Inactive account fraud
Busy watching your active accounts? Who’s watching the inactive ones?
Inactive account fraud is often perpetrated by employees of financial institutions. Employees can easily identify and access inactive accounts. Your financial institution must protect itself from the threat of inactive account fraud.
Verafin watches for you.
- Analyzes transactions nightly to detect evidence of inactive account fraud
- Monitors outgoing and incoming transfers on inactive accounts (including wires and ACH)
- Monitors withdrawals (cash, check or ATM) on inactive accounts
- Easy-to-follow investigation workflow
- Risk-rated alerts help manage and prioritize your review workload
- Alerts include evidence and statistics to optimize and focus your review and investigation
- Case management helps you organize and document your investigation
- Quickly create and electronically submit a pre-populated Suspicious Activity Report (SAR)
- Anti-money laundering
- Debit card fraud
- Remote banking fraud
- New account fraud
- Stolen check fraud
- Check kiting
- Loan fraud
- Identity theft