White papers: Fraud & Anti-Money Laundering

The world of fraud is constantly shifting. It is always the intention at Verafin to stay a step ahead of financial criminals by providing our customers with an intelligent solution. Our fraud and BSA/AML white papers look at problems facing fraud and compliance departments and considers how next generation technology provides the optimal solution. Check out our fraud and anti-money laundering white papers below:

What's available to read?

Layered Security: A FRAML™ Approach to Anomaly Detection

In June 2011, the Federal Financial Institutions Examinations Council (FFIEC) issued a supplement to their 2005 guidance entitled “Authentication in an Internet Banking Environment”. The supplement is a response to “an increasingly hostile online environment” and makes clear that since the release of the original guidance the threat landscape has shifted dramatically, with fraudsters developing and deploying “more sophisticated, effective, and malicious methods to compromise authentication mechanisms and gain unauthorized access to customer’s online accounts.”

This white paper discusses two factors that play a significant role in the fight against fraud: layered security and a breakdown of silos. The paper also highlights the role of a centralized, behavior-based, cross-channel transaction monitoring platform as a core security layer that offers a more robust and sophisticated approach to effectively uncover anomalies in customer behavior.

The Growth of Debit Card Fraud at the Gas Pump

Progressive Transaction Monitoring as a Proactive Defense

This white paper explores the problem of gas pump skimming. It offers a number of real world stories and considers how progressive transaction monitoring can help financial institutions protect both their customers and reputations, which in many ways are two sides of the same coin.

Highlights:

Why gas pumps?
How are they doing it?
Real-world stories
How progressive transaction monitoring technology helps

A Brief Overview of Cross-Channel Fraud, the Financial Intelligence Unit and the Role of Technology

With the growth in cross-channel fraud affecting financial institutions across the country, more and more are looking to more effective ways to detect and understand fraud activity occurring across the enterprise. Increasingly, institutions are developing internal Financial Intelligence Units (FIUs) to help create a more complete, enterprise-wide view of activity.

This white paper:

Looks at the emergence of cross-channel fraud
Considers the role of shared intelligence and communication in the success of an FIU
Discusses the role a centralized transaction monitoring and case management system plays in an effective and efficient FIU effort

Combating New Account Fraud: Integrating account opening, risk-rating & transaction monitoring to stay a step ahead

New accounts are abused at an astonishing rate, becoming synonymous with identity theft. In an effort to remain compliant with Section 326 of the USA PATRIOT Act, FIs must obtain identifying information about new customers and assess the level of money laundering risk they present to the institution. However, fraud investigators can use this as a tool in their arsenal to stop fraudulent activity on accounts opened using stolen personal information.

In this white paper, you will discover:

The advantages of integrating your Customer Identification Program (CIP), ongoing risk assessment and anti-money laundering (AML) and anti-fraud monitoring.
How next generation technology integrates these elements into a single platform, creating a complete customer profile.
How the integration of these elements increases your efficiency and helps you minimize potential new account fraud losses.

Reducing debit card fraud losses: Pinpointing compromised cards through the identification of Common Points of Purchase

With news of data breaches and debit card skimming rings sweeping across the country, financial institutions must find a way to discover and isolate compromised debit cards quickly before the fraud losses spiral out of control. But how can Fis best uncover and isolate the danger?

This white paper identifies an effective means for reducing the impact of this fraud tsunami.

The white paper discusses:

The growth of skimming and data breaches involving debit card information.
The importance of discovering a Common Point of Purchase (CPP).
Two scenarios that illustrate how advanced technology can quickly and efficiently isolate debit cards used at potentially compromised points of purchase.

Protecting your reputation: How integrating advanced technology and rich data puts you a step ahead of financial crime.

Are you missing suspicious activity? Or are you filing Suspicious Activity Reports (SARs) unnecessarily? Your SAR reports may not tell the full story.

Our latest white paper discusses the impact advanced fraud detection and BSA/AML compliance software that integrates rich data sources can have on suspicious activity detection efforts. Specifically:

How improved detection reduces the risk to your institution and its reputation
How advanced technology makes BSA/AML and anti-fraud processes more efficient
The potential availability of rich data sources and how they help your suspicious activity detection efforts
Stopping financial crime losses by catching activity sooner

Complex money laundering schemes: Using advanced technology to improve your detection efforts

Criminal activities, human trafficking and organized crime have reached unprecedented levels of organization and complexity. This organizational complexity translates into intricate and sophisticated schemes to launder, or "clean", the capital obtained from illegal operations.

Download our latest white paper to learn:

How criminal activities such as human trafficking and organized crime are leading to complex money laundering problems.
About the increased pressure state and federal regulators are applying to non-compliant financial institutions.
How next generation, anti-money laundering technology can help you uncover complex money laundering scenarios.

Vendor Management: How Verafin can help improve the process

Learn how Verafin can help improve vendor management processes and why FRAML integration makes sense.

Behavior-Based Transaction Monitoring: Protecting Against Online Account Fraud

Read about how a behavior-based transaction monitoring solution can be a powerful tool in a financial institution’s fraud detection arsenal.

Check 21 & Remote Deposit Capture

This white paper offers a brief introduction to electronic check fraud. It discusses how check use is changing in the face of new laws and technologies. The paper also touches on a number of red flags that a financial institution can watch for to protect itself and its customers from electronic check fraud.

Online Account Takeover

Man-in-the-browser. ACH fraud. Money mules. These are just a few of the elements of online account takeover covered in this white paper. Red flags and best practices are also highlighted.

Building a Better Mouse Trap: How real-time risk scoring strengthens a financial institution's protection against financial crime

Behavior-based monitoring affords a significantly increased level of protection against financial crime, by enabling intensified scrutiny across a financial institution’s entire spectrum of customers.

Debit Card Fraud: Trends & Typologies

This white paper discusses current debit card use and debit card fraud trends and examines several specific debit fraud scenarios that represent a sample of both common and emerging debit card fraud trends faced by card holders and financial institutions today.

FACTA Red Flags

Combining FACTA Red Flags with behavior-based fraud and AML software can help you better detect identity theft.