Search

Tag: Crime Rings

Posts by Most Recent

  Blog

Combating Human Trafficking with Verafin’s Data-Driven Financial Crime Management Platform

July 5, 2022 by Verafin

Generating an estimated $150 billion per year, human trafficking is one of the most profitable and heinous international crimes. Human trafficking and human smuggling was identified in the AML/CFT National Priorities as one of eight “predicate crimes that generate illicit... 

  Blog

Crossing Boundaries: The Expansive Threat of BEC

May 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,... 

  Blog

Money Mules Moving Illicit Proceeds from COVID-19-Related Crimes

June 11, 2020 by Verafin

“In the past, money mules have been viewed as low-level offenders, transferring small amounts of cash. However, organised, sophisticated money mule schemes have evolved as a [professional money launderer] mechanism.” – Financial Action Task Force From economic stimulus payments to... 

  Blog

Fraud Risks in Turbulent Times

March 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... 

  Blog

Unreal Identities Leading to Real Crimes

February 4, 2019 by Verafin

Synthetic identity fraud has become a vehicle for fraudsters to commit a host of financial crimes, such as account fraud, loan fraud or online banking fraud. Criminals combine real and fabricated identification information to create synthetic or fake identities which... 

  Blog

U.S. Court Case: 9 Banks and 50 Bank Accounts Exploited by Human Trafficking Ring

February 21, 2017 by Denise Hutchings

“Follow the money and you will find the trafficker… Financial investigation plays a crucial role in successful investigation of trafficking in persons.” An outstanding financial investigation which was conducted in the recent prosecution of a U.S. based human trafficking ring... 

  Blog

It’s Tax Fraud Season

January 21, 2016 by Brendan Brothers

With the holiday season behind us and the new year underway, it’s time to prepare for a brand new season—the 2016 tax filing season. Over the next few months, fraudsters will exploit the personal information of thousands of U.S. taxpayers... 

  Blog

10 Ploys Fraudsters Use to Commit Identity Fraud

June 26, 2015 by Denise Hutchings

Financial Criminals and SSNs Make a Bad Combination A Social Security number (SSN), which supposedly distinguishes one person’s identity from another, is a key piece of information for a financial institution’s Customer Due Diligence (CDD) process and opening bank accounts....