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BlogFinCEN Supplemental Advisory Outlines New Human Trafficking Typologies, Red FlagsJanuary 14, 2021 by Verafin On October 15, 2020, the Financial Crimes Enforcement Network (FinCEN) released a Supplemental Advisory on Identifying and Reporting Human Trafficking and Related Activity, in response to the potential growth in illicit activity during the COVID-19 pandemic. The Supplemental Advisory broadens... |
BlogCrime Trends & Technology: Reflections & Perspectives for 2021December 16, 2020 by Verafin In a recent year-end presentation, we explored the unrelenting challenges of 2020, the trends and technology developments throughout the year, and offered an overview of how recent industry threats may continue into the future. The following highlights and related resources will... |
BlogCriminals Strike SBA Programs Amidst COVID-19 PandemicAugust 7, 2020 by Verafin “While American small business owners and employees are struggling, fraudsters are busy trying to steal the money meant to help those families survive. With billions of dollars in aid available, they will try every trick in the book to rob... |
BlogMoney Mules Moving Illicit Proceeds from COVID-19-Related CrimesJune 11, 2020 by Verafin “In the past, money mules have been viewed as low-level offenders, transferring small amounts of cash. However, organised, sophisticated money mule schemes have evolved as a [professional money launderer] mechanism.” – Financial Action Task Force From economic stimulus payments to... |
BlogBenefits Fraud Rising as Unemployment Claims SoarMay 28, 2020 by Verafin “It is deeply troubling to see these reports of fraudulent unemployment claims being filed and allegedly paid by the State Employment Security Department. These are our public tax dollars. These funds are intended for those in need, and not for... |
BlogIndustry Advisory: Detecting and Reporting COVID-19-Related Medical ScamsMay 25, 2020 by Verafin On May 18, the Financial Crimes Enforcement Network (FinCEN) released a new Advisory on Medical Scams Related to the Coronavirus Disease 2019 (COVID-19) to alert financial institutions to emerging scams related to the COVID-19 pandemic. This Advisory is the first... |
BlogEconomic Stimulus Payments Targeted by FraudstersMay 8, 2020 by Verafin “The CARES Act… together with three related pieces of pandemic relief legislation represent at least $2.4 trillion in aid and presents unparalleled opportunities to assist those in greatest need as well as unmatched prospects for fraud, misuse of the funds,... |
BlogTaking Quick Action Against COVID-19 CrimesMay 4, 2020 by Verafin Financial crime has proven to be a serious and growing challenge during the COVID-19 crisis. Fraudsters have promptly exploited the pandemic for their gain; with many financial institutions closed or limiting branch access and large numbers of citizens still sheltering... |
BlogImpact of COVID-19 Crisis on Financial Crime Management ProgramsApril 6, 2020 by Verafin As COVID-19 continues to impact financial systems around the globe, early reports are emerging on how the pandemic is affecting financial crime management programs. Financial institutions should have processes in place to minimize the impact of a pandemic and ensure... |
BlogFighting Fraud Scams in the COVID-19 CrisisApril 1, 2020 by Verafin “While this crisis has brought out the best in most Americans, there appear to be a few unfortunate exceptions. We will not tolerate bad actors who treat the crisis as an opportunity to get rich quick.” – U.S. Attorney General... |
