BlogDeepfakes Empower Authorized Push Payment ScamsDecember 10, 2024 by Nasdaq Verafin In an increasingly digital world, technology has made life more convenient — and created opportunities for sophisticated fraud. Deepfake technology is a prime example — so much so that FinCEN is warning financial institutions of its rising use in scams... |
BlogVirtual Kidnapping: Protecting Payments in AI-Enabled ExtortionDecember 2, 2024 by Nasdaq Verafin “The internet never forgets.” This warning from the U.S. Army Reserves is a stark reminder that online activities create an unerasable trail of information. In a digital age where most Americans spend countless hours on social media, the sheer availability... |
BlogA Roadmap for Navigating the AI LandscapeJuly 9, 2024 by Nasdaq Verafin We live in an era where technology is rapidly reshaping the financial landscape; the integration of artificial intelligence (AI) offers striking advances in innovation and efficiency. Survey results published in Nasdaq Verafin’s 2024 Global Financial Crime Report, indicate 70% of... |
BlogThree Opportunities to Safeguard the Financial SystemJune 20, 2024 by Nasdaq Verafin Protecting the global financial system against financial crime is a collective responsibility, and financial institutions need to be armed with the best resources possible to respond to the pervasiveness of this problem. Financial crime is not bound by borders –... |
BlogApplying AI to Fight CrimeJune 6, 2024 by Rob Norris Artificial intelligence (AI) is among today’s hottest topics, but as Generative AI (GenAI) garners much of the mainstream attention, the term AI has become increasingly ubiquitous — and ambiguous in its meaning. For banks’ anti-financial crime efforts, understanding the breadth... |
BlogIndustry Insights: Addressing Anti-Financial Crime ChallengesMay 22, 2024 by Nasdaq Verafin In today’s financial industry, the fight against financial crime looms large. Financial institutions are contending with a global $3.1 trillion financial crime problem, charged with safeguarding the integrity of the financial system in a landscape fraught with costs, complexities, and... |
BlogCombating Complex Check FraudApril 12, 2024 by Colin Parsons Check fraud is often viewed as an outdated crime — but these scams are in fact becoming highly sophisticated and causing significant losses. In 2023, there was $21B in check fraud losses in the Americas, representing nearly 80% of total... |
BlogAI & Large Language Models: Great Power Requires Greater ResponsibilityOctober 11, 2023 by Nasdaq Verafin “Artificial intelligence is one of the most powerful technologies of our time, with broad applications. President Biden has been clear that in order to seize the opportunities artificial intelligence presents, we must first manage its risks.” The White House, 2023 ... |
BlogFraud Trends and TechnologyJanuary 12, 2022 by Nasdaq Verafin Financial institutions face increasing challenges to keep pace with evolving financial crime, and 2021 revealed that fraud is moving faster than ever. In a year-in-review presentation, we explored the top fraud trends of 2021 identified in the Verafin Cloud, the... |
BlogAML Crime Trends and TechnologyJanuary 12, 2022 by Nasdaq Verafin Keeping pace with the changing landscape of BSA/AML is a significant challenge for financial institutions. In our year-end presentation we explored industry-wide AML trends and the specific challenges facing compliance programs today — including the recent passing of the AML Act of... |
