Over 1,000 Banks and Credit Unions use Verafin’s Software Solution to Fight Financial Crime

March 26, 2013

With the growing complexity and organization of criminal activity, in tandem with an increasing emphasis on regulatory compliance, financial institutions are looking for an advanced solution to ease the burden. In a recently released white paper entitled “The Rise of Eurasian Financial Criminal Enterprises: The New Mafia”, Chris Swecker, a retired Executive Assistant Director, FBI, and former Global Security Director, Bank of America, states, “To be effective (and compliant), AML and anti-fraud professionals must keep astride of an ever-changing global landscape of adversaries and the threats they present, while constantly assessing their own strategies and capabilities to meet the threats.”

As a direct result of the need to stay a step ahead of the latest criminal advances, including online banking attacks and card fraud, over 1,000 financial institutions now rely on Verafin Inc. (, a leading provider of enterprise fraud detection, anti-money laundering (AML) and compliance (FRAML™) software.

“Our 1000th customer was a really exciting milestone for us. With online banking fraud on the rise and recent regulatory changes, we are seeing a spike in financial institutions looking to us for help to implement a FRAML solution” says Jacquelyn Holden, VP of Sales at Verafin. “The speed of our growth is an important indicator of the direct impact Verafin is having on fighting financial crime. Our customers are forward thinking and understand the importance of innovation. I’m excited for the future; the best is yet to come.”

Verafin continues to experience solid and impressive growth, as evidenced in its consecutive annual placement on Deloitte’s 2012 Technology Fast 500™, ranking as one of the fastest growing technology, media, telecommunications, life sciences, and clean technology companies in North America.

Utilizing the latest advances in artificial intelligence and behavior-based pattern recognition, compliance officers and fraud professionals gain an improved understanding of the institution’s customers and their activity. An easy-to-use interface, teamed with detailed suspicious activity alerts and fully integrated case management functionality means institutions have a centralized location from which they can detect, investigate, document, and neutralize suspicious activity—while meeting regulatory requirements.