BlogCryptocurrency Fraud Scams Amass Over $1BJune 27, 2022 by Verafin According to a sobering new report by the Federal Trade Commission, since the start of 2021 more than 46,000 people have collectively reported more than $1 billion in losses to crypto-related scams, with an average loss of $2,600 per person.... |
BlogAligning with AML/CFT PrioritiesJune 14, 2022 by Verafin The need for greater effectiveness and efficiency in BSA/AML programs is acute. Financial institutions must navigate the ever-changing landscape of regulatory compliance while simultaneously adapting to evolving criminal activity. But many institutions are limited to their own siloed data set... |
BlogKeeping Pace with the Changing AML/CFT Landscape: Virtual Currency Payment RisksJune 8, 2022 by Verafin The use of Convertible Virtual Currency (CVC) is increasing, offering an alternative transaction channel for consumers and a new transaction channel for criminals to exploit. Virtual currency activity is relevant to all financial institutions, even those that do not offer... |
BlogWire Fraud Insights: The Looming Threat of Business Email CompromiseMay 24, 2022 by Verafin Today’s payments ecosystem is rapidly evolving, driven by customer demand for greater speed and convenience, and the financial industry’s digital transformation. This change has also presented opportunities for financial crime — fraudsters are exploiting wire payments with Business Email Compromise... |
BlogElder Financial Abuse: New Cloud Insights Show Major SurgeMay 17, 2022 by Verafin Wire fraudsters are uncompromising, often targeting seniors with cruel elder abuse tactics from romance and investment scams to grandparent schemes. Since our previous blog on elder financial abuse, surging inflation and rising interest rates have strained senior’s modest budgets, leaving... |
BlogManaging the Growing Complexities of Sanctions RiskMay 9, 2022 by Verafin The Russian invasion of Ukraine and the subsequent escalation of the Russian-Ukrainian war has been met with condemnation and resulted in severe economic sanctions from governments across the globe. Sanctions are crucial to enforce foreign policy objectives and deter criminal... |
BlogWire Fraud Benchmarking Highlights: Verafin Releases Trends from the CloudMay 2, 2022 by Verafin Wire fraud is evolving across the financial industry — and today, Business Email Compromise (BEC), targeted consumer scams, and the financial exploitation of elderly persons are of particular concern. With fraudsters circumventing the enhanced authentication controls of many digital platforms... |
BlogFraud Trends and TechnologyJanuary 12, 2022 by Verafin Financial institutions face increasing challenges to keep pace with evolving financial crime, and 2021 revealed that fraud is moving faster than ever. In a year-in-review presentation, we explored the top fraud trends of 2021 identified in the Verafin Cloud, the... |
BlogAML Crime Trends and TechnologyJanuary 12, 2022 by Verafin Keeping pace with the changing landscape of BSA/AML is a significant challenge for financial institutions. In our year-end presentation we explored industry-wide AML trends and the specific challenges facing compliance programs today — including the recent passing of the AML Act of... |
BlogElder Financial AbuseOctober 19, 2021 by Verafin “Every year, one in ten Americans aged 60 and older experiences abuse — and for every case of elder abuse that comes to the attention of authorities, it is estimated that 23 cases are never brought to light.“ – White... |
