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.
Features
Benefits
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.
