Financial industry research and analysis to help you understand key trends and issues facing financial institutions.
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,... |
BlogScale to Prevail: Five Benefits of Proactively Scaling your Compliance PlatformMarch 7, 2023 by Verafin Regulatory enforcement is rapidly evolving for crypto companies and manual processes are costing you more. As fines for compliance violations increase, staying ahead of regulatory requirements is a necessity for crypto companies, to avoid financial penalties and damage to your... |
BlogBig Lessons for Crypto Companies From Even Bigger AML FinesMarch 6, 2023 by Verafin For crypto companies, the immense challenge of navigating the multitude of regulators, escalating number of fines, and evolving landscape of compliance is overwhelming. Crypto companies are facing increased pressure to remain compliant, while avoiding penalties and reputational damage. The Current... |
BlogLearning from the Past for a Lucrative FutureJanuary 30, 2023 by Verafin The landscape of financial crime is evolving – both for traditional financial institutions and crypto companies. As financial institutions advance anti-financial crime programs to maintain regulatory compliance and combat fraud, there are valuable lessons that crypto companies can use to... |
BlogAnatomy of a Crypto Hack: Digital Funds, Real-World ConsequencesDecember 16, 2022 by Verafin While cryptocurrency exists in a digital space, criminals leveraging crypto can have a significant impact on the traditional financial industry. Tracking the flow of funds across blockchain to fiat is essential for finding the perpetrator of these crimes – and... |
BlogSolutions for SAR/STR Filing: Best Practices for Crypto CompaniesNovember 7, 2022 by Verafin Virtual currencies are swiftly becoming the currency of choice for fraudsters – the rate of Suspicious Activity Reports (SAR) filed including cryptocurrency is rapidly rising. According to the U.S. Government Accountability Office (GAO), from 2017-2020, the number of SARs referencing... |
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... |
BlogAssessing AML/CFT Compliance Risks for Crypto CompaniesJuly 26, 2022 by Verafin Companies that operate cryptocurrency exchanges or crypto ATMs in the U.S. must be registered as MSBs with FinCEN, and meet all AML/CFT compliance requirements, including identifying and reporting potentially suspicious activity. Recently released guidelines from the MSBA, ETA, INFiN, and... |
