SOLUTION

Unusual Tax Refund

Identify excessive State and Federal tax returns moving through your customers' accounts.

Are identity thieves targeting your institution to commit tax refund fraud?

The IRS and Department of Justice continue to struggle with criminals manipulating tax refunds, with stolen identities and mule recruitment primary methods for perpetrating this crime. Financial institutions play an important role in uncovering and reporting this activity.

Verafin alerts you to State and Federal tax returns that appear suspicious and provides automated SAR e-filing functionality to quickly and efficiently report your findings to FinCEN.

Features

FEDERAL TAX RETURN ANALYSIS

Verafin analyzes your customer accounts’ Federal tax returns and alerts you when excessive returns are uncovered.

STATE TAX RETURN ANALYSIS

Verafin also analyzes a customer’s account for excessive State tax returns. The deposited returns are viewable directly in the alert helping you make quick decisions on how to proceed.

Benefits

Stop identity theft

Tax refund 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 tax return alerts, fully integrated case management functionality, and automated SAR generation and e-filing, Verafin makes your process for uncovering tax fraud and reporting it to FinCEN significantly easier.

More Verafin Benefits

314(b) information sharing. Verafin gives you the tools to reach out to other 314(b)-registered 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 Unusual Tax Refund Solution?

Products