In The News
Compliance: The Consumer Is King
Expect more scrutiny on fair lending and other consumer-focused issues.
By Patrick Totty, Credit Union Magazine
Verafin reports 57% hike in clients
Verafin Inc., a provider of compliance, anti-money-laundering (AML) and fraud-detection software, reported a 57% increase in customer acquisition in the first half of 2011.
by CUNA News Now
From Building Minebots to Digging for Dirty Money
Jamie King's attempt to build mining robots turned into software that helps banks find money launderers in a sea of financial data.
by John Tozzi, businessweek.com
Michaels Debit Card Skimming Raises Questions
The recent debit card skimming incident at the arts-and-crafts chain Michaels Stores highlights one way fraudsters are stealing debit card data.
by Charles Robertson, banknews.com
Verafin uses fuzzy logic and AI to fight bank fraud and money laundering
In November I wrote an article about how payment card skimming is on the rise. Skimming is the illegal act of copying the information stored on the magnetic stripe of a credit or debit card using a small device called a skimmer.
by Linda Musthaler, networkworld.com
2010 year of growth for Verafin
Among its financial results for 2010, Verafin Inc., a provider of compliance, anti-money laundering (AML) and fraud detection software, reported a 36% growth in market share.
by News Now, CUNA.org
AML Case Study: New Way to Fight Fraud
At a time when some larger banking institutions are being fined for inadequate anti-money laundering measures, security manager Wendy Chapman says she's taking suspicious activity reporting seriously -- and the efforts are paying off.
by Tracy Kitten, bankinfosecurity.com
COCC Deploys Verafin Anti-Fraud, AML Tools
COCC of Avon, Conn., said it has contracted with Verafin Inc. of St. John’s, Newfoundland, to provide fraud detection and anti-money laundering solutions to the core processing data center’s credit union and community bank clients.
by Marc Rapport, cutimes.com
United American Bank Steps Up Fraud Detection Effort
San Mateo, Calif. commercial bank has purchased software to help it detect suspicious activity and mitigate financial crime, as well as ensure compliance with the Bank Secrecy Act.
by Penny Crosman, Bank Systems and Technology
Regulator pressure drives demand for AML compliance software
When National Credit Union Administration (NCUA) examiners started asking a lot of questions about the Bank Secrecy Act (BSA) compliance program at Neighbors Federal Credit Union, officers at the Baton Rouge, La.-based financial institution decided it was time to look for some help in the form of AML compliance software.
by Marcia Savage, SearchFinancialSecurity.com