Combating ACH Fraud with a Consortium Approach

September 24, 2024 by Nasdaq Verafin

The Automated Clearing House (ACH) payment rail has seen significant growth, with the NACHA network processing 30 billion payments valued at $76.7 trillion in 2022, up 3% and 5.6% respectively over 2021. This growth has gained unwanted attention from fraudsters,... 

ACH Fraud: NACHA Promotes Detection Across Transactions

April 23, 2024 by Nasdaq Verafin

Last year, NACHA’s ACH Network saw its eleventh straight year of growth exceeding $1 trillion as demand from consumers for electronic payments increased — and fraudsters are following the money. As Business Email Compromise (BEC) and other authorized push payment... 

Fraud Trends & Technology 2023

January 22, 2024 by Colin Parsons

Fraud never sleeps, and neither should financial institutions. As digital technology continues to develop new and faster ways to move money throughout the financial system, fraudsters are evolving to find new ways to intercept that money and commit their nefarious... 

Business Email Compromise: Tracing the Lineage of a $50B Fraud Problem

August 21, 2023 by Nasdaq Verafin

Across the financial industry, few scams are as notorious as Business Email Compromise (BEC), and for good reason. The Internet Crime Complaint Center (IC3) has announced that since 2013 losses attributed directly to BEC surpassed $50B, representing a nearly 6300%... 

Inflection Points: 5 Key Trends for Payments Fraud

June 5, 2023 by Nasdaq Verafin

The financial industry has entered a period of significant challenge and opportunity in payments. With the increasing focus on frictionless customer experiences and introduction of new payment rails such as TCH RTP and FedNow, money is moving faster than ever... 

Banking on Deceit: Billions Lost to Cybercrime & Authorized Push Payment Fraud

April 21, 2023 by Colin Parsons

“Today’s cyber landscape has provided ample opportunities for criminals and adversaries to target U.S. networks, attack our critical infrastructure, hold our money and data for ransom, facilitate large-scale fraud schemes, and threaten our national security.” – Timothy Langan, Executive Assistant... 

Fraud Trends and Technology 2022

January 30, 2023 by Colin Parsons

Fraudsters Focusing on Higher Value Wire Scams

January 18, 2023 by Nasdaq Verafin

Payments fraud is an increasingly complex threat to financial institutions and consumers alike. As wire fraud attempts surge against individuals, especially for seniors, there is a growing debate surrounding mandatory victim reimbursements for Authorized Push Payment (APP) fraud. With a... 

Fighting Fraud with the Verafin Cloud

September 30, 2022 by Nasdaq Verafin

The industry leader in financial crime management, Verafin is offering trends and benchmarking statistics for wire fraud and related scams – allowing for unparalleled insight into new and emerging trends. We have gathered insights into key fraud trends by analyzing... 

Preying on the Vulnerable

July 8, 2022 by Nasdaq Verafin

In the fight against financial crime, change is perhaps the only constant. As financial institutions implement more robust controls against schemes such as wire fraud, criminals respond by evolving their tactics and increasing efforts against more vulnerable customer segments. In...