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... |
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... |
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.” – ... |
BlogCheck Fraud: The Need for a Complete Picture of RiskOctober 10, 2024 by Colin Parsons The financial industry is struggling to solve check fraud using an incomplete picture of risk. New reports from regulatory bodies and economic leaders continue to highlight the significant impact of this legacy fraud channel. As criminal activity migrates to more... |
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... |
BlogPreventing Payments FraudJuly 24, 2024 by Colin Parsons In 2023, losses from payments fraud scams totaled $485.6B worldwide. With a perfect scenario of high-value transactions combined with a narrow window of opportunity for institutions to intervene, payments fraud scams will only continue to challenge financial institutions unless our... |
