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Author Archives: Nasdaq Verafin

mmAbout 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.

Blog

ACH Fraud: NACHA Promotes Detection Across Transactions

April 23, 2024 by Nasdaq 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... 

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Beyond Alerts: Lessons from the Case of a BEC Mastermind

April 17, 2024 by Nasdaq 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... 

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Funnel Accounts

April 10, 2024 by Nasdaq 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... 

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Human Trafficking: A Humanitarian Crisis

April 2, 2024 by Nasdaq 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... 

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Understanding the Risks that Shape the Financial Landscape

March 27, 2024 by Nasdaq Verafin

The United States is the largest economy in the world, making it a preferred target for money laundering. In the 2024 National Money Laundering Risk Assessment (NMLRA), the Department of the Treasury highlights the numerous risks shaping the financial landscape,... 

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Dark Web: Inside the Internet’s Underworld

March 20, 2024 by Nasdaq Verafin

“Injustice anywhere is a threat to justice everywhere.”  – Martin Luther King Jr. The cloak of anonymity can be used to protect someone from scrutiny or to conceal the worst human behavior imaginable. The dark web, originally conceived to allow... 

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Business Email Compromise: A Global Menace

March 14, 2024 by Nasdaq Verafin

First identified in the early 2010s by the FBI as a financial cyber threat, Business Email Compromise (BEC) has evolved into a global menace to the integrity of our financial system. Nasdaq’s 2024 Global Financial Crime Report attributed $10 billion... 

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Increased Use of Virtual Currency in Human Trafficking

March 5, 2024 by Nasdaq Verafin

Criminals will exploit the most vulnerable in society for significant financial gain. According to Nasdaq’s Global Financial Crime Report, in 2023, $346.7B of illicit funds was linked to human trafficking activity – although this number is likely only a fraction... 

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Elder Fraud: Prevalent & Preventable

March 4, 2024 by Nasdaq Verafin

Elder fraud is unquestionably reprehensible, but its prevalence is remarkably high. An estimated ​1 in 10 elderly Americans are abused each year, and in Nasdaq’s 2024 Global Financial Crime Report, $77.7 billion of all reported global fraud was linked to elderly victims.... 

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Is your Information for Sale on the Dark Web?

February 26, 2024 by Nasdaq Verafin

“The “dark web” is an internet shadow world where the good and the bad co-exist… On the bad side, the dark web has emerged as an important hub of criminal commerce, a fully functional marketplace where hidden customers can buy...