Financial industry research and analysis to help you understand key trends and issues facing financial institutions.
BlogBeyond Alerts: Lessons from the Case of a BEC MastermindApril 17, 2024 by Verafin Business Email Compromise (BEC) is among the greatest threats to our financial system, linked to $6.7 billion in losses globally and over 20,000 complaints to the FBI last year. Beyond alerts and compliance documents, financial professionals are the bedrock protecting... |
BlogCombating Complex Check FraudApril 12, 2024 by Colin Parsons Check fraud is often viewed as an outdated crime — but these scams are in fact becoming highly sophisticated and causing significant losses. In 2023, there was $21B in check fraud losses in the Americas, representing nearly 80% of total... |
BlogIncreased Use of Virtual Currency in Human TraffickingMarch 5, 2024 by Verafin Criminals will exploit the most vulnerable in society for significant financial gain. According to Nasdaq’s Global Financial Crime Report, in 2023, $346.7B of illicit funds was linked to human trafficking activity – although this number is likely only a fraction... |
BlogAI & Large Language Models: Great Power Requires Greater ResponsibilityOctober 11, 2023 by Verafin “Artificial intelligence is one of the most powerful technologies of our time, with broad applications. President Biden has been clear that in order to seize the opportunities artificial intelligence presents, we must first manage its risks.” The White House, 2023 ... |
BlogThe Faster Payments Era: New Channels & ExpectationsJuly 27, 2023 by Verafin “The shift to real-time payment infrastructure requires a focused effort, but the shift is inevitable. The time is now for all key stakeholders—financial institutions, core service providers, software companies, and application developers—to devote the resources necessary to support instant payments.”... |
BlogCheck Fraud is a Growing Problem – Financial Institutions Need a SolutionJune 12, 2023 by Verafin “In 2022, banks saw an 84% increase in check fraud, costing consumers an estimated $815 million.” – Senate Committee on Banking, Housing, and Urban Affairs, 2023 Even though check use is declining in the U.S., incidents of check fraud and... |
BlogCriminals Cash in on Stolen Checks: FinCEN Releases 10 Red Flags for Mail-Related Check FraudMarch 24, 2023 by Verafin Mail-related check fraud is surging. In 2022, check fraud-related SARs filed to FinCEN reached over 680,000, almost doubling the previous year’s number of filings. In response to a nationwide surge of stolen check fraud schemes targeting the U.S. mail system,... |
BlogRising U.S. & International Wire Fraud ThreatsJuly 29, 2022 by Verafin The high dollar value and irrevocable nature of many wire transfers make them inherently risky and a prime target for criminals. With fraudsters unrelenting, financial institutions must remain informed of growing wire fraud threats, both domestically and internationally. Our experts... |
BlogCombating Human Trafficking with Verafin’s Data-Driven Financial Crime Management PlatformJuly 5, 2022 by Verafin Generating an estimated $150 billion per year, human trafficking is one of the most profitable and heinous international crimes. Human trafficking and human smuggling was identified in the AML/CFT National Priorities as one of eight “predicate crimes that generate... |
BlogU.S. Court Case: 60 Funnel Accounts Used by Heroin Trafficking OrganizationSeptember 27, 2017 by Denise Hutchings “Narcotics traffickers will attempt to create elaborate financial networks in an effort to launder illegal drug proceeds.” (James Dorsey, Acting Special Agent in Charge IRS Criminal Investigation, June 2017) Heroin Trafficking Organizations Targeted by OFAC In May 2017, Treasury Secretary... |
