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Author Archives: Verafin

mmAbout Verafin

Verafin is an industry leading, cloud-based fraud detection and anti-money laundering software provider.

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  Blog

Wire Fraud Insights: The Looming Threat of Business Email Compromise

May 24, 2022 by Verafin

Today’s payments ecosystem is rapidly evolving, driven by customer demand for greater speed and convenience, and the financial industry’s digital transformation. This change has also presented opportunities for financial crime — fraudsters are exploiting wire payments with Business Email Compromise... 

  Blog

Elder Financial Abuse: New Cloud Insights Show Major Surge

May 17, 2022 by Verafin

Wire fraudsters are uncompromising, often targeting seniors with cruel elder abuse tactics from romance and investment scams to grandparent schemes. Since our previous blog on elder financial abuse, surging inflation and rising interest rates have strained senior’s modest budgets, leaving... 

  Blog

Managing the Growing Complexities of Sanctions Risk

May 9, 2022 by Verafin

The Russian invasion of Ukraine and the subsequent escalation of the Russian-Ukrainian war has been met with condemnation and resulted in severe economic sanctions from governments across the globe. Sanctions are crucial to enforce foreign policy objectives and deter criminal... 

  Blog

Wire Fraud Benchmarking Highlights: Verafin Releases Trends from the Cloud

May 2, 2022 by Verafin

Wire fraud is evolving across the financial industry — and today, Business Email Compromise (BEC), targeted consumer scams, and the financial exploitation of elderly persons are of particular concern. With fraudsters circumventing the enhanced authentication controls of many digital platforms... 

  Blog

Fraud Trends and Technology

January 12, 2022 by Verafin

Financial institutions face increasing challenges to keep pace with evolving financial crime, and 2021 revealed that fraud is moving faster than ever. In a year-in-review presentation, we explored the top fraud trends of 2021 identified in the Verafin Cloud, the... 

  Blog

AML Crime Trends and Technology

January 12, 2022 by Verafin

Keeping pace with the changing landscape of BSA/AML is a significant challenge for financial institutions. In our year-end presentation we explored industry-wide AML trends and the specific challenges facing compliance programs today — including the recent passing of the AML Act of... 

  Blog

Elder Financial Abuse

October 19, 2021 by Verafin

“Every year, one in ten Americans aged 60 and older experiences abuse — and for every case of elder abuse that comes to the attention of authorities, it is estimated that 23 cases are never brought to light.“ – White... 

  Blog

Persistence Pays as Fraud Continues Under COVID-19

July 12, 2021 by Verafin

Earlier this year, FinCEN issued an advisory to “alert financial institutions to health insurance and health care frauds related to the COVID-19 pandemic.” Fraudsters have been targeting multiple sources of funds, including Medicare, the Medicaid/Children’s Health Insurance Program (CHIP), TRICARE,... 

  Blog

Crossing Boundaries: The Expansive Threat of BEC

May 20, 2021 by Verafin

“For five years in a row, BEC is responsible for the most financial losses reported to the FBI. We have no reason to believe that 2021 will be any different.” Agari, 2021 As the industry rebounds from a challenging year,... 

  Blog

FinCEN Supplemental Advisory Outlines New Human Trafficking Typologies, Red Flags

January 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...