RPA: Improve Efficiency and Increase Productivity by Automating Routine Tasks

September 4, 2019 by Nasdaq Verafin

Financial crime management programs are increasingly challenged by limited time and resources, with BSA/AML and Fraud investigators often spending more time manually collecting data than investigating potentially suspicious activity. Institutions should consider how artificial intelligence, such as machine learning and... 

6 Indicators of Employee Fraud for Financial Institutions

August 2, 2019 by Nasdaq 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,... 

Machine Learning: Higher Performance Analytics for Lower False Positives

August 2, 2019 by Nasdaq Verafin

Fighting Crime with AI: Benefits of Machine Learning and RPA

July 15, 2019 by Nasdaq Verafin

Banking on AI for Financial Crime Management

July 5, 2019 by Nasdaq 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... 

Elder Financial Abuse: SAR Trends

June 12, 2019 by Nasdaq 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... 

Threat from Within: Employee Fraud

February 25, 2019 by Nasdaq 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... 

Unreal Identities Leading to Real Crimes

February 4, 2019 by Nasdaq 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... 

Business Email Compromise (BEC) Fraud

December 10, 2018 by Nasdaq 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)... 

FinCEN and Federal Banking Agencies Encourage Banks to Innovate

December 4, 2018 by Nasdaq 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...