BlogBeneficial Ownership: 5 Key Compliance ObligationsAugust 14, 2017 by Verafin For many years, financial crime investigators have warned of possible links between shell companies and international money laundering activity. In the 2013 report How Shell Companies Aid Terrorism, Crime and Corruption, the Open Society Foundations discussed how shell companies are used to launder billions... |
BlogNo Jackpot: Recognizing Lottery Scam ActivityAugust 14, 2017 by Verafin Congratulations! You’ve won the lottery! Wait. How have you won a lottery you don’t remember entering? Who cares! It’s a lot of money, right? Unfortunately, not in this case. There’s a catch… there’s always a catch. This is a variation... |
BlogFour key indicators for uncovering fraud in your loan charge-offsAugust 1, 2017 by Verafin Auto loan fraud is a hot topic. Given the potential size of the problem, it is hardly surprising. At the Barclays Global Financial Services Conference in September 2016, JPMorgan Chase provided insight into the state of auto lending risk. In... |
BlogRomance Fraud ScamsJuly 9, 2017 by Verafin Crime prevention is regularly focused on statistics and numbers. High dollar losses make for eye-catching headlines, sometimes making it easy to forget that fraud has a very human impact. If there is one thing we know about criminals, it’s that... |
BlogACH Payments: Mitigating the Risks of Faster FraudJune 12, 2017 by Verafin ACH payments have become one of the primary means of noncash payment in the past fifteen years. As consumers demand more convenience and flexibility in their banking options — these popular electronic money transfers create potential risks for your financial institution.... |
BlogUsing analytics to uncover and help human trafficking victimsMarch 21, 2017 by Verafin “It ought to concern every person, because it is a debasement of our common humanity. It ought to concern every community, because it tears at our social fabric. It ought to concern every business, because it distorts markets. It ought... |
BlogU.S. Court Case: 9 Banks and 50 Bank Accounts Exploited by Human Trafficking RingFebruary 21, 2017 by Denise Hutchings “Follow the money and you will find the trafficker… Financial investigation plays a crucial role in successful investigation of trafficking in persons.” An outstanding financial investigation which was conducted in the recent prosecution of a U.S. based human trafficking ring... |
BlogSix things to consider when investigating check deposit fraudFebruary 6, 2017 by Verafin Good ol’ checks. Even though their use continues to decline, they’re still a thorn in the side of fraud investigators. The Federal Reserve Payments Study 2016 shows the number of check payments in 2015 fell to 17.3 billion, down 2.5... |
BlogU.S. Court Case: 5 Cyber-Enabled Financial CrimesDecember 4, 2016 by Denise Hutchings Last week, U.S. authorities in conjunction with international law enforcement issued a press release on the dismantling of a cyber criminal infrastructure known as Avalanche. A joint statement by U.S. agencies noted that “this network hosted more than two dozen... |
BlogPreventing thousands of dollars in fraud loss through early detectionNovember 21, 2016 by Verafin The ability to detect deposit fraud early and take decisive action is more important for financial institutions (FIs) than ever before. In its biennial 2015 Deposit Account Fraud Survey, conducted with commercial and savings banks, the American Bankers Association (ABA)... |
