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Guarding the Golden Years Part 2: Effectively Detecting Elder Financial Exploitation

February 13, 2025 by Nasdaq Verafin

Elder financial exploitation (EFE) is a heinous crime, capitalizing on the vulnerabilities of older adults with limited technological knowledge and readily available liquid assets. In a recent Interagency Statement, FinCEN and other agencies are urging financial institutions to take action... 

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Guarding the Golden Years Part 1: Signs of Elder Financial Exploitation

February 7, 2025 by Nasdaq Verafin

Could you identify the red flags if your elderly customers were being scammed? Losses to elder financial exploitation have been estimated at $77.7 billion and the problem is growing. As fraudsters increasingly target elderly customers using sophisticated tactics, from investment... 

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Agentic AI Ushers in a New Age of Automation for Financial Crime Management

February 18, 2025 by Rob Norris

While generative AI has been dominating industry conversations, new advancements in AI technology are just on the horizon with the rise of agentic AI that has the potential to deliver a step change in automation for financial crime management — and the... 

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Canadian Financial Crime Trends & Technology: Reflecting for 2025

January 17, 2025 by Nasdaq Verafin

Financial crime is a worldwide problem. In Canada, drug trafficking, human trafficking, terrorist financing and other illicit proceeds of financial crime are estimated to contribute nearly $47 billion to this global epidemic, capitalising on vulnerable Canadians and threatening the integrity... 

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AML Trends & Technology: Navigating the Future of AML in 2025 

January 16, 2025 by Nasdaq Verafin

The landscape of anti-money laundering and combating the financing of terrorism (AML/CFT) continues to evolve at a rapid pace. Money laundering and its associated financial crimes are estimated at over $3.1 trillion globally — and these crimes have significant impacts... 

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Fraud Trends & Technology: 5 Inflection Points for 2025

January 9, 2025 by Nasdaq Verafin

Looking back on trends that shaped the financial industry in 2024, payments fraud was a prominent theme. Listed as a top concern for industry professionals, the threat loomed large as fraudsters exploited emerging technologies and industry associations moved to protect... 

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Deepfakes Empower Authorized Push Payment Scams

December 10, 2024 by Nasdaq Verafin

In an increasingly digital world, technology has made life more convenient — and created opportunities for sophisticated fraud. Deepfake technology is a prime example — so much so that FinCEN is warning financial institutions of its rising use in scams... 

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Virtual Kidnapping: Protecting Payments in AI-Enabled Extortion

December 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... 

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Check Fraud: Imitation is the Greatest Form of Forgery

November 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... 

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Money Mules: Victims Pay the Price

November 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.” –     ...