Business Email Compromise: Tracing the Lineage of a $50B Fraud Problem

August 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%... 

Verafin Named Category Leader in Payments Fraud by Chartis Research

August 11, 2023 by Verafin

FedNow® Service: Two Keys to Future Proof Your Fraud Prevention Program

August 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... 

Collaborative Frameworks: Fighting Financial Crime with a Unified Approach

June 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... 

A Look Inside the Cloud: Wire Fraud Trends Impacting Your Customers

June 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... 

Inflection Points: 5 Key Trends for Payments Fraud

June 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... 

Banking on Deceit: Billions Lost to Cybercrime & Authorized Push Payment Fraud

April 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... 

The Rise of Cryptocurrency in Modern Slavery

April 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... 

From the Cloud: Deep Insights into Wire Fraud Trends

March 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... 

Big Lessons for Crypto Companies From Even Bigger AML Fines

March 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...