Persistence Pays as Fraud Continues Under COVID-19

July 12, 2021 by Nasdaq Verafin

Earlier this year, FinCEN issued an advisory to “alert financial institutions to health insurance and health care frauds related to the COVID-19 pandemic.” Fraudsters have been targeting multiple sources of funds, including Medicare, the Medicaid/Children’s Health Insurance Program (CHIP), TRICARE,... 

A Mandate for Innovation in the AML Act of 2020

May 28, 2021 by Jim Richards

The fourth instalment in Jim Richards’ Renewing the BSA Series. Innovation is a key theme throughout the Anti-Money Laundering Act of 2020 (AMLA or the Act). As financial crimes evolve and regulatory compliance commitments advance, financial institutions need innovative solutions... 

Real-Time Wire Fraud Detection

The dollar value and international nature of many wire transfers make them inherently risky. With criminal wire fraud schemes such as Business Email Compromise (BEC)... 

Crime Trends & Technology: Reflections & Perspectives for 2021

December 16, 2020 by Nasdaq 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... 

COVID-19-Related SBA Loan Fraud Detection

U.S. Small Business Administration (SBA) loans have become prime targets for criminals eager to profit from the massive Coronavirus Aid, Relief, and Economic Security (CARES)... 

ACAMS Webinar: Stay Ahead of Emerging Trends

Originally Presented: May 28, 2020

The COVID-19 crisis has highlighted existing weaknesses in current anti-financial crime approaches and the inflexibility of legacy detection systems to keep pace with evolving criminal... 

10 Tips for Financial Crime Management during the COVID-19 Crisis

The COVID-19 crisis has created enduring challenges for financial institutions nationwide. From pervasive fraud scams and counterfeit checks to devastating Business Email Compromise (BEC) attacks,... 

Economic Stimulus Payments Targeted by Fraudsters

May 8, 2020 by Nasdaq Verafin

“The CARES Act… together with three related pieces of pandemic relief legislation represent at least $2.4 trillion in aid and presents unparalleled opportunities to assist those in greatest need as well as unmatched prospects for fraud, misuse of the funds,... 

Taking Quick Action Against COVID-19 Crimes

May 4, 2020 by Nasdaq Verafin

Financial crime has proven to be a serious and growing challenge during the COVID-19 crisis. Fraudsters have promptly exploited the pandemic for their gain; with many financial institutions closed or limiting branch access and large numbers of citizens still sheltering... 

Unusual Outgoing Wire – Business Agent

With criminal schemes such as Business Email Compromise a growing problem, institutions need enhanced monitoring to prevent serious loss. This short video highlights Verafin’s targeted...