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Monthly Archives: April 2024

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Top 3 Threats Facing the Financial System

April 30, 2024 by Verafin

The global financial system is facing prolific and diverse threats from financial crime, driven by illicit fraud and money laundering schemes. In the 2024 Nasdaq Global Financial Crime Report, a survey of 200 industry professionals, along with interviews with senior... 

  Blog

ACH Fraud: NACHA Promotes Detection Across Transactions

April 23, 2024 by Verafin

Last year, NACHA’s ACH Network saw its eleventh straight year of growth exceeding $1 trillion as demand from consumers for electronic payments increased — and fraudsters are following the money. As Business Email Compromise (BEC) and other authorized push payment... 

  Blog

Beyond Alerts: Lessons from the Case of a BEC Mastermind

April 17, 2024 by Verafin

Business Email Compromise (BEC) is among the greatest threats to our financial system, linked to $6.7 billion in losses globally and over 20,000 complaints to the FBI last year. Beyond alerts and compliance documents, financial professionals are the bedrock protecting... 

  Blog

Combating Complex Check Fraud

April 12, 2024 by Colin Parsons

Check fraud is often viewed as an outdated crime — but these scams are in fact becoming highly sophisticated and causing significant losses. In 2023, there was $21B in check fraud losses in the Americas, representing nearly 80% of total... 

  Blog

Funnel Accounts

April 10, 2024 by Verafin

Funnel accounts continue to thrive as criminal organizations leverage the tactic to exploit the U.S. banking system and quickly move money across great distances at minimal cost — all while enabling anonymity for the depositors. Used as a method to... 

  Blog

Human Trafficking: A Humanitarian Crisis

April 2, 2024 by Verafin

“$350 billion dollars from human trafficking. Imagine how many victims had to suffer — sweat, blood, and tears — for $350 billion dollars.”   – Timea Nagy, Human Trafficking Activist & Survivor  Human trafficking is a global humanitarian crisis. At any...