BlogWire Fraud Benchmarking Highlights: Verafin Releases Trends from the CloudMay 2, 2022 by Verafin Wire fraud is evolving across the financial industry — and today, Business Email Compromise (BEC), targeted consumer scams, and the financial exploitation of elderly persons are of particular concern. With fraudsters circumventing the enhanced authentication controls of many digital platforms... |
BlogFraud Trends and TechnologyJanuary 12, 2022 by 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... |
BlogElder Financial AbuseOctober 19, 2021 by Verafin “Every year, one in ten Americans aged 60 and older experiences abuse — and for every case of elder abuse that comes to the attention of authorities, it is estimated that 23 cases are never brought to light.“ – White... |
BlogCrossing Boundaries: The Expansive Threat of BECMay 20, 2021 by Verafin “For five years in a row, BEC is responsible for the most financial losses reported to the FBI. We have no reason to believe that 2021 will be any different.” Agari, 2021 As the industry rebounds from a challenging year,... |
BlogCrime Trends & Technology: Reflections & Perspectives for 2021December 16, 2020 by Verafin In a recent year-end presentation, we explored the unrelenting challenges of 2020, the trends and technology developments throughout the year, and offered an overview of how recent industry threats may continue into the future. The following highlights and related resources will... |
BlogFraud Risks in Turbulent TimesMarch 20, 2020 by Verafin As the COVID-19 pandemic continues to spread throughout the world, financial institutions have been encouraged to remain steadfast in their ongoing scrutiny of potentially suspicious behavior and to diligently report suspected fraudulent activity. On March 16, 2020, FinCEN released a... |
BlogRedefining Fraud: Combating Evolving Business Email Compromise SchemesJanuary 23, 2020 by Verafin In their search for the path of least resistance, fraudsters have discovered that trickery and deception are highly effective strategies. As noted by FinCEN, Business Email Compromise (BEC) is one area of financial crime where these tactics reign supreme, and... |
BlogCrime Trends & Technology: Reflections & Perspectives for 2020January 7, 2020 by Verafin As we move into the next decade, it is critical for financial institutions (FIs) to reflect on recent trends in fraud and compliance, and gauge what potential challenges lay ahead. In a special year-end presentation, we took a look back... |
BlogBusiness Email Compromise (BEC) FraudDecember 10, 2018 by Verafin This blog was originally published in July 2017 and has been updated to reflect up-to-date statistics and references. Business Email Compromise (BEC) has become a big earner in the criminal world and a serious fraud threat for financial institutions (FIs)... |
BlogU.S. Wire Fraud Case: Multiple Companies and Multiple Banks ExploitedOctober 10, 2016 by Denise Hutchings Wire fraud that emanates from the combination of identity theft and email compromise has skyrocketed to an escalated threat level in the class of evolving cybercrimes which exploit both financial institutions and their customers. To help shine a spotlight on... |
