Increased Use of Virtual Currency in Human Trafficking

March 5, 2024 by Nasdaq Verafin

Criminals will exploit the most vulnerable in society for significant financial gain. According to Nasdaq’s Global Financial Crime Report, in 2023, $346.7B of illicit funds was linked to human trafficking activity – although this number is likely only a fraction... 

The Mounting Menace of Investment Scams

Investment scams, also known as financial grooming, are causing significant financial and emotional harm for countless victims around the world. Losses to the fraud increased... 

A Ruthless Scam

September 26, 2023 by Nasdaq Verafin

A prominent virtual currency investment scam, with the demeaning label “pig butchering,” is creating significant financial and emotional harm for countless victims around the world – criminals defrauded victims of more than $2 billion USD in 2022. Known as financial... 

Quarterly Cloud Insights Q2 2023

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... 

AML Trends and Technology 2022

January 27, 2023 by Bill Heys

Stolen Savings

Fraudsters are constantly evolving their tactics to capitalize on changing payments technologies and target unwitting victims. In a recent scam recognized by the FBI’s Internet... 

Aligning with AML/CFT Priorities

June 14, 2022 by Nasdaq Verafin

The need for greater effectiveness and efficiency in BSA/AML programs is acute. Financial institutions must navigate the ever-changing landscape of regulatory compliance while simultaneously adapting to evolving criminal activity. But many institutions are limited to their own siloed data set... 

AML Crime Trends and Technology

January 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... 

Crossing Boundaries: The Expansive Threat of BEC

May 20, 2021 by Nasdaq 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,...