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Blog12 Red Flags for Elder Financial ExploitationNovember 9, 2022 by Colin Parsons “Financial institutions serve on the frontlines in protecting their older customers’ finances, and can play a critical role in helping to identify, prevent, and report suspected elder financial exploitation. Financial institutions’ vigilance matters. Their reporting matters.” – Himamauli Das, FinCEN... |
BlogLiable? Consortium Solutions to Payments Fraud ChangeOctober 28, 2022 by Nasdaq Verafin Payments fraud is a major challenge across the financial industry — and with it has grown a significant call for legislative change. Concern over consumer-focused Authorized Push Payment (APP) scams has prompted proposals for mandatory victim reimbursement in the United... |
BlogFighting Fraud with the Verafin CloudSeptember 30, 2022 by Nasdaq Verafin The industry leader in financial crime management, Verafin is offering trends and benchmarking statistics for wire fraud and related scams – allowing for unparalleled insight into new and emerging trends. We have gathered insights into key fraud trends by analyzing... |
BlogDisorganized Data: How Unresolved Entities Complicate AML InvestigationsSeptember 22, 2022 by Nasdaq Verafin From savings accounts and credit cards to online banking and P2P payments such as Zelle, today’s financial institutions offer more products and services than ever before. There are dozens of product lines and service providers, and each product may require... |
BlogFour Ways Data Creates Challenges for AML InvestigatorsSeptember 14, 2022 by Nasdaq Verafin From BSA Officers to Complex Investigations teams, efficiency in AML investigations is a challenge. The consumer banking market is changing. FinTechs are quickly on the rise. Financial institutions are being pushed to adapt to consumer demands for frictionless banking at... |
BlogPreying on the VulnerableJuly 8, 2022 by Nasdaq Verafin In the fight against financial crime, change is perhaps the only constant. As financial institutions implement more robust controls against schemes such as wire fraud, criminals respond by evolving their tactics and increasing efforts against more vulnerable customer segments. In... |
BlogAligning with AML/CFT PrioritiesJune 14, 2022 by Nasdaq 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... |
BlogWire Fraud Insights: The Looming Threat of Business Email CompromiseMay 24, 2022 by Nasdaq 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 Nasdaq 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 Nasdaq 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... |
