BlogPreventing Payments FraudJuly 24, 2024 by Colin Parsons In 2023, losses from payments fraud scams totaled $485.6B worldwide. With a perfect scenario of high-value transactions combined with a narrow window of opportunity for institutions to intervene, payments fraud scams will only continue to challenge financial institutions unless our... |
BlogPushing Back: The UK’s Response to Authorized Push Payment FraudJuly 17, 2024 by Nasdaq Verafin On October 7, financial institutions and regulators around the world will be watching closely as the United Kingdom (UK) embarks on a new frontier of fraud mitigation and consumer protections. In a global economy experiencing increasing bank and consumer fraud... |
BlogConsortium Analytics and Machine Learning: A New Frontier in Check Fraud DetectionJuly 11, 2024 by Colin Parsons The financial industry has been tackling the issue of check fraud for many years using outdated technology and siloed approaches. With the increase in check fraud, estimated at over $26 billion in losses globally, we need a new solution that... |
BlogA Roadmap for Navigating the AI LandscapeJuly 9, 2024 by Nasdaq Verafin We live in an era where technology is rapidly reshaping the financial landscape; the integration of artificial intelligence (AI) offers striking advances in innovation and efficiency. Survey results published in Nasdaq Verafin’s 2024 Global Financial Crime Report, indicate 70% of... |
BlogA Complicated CrimeJuly 4, 2024 by Nasdaq Verafin Financial crime is a global epidemic – more than $3 trillion in illicit funds and money laundering activity flowed through the financial system in 2023. Predicate crimes are driving much of this activity with fraud being one of the eight... |
BlogFighting Predicate Crimes: A New VisionJuly 2, 2024 by Fouad Hassouneh Last year, $3.1 trillion in illicit funds flowed through the global financial system, fueled by hundreds of billions of dollars generated by predicate crimes, from drug trafficking to human trafficking, terrorist financing and fraud. As this global epidemic of financial... |
