Verafin Named Category Leader in Payments Fraud by Chartis Research

A New Era in Payments Fraud

August 11, 2023 by Verafin

The global landscape of payments is rapidly evolving. Increasing customer demand for convenience means that money is moving faster than ever – and criminals are capitalizing on new payment channels. Financial institutions need solutions that can keep pace with evolving scams on emerging payment rails – and stay one step ahead of fraudsters.  

Chartis Research Names Verafin as Category Leader

As the complexity of managing payments fraud risk continues to grow, financial institutions need solutions to protect their customers and themselves from significant loss.  

Chartis Research, the leading provider of research and analysis on the global market for risk technology, recently released their report, Payment Risk Solutions, 2023 – Market and Vendor Landscape, with in-depth analysis on risk management solutions for payments fraud, along with a detailed analysis of Verafin, Vendor Analysis: Nasdaq (Verafin) Payment Risk Solutions, 2023Chartis Research determined that: 

“Verafin (a Nasdaq company) achieved category leader status in payment risk largely because of its in-depth analysis across all payment types, which can lead to dramatic reductions in false positives and an increase in fraud detection. Its ability to do this at very high volumes and speeds highlights its effective approach to payment processing.”
Vendor Analysis: Nasdaq (Verafin) Payment Risk Solutions, 2023 

Chartis Research highlighted Verafin’s advanced technologies such as machine learning and robotic process automation, which allows financial institutions to effectively assess and manage risk. The report emphasized Verafin’s behavior-based analytical models as an efficient tool to reduce false positives, allowing compliance analysts to focus investigative efforts on truly suspicious activity. Chartis Research noted that:  

“Verafin also provides a deep set of features in its payment risk solution offerings, making it one of the few vendors that offer strong capabilities in almost every area of the payment risk marketplace. This contributes significantly to the company’s position as a category leader.”
Vendor Analysis: Nasdaq (Verafin) Payment Risk Solutions, 2023 

The Verafin Difference: Leverage the Power of the Verafin Network

Verafin understands the complexity of payments fraud. With a unique consortium approach, Verafin leverages insights from 2400 financial institutions and 300 million profiled accounts to uncover payment risk for commonly exploited channels, such as ACH and wire. Consortium analytics leverage anonymized data from across the Verafin network – without sharing Personally Identifiable Information (PII) – to identify financial crime risk. With counterparty analysis, Verafin reduces false positives by identifying low risk accounts, and alerts to higher-risk payments when an account is unknown to the network.  

Verafin’s consortium approach provides a more complete picture of risk for added confidence that payments are destined to the right beneficiary, protecting your institution and your customers. 

For more information on Verafin’s unique consortium approach to combating payments fraud, download our Product Brochure. 



Verafin is the industry leader in enterprise Financial Crime Management solutions, providing a cloud-based, secure software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing. Over 3800 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today.