 | About Verafin Verafin is an industry leading, cloud-based fraud detection and anti-money laundering software provider. |
BlogStalking America’s ElderlyOctober 18, 2023 by Verafin Fraudsters are targeting seniors with an emerging and sophisticated scam. From January to June, $542M was stolen through Phantom Hacker scams — a fraud that uses layers of social engineering to exploit a victim’s trust and pinpoint the most lucrative... |
BlogAI & Large Language Models: Great Power Requires Greater ResponsibilityOctober 11, 2023 by Verafin “Artificial intelligence is one of the most powerful technologies of our time, with broad applications. President Biden has been clear that in order to seize the opportunities artificial intelligence presents, we must first manage its risks.” The White House, 2023 ... |
BlogA Ruthless ScamSeptember 26, 2023 by Verafin A prominent virtual currency investment scam, with the demeaning label “pig butchering,” is creating significant financial and emotional harm for countless victims around the world – criminals defrauded victims of more than $2 billion USD in 2022. Known as financial... |
BlogBusiness Email Compromise: Tracing the Lineage of a $50B Fraud ProblemAugust 21, 2023 by Verafin Across the financial industry, few scams are as notorious as Business Email Compromise (BEC), and for good reason. The Internet Crime Complaint Center (IC3) has announced that since 2013 losses attributed directly to BEC surpassed $50B, representing a nearly 6300%... |
BlogVerafin Named Category Leader in Payments Fraud by Chartis ResearchAugust 11, 2023 by Verafin |
BlogFedNow® Service: Two Keys to Future Proof Your Fraud Prevention ProgramAugust 7, 2023 by Verafin The Federal Reserve’s FedNow® Service has arrived, joining The Clearing House’s (TCH) real-time payments platform (RTP®) in a watershed moment for the U.S. financial industry. Together, these platforms have launched America into a faster payments era — defined on one... |
BlogThe Faster Payments Era: New Channels & ExpectationsJuly 27, 2023 by Verafin “The shift to real-time payment infrastructure requires a focused effort, but the shift is inevitable. The time is now for all key stakeholders—financial institutions, core service providers, software companies, and application developers—to devote the resources necessary to support instant payments.”... |
BlogCollaborative Frameworks: Fighting Financial Crime with a Unified ApproachJune 20, 2023 by Verafin Financial crime is a persistent threat as criminals continually adapt their methods to target the financial system. Today, financial crime crosses both institutions and borders, making it more difficult to detect and prevent fraud and money laundering. This approach is... |
BlogA Look Inside the Cloud: Wire Fraud Trends Impacting Your CustomersJune 15, 2023 by Verafin Criminals are prolific and persistent in their attempts to defraud their victims. At Verafin, we know the first step in protecting financial institutions from these pervasive threats is understanding how, to whom and where fraud is occurring as criminals evolve... |
BlogCheck Fraud is a Growing Problem – Financial Institutions Need a SolutionJune 12, 2023 by Verafin “In 2022, banks saw an 84% increase in check fraud, costing consumers an estimated $815 million.” – Senate Committee on Banking, Housing, and Urban Affairs, 2023 Even though check use is declining in the U.S., incidents of check fraud and... |
