BlogDeconstructing the Currency Transaction ReportFebruary 18, 2020 by Jim Richards With FinCEN reporting increases in BSA report filings year over year, it is likely that over 16 million Currency Transaction Reports, or CTRs, were filed in 2019, each one reporting one or more cash transactions made by or on behalf... |
BlogHeartbreaking: Romance Scams on the RiseFebruary 14, 2020 by Nasdaq Verafin “In 2018, confidence/romance fraud was the seventh most commonly reported scam to the [Internet Crime Complaint Centre (IC3)] based on the number of complaints received, and the second costliest scam in terms of victim loss.” – IC3 Public Service... |
BlogRedefining Fraud: Combating Evolving Business Email Compromise SchemesJanuary 23, 2020 by Nasdaq Verafin In their search for the path of least resistance, fraudsters have discovered that trickery and deception are highly effective strategies. As noted by FinCEN, Business Email Compromise (BEC) is one area of financial crime where these tactics reign supreme, and... |
BlogThe Bank Secrecy Act Doesn’t Really ExistJanuary 15, 2020 by Jim Richards Happy New Year! Happy New Decade! But most importantly, Happy 50th Anniversary of the Bank Secrecy Act! Yes, the (so-called) Bank Secrecy Act was passed fifty years ago this October. As every BSA/AML professional knows, the Bank Secrecy Act was first made... |
BlogCrime Trends & Technology: Reflections & Perspectives for 2020January 7, 2020 by Nasdaq Verafin As we move into the next decade, it is critical for financial institutions (FIs) to reflect on recent trends in fraud and compliance, and gauge what potential challenges lay ahead. In a special year-end presentation, we took a look back... |
BlogDefying the Digital Revolution: Conventional Check Fraud Continues to Challenge Financial InstitutionsNovember 26, 2019 by Nasdaq Verafin Despite the current prominence of digital banking channels, check fraud remains a popular means for criminals to exploit financial institutions and their customers. Fraudsters’ options in this vein are numerous: stealing and cashing checks, duplicating legitimate checks, doctoring counterfeit checks,... |
BlogRPA: Improve Efficiency and Increase Productivity by Automating Routine TasksSeptember 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... |
Blog6 Indicators of Employee Fraud for Financial InstitutionsAugust 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,... |
BlogMachine Learning: Higher Performance Analytics for Lower False PositivesAugust 2, 2019 by Nasdaq Verafin |
BlogFighting Crime with AI: Benefits of Machine Learning and RPAJuly 15, 2019 by Nasdaq Verafin |
