BlogBusiness Email Compromise: Tracing the Lineage of a $50B Fraud ProblemAugust 21, 2023 by Verafin Across the financial industry, few scams are as notorious as Business Email Compromise (BEC), and for good reason. The Internet Crime Complaint Center (IC3) has announced that since 2013 losses attributed directly to BEC surpassed $50B, representing a nearly 6300%... |
BlogVerafin Named Category Leader in Payments Fraud by Chartis ResearchAugust 11, 2023 by Verafin |
BlogFedNow® Service: Two Keys to Future Proof Your Fraud Prevention ProgramAugust 7, 2023 by Verafin The Federal Reserve’s FedNow® Service has arrived, joining The Clearing House’s (TCH) real-time payments platform (RTP®) in a watershed moment for the U.S. financial industry. Together, these platforms have launched America into a faster payments era — defined on one... |
BlogCollaborative Frameworks: Fighting Financial Crime with a Unified ApproachJune 20, 2023 by Verafin Financial crime is a persistent threat as criminals continually adapt their methods to target the financial system. Today, financial crime crosses both institutions and borders, making it more difficult to detect and prevent fraud and money laundering. This approach is... |
BlogA Look Inside the Cloud: Wire Fraud Trends Impacting Your CustomersJune 15, 2023 by Verafin Criminals are prolific and persistent in their attempts to defraud their victims. At Verafin, we know the first step in protecting financial institutions from these pervasive threats is understanding how, to whom and where fraud is occurring as criminals evolve... |
BlogInflection Points: 5 Key Trends for Payments FraudJune 5, 2023 by Verafin The financial industry has entered a period of significant challenge and opportunity in payments. With the increasing focus on frictionless customer experiences and introduction of new payment rails such as TCH RTP and FedNow, money is moving faster than ever... |
BlogBanking on Deceit: Billions Lost to Cybercrime & Authorized Push Payment FraudApril 21, 2023 by Colin Parsons “Today’s cyber landscape has provided ample opportunities for criminals and adversaries to target U.S. networks, attack our critical infrastructure, hold our money and data for ransom, facilitate large-scale fraud schemes, and threaten our national security.” – Timothy Langan, Executive Assistant... |
BlogThe Rise of Cryptocurrency in Modern SlaveryApril 19, 2023 by Verafin “Digital assets may pose significant illicit finance risks, including money laundering, cybercrime and ransomware, narcotics and human trafficking, and terrorism and proliferation financing.” –Department of State, Trafficking in Persons Crypto companies play a critical role in the fight against human... |
BlogFrom the Cloud: Deep Insights into Wire Fraud TrendsMarch 15, 2023 by Verafin Payment fraud is a challenge that is pervasive in the financial industry, and a threat to financial institutions of all sizes. As the talk of a liability shift for consumer-related payment fraud gains momentum within regulatory spheres, additional pressure is... |
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... |