losses.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
Verafin Blog
3w 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
Verafin Blog
1M ago
First identified in the early 2010s by the FBI as a financial cyber threat, Business Email Compromise (BEC) has evolved into a global menace to the integrity of our financial system. Nasdaq’s 2024 Global Financial Crime Report attributed $10 billion...
The post Business Email Compromise: A Global Menace appeared first on Verafin ..read more
Verafin Blog
1M ago
“People lose their homes, their security, everything. They have already lost their friends, their family, and ultimately some are losing their lives. We don’t want that to happen. As a professional, would it be better for you to question their...
The post Romance Scams: 6 Questions to Save Lives & Livelihoods appeared first on Verafin ..read more
Verafin Blog
1M ago
Criminals will exploit the most vulnerable in society for significant financial gain. According to Nasdaq’s Global Financial Crime Report, in 2023, $346.7B of illicit funds was linked to human trafficking activity – although this number is likely only a fraction...
The post Increased Use of Virtual Currency in Human Trafficking appeared first on Verafin ..read more
Verafin Blog
1M ago
Elder fraud is unquestionably reprehensible, but its prevalence is remarkably high. An estimated 1 in 10 elderly Americans are abused each year, and in Nasdaq’s 2024 Global Financial Crime Report, $77.7 billion of all reported global fraud was linked to elderly victims....
The post Elder Fraud: Prevalent & Preventable appeared first on Verafin ..read more
Verafin Blog
1M ago
“The “dark web” is an internet shadow world where the good and the bad co-exist… On the bad side, the dark web has emerged as an important hub of criminal commerce, a fully functional marketplace where hidden customers can buy...
The post Is your Information for Sale on the Dark Web? appeared first on Verafin ..read more
Verafin Blog
1M ago
Through lies and deceit, fraudsters will wholly dedicate themselves to gaining a victim’s trust and then abuse it for financial gain. Romance scams epitomize this tactic. Among the world’s fastest growing frauds, romance scams and other confidence schemes caused $3.8...
The post Romance Scams: A Heartless Reality appeared first on Verafin ..read more
Verafin Blog
1M ago
Focusing on striking revelations from the recently released Nasdaq 2024 Global Financial Crime Report, Verafin hosted an expert panel presentation on the implications of over $3.1 trillion in illicit money that flowed through the financial system in 2023. This special...
The post Turning the Tide: Expert Insights on $3.1T in Financial Crime appeared first on Verafin ..read more