Government Benefits Fraud

Government Benefits Fraud

Prevent criminals from stealing government benefit and insurance payments.

Are identity thieves targeting your institution to commit government benefits fraud?

Government benefits delivered through direct deposit are vulnerable to scams and can be stolen and used by criminals to intercept and reroute payments. Criminals manipulate benefits, with stolen identities and mule recruitment as primary methods. Financial institutions play an important role in uncovering and reporting this activity.

Nasdaq Verafin alerts you to government benefits activity that appears suspicious and provides automated SAR e-filing functionality to quickly and efficiently report your findings to FinCEN.



Nasdaq Verafin compares the payee information on the incoming payment to the customer account information to alert you when these details do not match.


When an account that has been open for less than one month receives an unemployment insurance benefits payment, Nasdaq Verafin alerts investigators to take action.


Nasdaq Verafin incorporates key evidence to detect potentially fraudulent activity targeting health care benefit programs, health insurance, and health care relief funds paid to health care workers.


Nasdaq Verafin analyzes your customer accounts for federal tax and state tax returns sending alerts when excessive returns are uncovered. Deposited returns are viewable directly in the alert helping you make quick decisions on how to proceed.


Stop identity theft

Government benefits fraud is often part of larger, more organized criminal schemes involving many types of illicit activities, including identity theft.

Expose hidden mule accounts

Today’s sophisticated criminals are trying to avoid detection by opening or using mule accounts. Mule accounts are used to deposit and move the illicit proceeds of criminal activity, making them an important tool for fraudsters perpetrating tax fraud.

Efficient tax fraud reporting

With risk-rated excessive alerts, fully integrated case management functionality, and automated SAR generation and e-filing, Nasdaq Verafin makes your process for government benefits fraud and reporting it to FinCEN significantly easier.

More Verafin Features

Information Sharing. Verafin gives you the tools to reach out to other financial institutions to request the information you need to enhance your investigations. Learn more >
Automated SAR functionality. At the click of a button you can create a pre-populated SAR. Complete your narrative and queue it for overnight electronic submission directly from Verafin to FinCEN. Verafin can also remind you when it is time for 90-day refiling, if the suspicious activity continues. Learn more >
Integrated case management. Integrated case management functionality lets you create a fully audited and tracked investigation. Upload related files, assign tasks to other users, and document your decisions — all in one location. Learn more >
Risky Entity Analysis. By leveraging the power of the Verafin Cloud and innovative cross-institutional analysis, Verafin alerts you to the presence of entities within your institution that have a history of performing suspicious activity at other institutions across the country. Learn more >

Interested in learning more about Verafin's Government Benefits Fraud Solution?