Feature Sheet

COVID-19-Related Wire Fraud Detection

Wire fraud, including Business Email Compromise (BEC), is a growing threat during the COVID-19 crisis as criminals exploit disrupted business processes, cloud-based email services and more. Financial institutions must vigilantly monitor wire transactions related to the pandemic to protect themselves and their customers from serious loss.

With Verafin’s advanced detection for COVID-19-related wire fraud, you can pinpoint risky outgoing wires related to the pandemic and halt the transaction in real-time, before the funds leave your institution. With risk-rated, targeted alerts and integrated case management, Verafin helps you maximize your fraud management efforts.

  • COVID-19-Related Alert Evidence. Get alerted when a risky outgoing wire contains COVID-19-related keywords. Verafin’s payee confidence database provides built-in false positive reduction.
  • Configurable Keyword List. Scan your wires against a list of common COVID-19-related keywords or modify the list to use custom terms.
  • COVID-19 Alert Label. Quickly and easily identify COVID-19-related alerts within your list of new wire fraud alerts with our COVID-19 label.
  • Intelligent Case Tracking. Flag COVID-19-related activity on suspected COVID-19 scam cases for easy tracking and reporting. Uncover potential crime ring activity with cross-institutional analysis through the Verafin Cloud.
  •   Business Email Compromise
  •   COVID-19
  •   Fraud Scam
  •   Wire Fraud

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