Financial Crime: Impacting the U.S. Economy

October 3, 2024 by Nasdaq Verafin

From trillions of dollars in losses to an incalculable human cost, financial crime a serious threat to the integrity of the global financial system. A newly released Nasdaq Verafin whitepaper has revealed how financial crime is also having deep impacts... 

Beyond Alerts: Lessons from the Case of a BEC Mastermind

April 17, 2024 by Nasdaq Verafin

Business Email Compromise (BEC) is among the greatest threats to our financial system, linked to $6.7 billion in losses globally and over 20,000 complaints to the FBI last year. Beyond alerts and compliance documents, financial professionals are the bedrock protecting... 

Business Email Compromise: A Global Menace

March 14, 2024 by Nasdaq Verafin

First identified in the early 2010s by the FBI as a financial cyber threat, Business Email Compromise (BEC) has evolved into a global menace to the integrity of our financial system. Nasdaq’s 2024 Global Financial Crime Report attributed $10 billion... 

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... 

Big Data Reveals $26M Surge in Business Fraud

November 27, 2023 by Nasdaq Verafin

In the eyes of a criminal, fraud is just a money game. But for the countless American businesses targeted each year by bad actors and Business Email Compromise (BEC) scams, the impact is far greater, from lost livelihoods to reputational... 

AI & Large Language Models: Great Power Requires Greater Responsibility

October 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 ... 

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%... 

A Look Inside the Cloud: Wire Fraud Trends Impacting Your Customers

June 15, 2023 by Nasdaq Verafin

Criminals are prolific and persistent in their attempts to defraud their victims. At Verafin, we know the first step in protecting financial institutions from these pervasive threats is understanding how, to whom and where fraud is occurring as criminals evolve... 

From the Cloud: Deep Insights into Wire Fraud Trends

March 15, 2023 by Nasdaq Verafin

Payment fraud is a challenge that is pervasive in the financial industry, and a threat to financial institutions of all sizes. As the talk of a liability shift for consumer-related payment fraud gains momentum within regulatory spheres, additional pressure is... 

Fraud Trends and Technology 2022

January 30, 2023 by Colin Parsons