BlogA Ruthless ScamSeptember 26, 2023 by 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... |
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,... |
BlogFighting Fraud Scams in the COVID-19 CrisisApril 1, 2020 by Verafin “While this crisis has brought out the best in most Americans, there appear to be a few unfortunate exceptions. We will not tolerate bad actors who treat the crisis as an opportunity to get rich quick.” – U.S. Attorney General... |
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... |
BlogUnreal Identities Leading to Real CrimesFebruary 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... |
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)... |
BlogUnmasking online account takeoverDecember 19, 2017 by Verafin The intersection of fraud and online banking accounts continues to be big business. With our dependence on smart phones and as the Internet continues to seemingly expand into every aspect of our lives, criminals are fashioning masks molded from stolen... |
BlogU.S. Court Case: 5 Cyber-Enabled Financial CrimesDecember 4, 2016 by Denise Hutchings Last week, U.S. authorities in conjunction with international law enforcement issued a press release on the dismantling of a cyber criminal infrastructure known as Avalanche. A joint statement by U.S. agencies noted that “this network hosted more than two dozen... |
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... |
