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Tag: Elder Financial Abuse

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FinCEN’s Financial Trend Analysis

June 13, 2024 by Nasdaq Verafin

In April 2024, the Financial Crimes Enforcement Network (FinCEN) released a Financial Trend Analysis (FTA) providing insights on threat patterns and trend information on Elder Financial Exploitation (EFE) incidents, as well as methods favoured by criminals to evade detection. The... 

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Elder Financial Exploitation

June 4, 2024 by Nasdaq Verafin

In a recent FinCEN analysis, Elder Financial Exploitation: Threat Pattern and Trend Information, June 2022 to June 2023, two predominant categories of victimization were identified across Elder Financial Exploitation (EFE)-related BSA filings. Elder scams, where the victim does not know... 

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Four Unexpected Insights on Romance Scams

May 22, 2024 by Nasdaq Verafin

  Romance scams are among the world’s fastest growing frauds, driven by immense profits for criminals. In 2023, $3.8B was lost to romance scams and other confidence schemes — a number that may even be underreported. With many victims struggling... 

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Elder Fraud: Prevalent & Preventable

March 4, 2024 by Nasdaq 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.... 

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Big Data Reveals $26M Surge in Business Fraud

November 27, 2023 by Nasdaq 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... 

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Stalking America’s Elderly

October 18, 2023 by Nasdaq 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... 

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A Look Inside the Cloud: Wire Fraud Trends Impacting Your Customers

June 15, 2023 by Nasdaq 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... 

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From the Cloud: Deep Insights into Wire Fraud Trends

March 15, 2023 by Nasdaq 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... 

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Fraudsters Focusing on Higher Value Wire Scams

January 18, 2023 by Nasdaq 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... 

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12 Red Flags for Elder Financial Exploitation

November 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...