 | About Nasdaq Verafin Nasdaq Verafin provides Fraud Detection and Management, AML/CFT Compliance and Management, High-Risk Customer Management, Sanctions Screening and Management, and Information Sharing solutions. |
BlogDeepfakes Empower Authorized Push Payment ScamsDecember 10, 2024 by Nasdaq Verafin In an increasingly digital world, technology has made life more convenient — and created opportunities for sophisticated fraud. Deepfake technology is a prime example — so much so that FinCEN is warning financial institutions of its rising use in scams... |
BlogVirtual Kidnapping: Protecting Payments in AI-Enabled ExtortionDecember 2, 2024 by Nasdaq Verafin “The internet never forgets.” This warning from the U.S. Army Reserves is a stark reminder that online activities create an unerasable trail of information. In a digital age where most Americans spend countless hours on social media, the sheer availability... |
BlogCheck Fraud: Imitation is the Greatest Form of ForgeryNovember 26, 2024 by Nasdaq Verafin In today’s digital age, the old saying, “a picture is worth a thousand words,” takes on new meaning, especially in the realm of check fraud detection. Fraud investigators recognize checks as the payment method most susceptible to exploitation — and... |
BlogMoney Mules: Victims Pay the PriceNovember 13, 2024 by Nasdaq Verafin “Money mules help criminals launder illicit proceeds derived from online scams, financial frauds, drug trafficking, or other crimes to make it harder for law enforcement to accurately trace. To be very clear, acting as a money mule is illegal.” – ... |
BlogFinancial Crime: Impacting the U.S. EconomyOctober 3, 2024 by Nasdaq Verafin From trillions of dollars in losses to an incalculable human cost, financial crime a serious threat to the integrity of the global financial system. A newly released Nasdaq Verafin whitepaper has revealed how financial crime is also having deep impacts... |
BlogCombating ACH Fraud with a Consortium ApproachSeptember 24, 2024 by Nasdaq Verafin The Automated Clearing House (ACH) payment rail has seen significant growth, with the NACHA network processing 30 billion payments valued at $76.7 trillion in 2022, up 3% and 5.6% respectively over 2021. This growth has gained unwanted attention from fraudsters,... |
BlogStolen Check Fraud: Four Insights from FinCEN’s Latest AnalysisSeptember 19, 2024 by Nasdaq Verafin Check fraud continues to challenge financial institutions across the United States. Nasdaq found that in 2023, check fraud losses totaled $21 billion in the Americas, representing nearly 80% of total global check fraud losses. In response to rising concerns around... |
BlogCombating Payments Fraud with Consortium AnalyticsSeptember 12, 2024 by Nasdaq Verafin In 2023, losses to payments fraud scams totaled hundreds of billions of dollars worldwide. An evolving challenge, it has proliferated across multiple payment rails as criminals exploit the inherent weaknesses of these channels, manipulating customers through social engineering, and exploiting... |
BlogThree Expert Insights on Combating Predicate CrimesSeptember 3, 2024 by Nasdaq Verafin In 2023, $3.1 trillion in illicit funds flowed through the global financial system, fueled by hundreds of billions of dollars generated by predicate crimes for money laundering, from drug trafficking to human trafficking, terrorist financing and fraud. Tackling an issue... |
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... |
