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Fraud Risks in Turbulent Times

March 20, 2020 by Verafin

As the COVID-19 pandemic continues to spread throughout the world, financial institutions have been encouraged to remain steadfast in their ongoing scrutiny of potentially suspicious behavior and to diligently...

  Blog

“Tell Me About Yourself.” Employment Scammers Targeting PII

February 27, 2020 by Verafin

“While hiring scams have been around for many years, cyber criminals’ emerging use of spoofed websites to harvest [personally identifiable information] (PII) and steal money shows an increased level...

  Blog

Deconstructing the Currency Transaction Report

February 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...

  Blog

Heartbreaking: Romance Scams on the Rise

February 14, 2020 by 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...

  Blog

Redefining Fraud: Combating Evolving Business Email Compromise Schemes

January 23, 2020 by 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...

  Blog

The Bank Secrecy Act Doesn’t Really Exist

January 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....

  Blog

Crime Trends & Technology: Reflections & Perspectives for 2020

January 7, 2020 by 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....

  Blog

Defying the Digital Revolution: Conventional Check Fraud Continues to Challenge Financial Institutions

November 26, 2019 by 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...

  Blog

RPA: Improve Efficiency and Increase Productivity by Automating Routine Tasks

September 4, 2019 by 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....

  Blog

6 Indicators of Employee Fraud for Financial Institutions

August 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...