BlogACH Payments: Mitigating the Risks of Faster FraudJune 12, 2017 by Nasdaq 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 Nasdaq 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 Nasdaq 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 Nasdaq 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)... |
BlogU.S. Wire Fraud Case: Multiple Companies and Multiple Banks ExploitedOctober 10, 2016 by Denise Hutchings Wire fraud that emanates from the combination of identity theft and email compromise has skyrocketed to an escalated threat level in the class of evolving cybercrimes which exploit both financial institutions and their customers. To help shine a spotlight on... |
BlogLaw enforcement benefits from information sharingSeptember 23, 2016 by Nasdaq Verafin The value of the information that financial institutions (FIs) provide to law enforcement is immeasurable. In May 2016 FinCEN held a ceremony at the U.S. Department of the Treasury to present its second annual Law Enforcement Awards. In its press... |
BlogU.S. Bank Account Information Sold on Dark Web MarketplaceAugust 25, 2016 by Denise Hutchings See our new blogs on this topic: Identity Exploitation Is Your Information for Sale on the Dark Web? Dark Web: Inside the Internet’s Underworld A recent online post under the “Fraud” category of a Dark Web marketplace read as follows:... |
BlogThe CDD Final Rule: Seven Things to RememberJuly 7, 2016 by Nasdaq Verafin Until now, the lack of any general requirement for financial institutions (FIs) to know and verify the identity of the beneficial owners of their entity customers created the opportunity for criminal exploitation of the banking system through anonymous access. This... |
