Blog6 Indicators of Employee Fraud for Financial InstitutionsAugust 2, 2019 by Verafin The threat of Employee Fraud is on the rise, as financial institutions are increasingly being targeted by internal fraudsters that take advantage of their positions for personal gain. With access to customers’ personal identification information, consumer and corporate bank accounts,... |
BlogMachine Learning: Higher Performance Analytics for Lower False PositivesAugust 2, 2019 by Verafin |
BlogFighting Crime with AI: Benefits of Machine Learning and RPAJuly 15, 2019 by Verafin |
BlogBanking on AI for Financial Crime ManagementJuly 5, 2019 by Verafin Encouraged by peer adoption and industry recommendations, financial institutions are rapidly deploying AI solutions for financial crime management. Machine learning and robotic process automation (RPA) are being leveraged for both BSA/AML compliance and fraud detection solutions to improve efficiency and... |
BlogElder Financial Abuse: SAR TrendsJune 12, 2019 by Verafin In February 2019, the Consumer Financial Protection Bureau (CFPB) released a study on elder financial abuse, Suspicious Activity Reports on Elder Financial Exploitation: Issues and Trends. The study utilizes information from Suspicious Activity Reports (SARs) to identify emerging trends in... |
BlogThreat from Within: Employee FraudFebruary 25, 2019 by Verafin In Report to the Nations: 2018 Global Study on Occupational Fraud and Abuse, the Association of Certified Fraud Examiners (ACFE) report that employee fraud, or occupational fraud, “is likely the largest and most prevalent threat” faced by organizations. When employees... |
BlogUnreal Identities Leading to Real CrimesFebruary 4, 2019 by Verafin Synthetic identity fraud has become a vehicle for fraudsters to commit a host of financial crimes, such as account fraud, loan fraud or online banking fraud. Criminals combine real and fabricated identification information to create synthetic or fake identities which... |
BlogBusiness Email Compromise (BEC) FraudDecember 10, 2018 by Verafin This blog was originally published in July 2017 and has been updated to reflect up-to-date statistics and references. Business Email Compromise (BEC) has become a big earner in the criminal world and a serious fraud threat for financial institutions (FIs)... |
BlogFinCEN and Federal Banking Agencies Encourage Banks to InnovateDecember 4, 2018 by Verafin A joint statement released on Dec. 3, 2018, by the Financial Crimes Enforcement Network (FinCEN) and its regulatory partners — the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and... |
BlogActionable Intelligence: The Way Forward for the BSANovember 7, 2018 by Jim Richards From its birth on October 26, 1970 as the Foreign Bank Secrecy Act of 1970, through make-overs in 1986 (criminalizing money laundering and structuring), 1990 (establishing FinCEN), 1992 (introducing Suspicious Activity Reports), and 2001 (the biggest make-over with the USA... |
