BlogElder Fraud: Prevalent & PreventableMarch 4, 2024 by Verafin Elder fraud is unquestionably reprehensible, but its prevalence is remarkably high. An estimated 1 in 10 elderly Americans are abused each year, and in Nasdaq’s 2024 Global Financial Crime Report, $77.7 billion of all reported global fraud was linked to elderly victims.... |
BlogBig Data Reveals $26M Surge in Business FraudNovember 27, 2023 by Verafin In the eyes of a criminal, fraud is just a money game. But for the countless American businesses targeted each year by bad actors and Business Email Compromise (BEC) scams, the impact is far greater, from lost livelihoods to reputational... |
BlogStalking America’s ElderlyOctober 18, 2023 by Verafin Fraudsters are targeting seniors with an emerging and sophisticated scam. From January to June, $542M was stolen through Phantom Hacker scams — a fraud that uses layers of social engineering to exploit a victim’s trust and pinpoint the most lucrative... |
BlogA Look Inside the Cloud: Wire Fraud Trends Impacting Your CustomersJune 15, 2023 by Verafin 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 pervasive threats is understanding how, to whom and where fraud is occurring as criminals evolve... |
BlogFrom the Cloud: Deep Insights into Wire Fraud TrendsMarch 15, 2023 by Verafin Payment fraud is a challenge that is pervasive in the financial industry, and a threat to financial institutions of all sizes. As the talk of a liability shift for consumer-related payment fraud gains momentum within regulatory spheres, additional pressure is... |
BlogFraudsters Focusing on Higher Value Wire ScamsJanuary 18, 2023 by Verafin Payments fraud is an increasingly complex threat to financial institutions and consumers alike. As wire fraud attempts surge against individuals, especially for seniors, there is a growing debate surrounding mandatory victim reimbursements for Authorized Push Payment (APP) fraud. With a... |
Blog12 Red Flags for Elder Financial ExploitationNovember 9, 2022 by Colin Parsons “Financial institutions serve on the frontlines in protecting their older customers’ finances, and can play a critical role in helping to identify, prevent, and report suspected elder financial exploitation. Financial institutions’ vigilance matters. Their reporting matters.” – Himamauli Das, FinCEN... |
BlogFighting Fraud with the Verafin CloudSeptember 30, 2022 by Verafin The industry leader in financial crime management, Verafin is offering trends and benchmarking statistics for wire fraud and related scams – allowing for unparalleled insight into new and emerging trends. We have gathered insights into key fraud trends by analyzing... |
BlogPreying on the VulnerableJuly 8, 2022 by Verafin In the fight against financial crime, change is perhaps the only constant. As financial institutions implement more robust controls against schemes such as wire fraud, criminals respond by evolving their tactics and increasing efforts against more vulnerable customer segments. In... |
BlogElder Financial Abuse: New Cloud Insights Show Major SurgeMay 17, 2022 by Verafin Wire fraudsters are uncompromising, often targeting seniors with cruel elder abuse tactics from romance and investment scams to grandparent schemes. Since our previous blog on elder financial abuse, surging inflation and rising interest rates have strained senior’s modest budgets, leaving... |