Success stories
Why listen to us? Let people who use Verafin every day tell you their story.
We are excited that our users are so happy with the Verafin solution. Listening to them tell their stories is a source of pride. Below are just some stories of our success helping customers fight fraud and money laundering.
How have we helped our customers succeed?
BankFIRST
Headquarters: Winter Park, FL
Core System: Fidelity HORIZON
Excerpt: Within months of adding Remote Banking Fraud detection functionality to its software, two particular Verafin alerts helped BankFIRST prevent two very large cases of fraud. Both involved high profile customers and both were cases of attempted payroll hijacking...
Community Financial Services Bank
Headquarters: Benton, KY
Core System: Jack Henry Silverlake
Excerpt: After a seamless integration, Janiree completed her one-on-one training sessions in April 2012. In four months, the bank has proactively stopped over $150,000 in fraudulent activity across numerous transaction channels. Additionally, as a FRAML™ (FRaud detection + Anti-Money Laundering) solution, the team is able to see a fuller picture of criminal activity, helping them uncover approximately $150,000 in money laundering schemes.
First National Bank in Olney
Headquarters: Olney, IL
Core System: Jack Henry CIF 20/20
Excerpt: Best of all, the success they are experiencing with Verafin helps show their customer base that they are actively stopping fraud. “Our customers are very grateful for the call when we contact them based on an alert from Verafin.
Landmark Bank
Headquarters: Columbia, MO
Core System: FIS Bankway
Searching through endless pages of transactions gets you no closer to the goal of knowing your customer, understanding their patterns of activity or understanding what is normal behavior for that person or business. Are they a danger to your institution? What level of risk do they pose?
BankNewport
Headquarters: Middletown, RI
Core System: COCC
The security team at BankNewport wanted to improve their BSA/AML and fraud processes, but they were lacking the tool to get there. Although the fraud detection group and Anti-Money Laundering (AML) group had a single reporting structure in place, they were still missing that “something”.
Beach Business Bank
Headquarters: Manhattan Beach, CA
Core System: Fiserv Premier
Think buying BSA compliance and anti-fraud software from your core provider will lead to an easier integration? So did the team at Beach Business Bank. Twice.
Then, they turned to Verafin. "Overall, I’m saving about 30 hours per month that can be focused into further enhancing our program."
Needham Bank
Headquarters: Needham, MA
COCC Customer
Excerpt: While reviewing her debit card fraud alerts in Verafin one day, June noticed an alert on an account that belonged to a customer who recently passed away. “I noticed that ever since the woman passed away someone had been using her ATM card. This caused us to look into the account and investigate what was going on. That was a major success.”
Tropical FCU
Headquarters: Pembroke Pines, FL
Excerpt: [...] the state and federal examiners are very pleased with the results, as evidenced by the success of Tropical’s last two examinations. Both went by smoothly with zero findings. “Our last exam, we had a perfect exam. They had literally no findings in our BSA compliance area whatsoever. In the current financial climate that is really amazing. This is due to two things: being conscious of the things we need to do and having Verafin, a great tool, to use.”
Thomaston Savings Bank
Headquarters: Thomaston, CT
Rules-based software vendors are constantly conjuring up new buzz words to disguise the fact that they are offering antiquated technology. There is a simple test: if you are dealing with ‘if/then’ statements or you have to define the dollar value and time frame of the activity you want to catch, you have a rules-based solution. In Thomaston Savings Bank‘s case, the old rules-based software was a leading contributor to the compliance team’s growing aggravation.
Industrial Bank
Headquarters: Washington, DC
In 2006, Industrial Bank decided to install a rules-based software solution to help them automate their manual BSA and AML processes. After three years, Staria Williams, AVP & BSA Officer, felt they needed something more powerful. That's when Industrial Bank started with Verafin.
Directions Credit Union
Headquarters: Toledo, OH
Monica Caro, VP of Compliance at Directions CU, a credit union located in Toledo, OH with over $500 million in assets, was frustrated with manual compliance processes. The processes required too much time and never provided a comfortable feeling that suspicious activity was being captured. Then Directions chose Verafin.
Neighbors Federal Credit Union
Headquarters: Baton Rouge, LA
With $413 million in assets and 50,000+ members, Neighbors Federal Credit Union is one of Louisiana’s largest credit unions. As they continued to grow, Chrissy Viso, VP of Compliance and BSA Officer, knew the institution needed to automate their fraud and suspicious activity detection efforts. When Verafin uncovered a check kiting scheme totaling over $140,000, she knew she chose the right software solution.
Merck Sharp & Dohme Federal Credit Union
Headquarters: Chalfont, PA
Keeping up with all the elements of a manual compliance program was getting difficult for Patrice Kreidler, VP of Operations. After installing Verafin, two real cases of suspicious activity were quickly uncovered.
First National Bank Texas
Headquarters: Killeen, TX
$813 million in assets and 220 bank branches present a true Currency Transaction Reporting (CTR) challenge. When an external auditor told Lisa Bates, Assistant VP of Operations, that automating could make things much easier, they turned to Verafin.
LGE Community Credit Union
Headquarters: Marietta, GA
Core System: Symitar Episys
Reviewing numerous reports and digging through multiple sources to investigate every case of potential fraud devoured more time than Trisha Hernandez, Supervisor, Risk Management at LGE CCU, had available. "At the time it was myself and another individual - when that person was here and not working at other branches."