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... 

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... 

Modus Operandi of a Criminal Organization

Originally Presented: June 1, 2022

The Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) National Priorities identified Transnational Criminal Organizations (TCOs) as a significant threat. Financial institutions require a... 

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,... 

Unusual Access – Reconnaissance Agent

A cybercriminal’s end goal is to siphon funds out of a victim’s online bank account. Once they gain access to the online account they will... 

Risky Online Banking Setup Agent

Confidence scams, like romance or job scams, are a growing ploy by fraudsters to establish trust with a victim with the end goal of obtaining... 

Unusual Access – ACH Agent

Online customer accounts are a serious target for sophisticated cybercriminals looking to commit unauthorized transfers. Once an online account has been breached, money can be... 

Fighting Fraud Scams in the COVID-19 Crisis

April 1, 2020 by Nasdaq 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... 

Fraud Risks in Turbulent Times

March 20, 2020 by Nasdaq 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... 

Redefining Fraud: Combating Evolving Business Email Compromise Schemes

January 23, 2020 by Nasdaq 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...