BlogMoney Mules Moving Illicit Proceeds from COVID-19-Related CrimesJune 11, 2020 by Nasdaq Verafin “In the past, money mules have been viewed as low-level offenders, transferring small amounts of cash. However, organised, sophisticated money mule schemes have evolved as a [professional money launderer] mechanism.” – Financial Action Task Force From economic stimulus payments to... |
BlogBenefits Fraud Rising as Unemployment Claims SoarMay 28, 2020 by Nasdaq Verafin “It is deeply troubling to see these reports of fraudulent unemployment claims being filed and allegedly paid by the State Employment Security Department. These are our public tax dollars. These funds are intended for those in need, and not for... |
BlogIndustry Advisory: Detecting and Reporting COVID-19-Related Medical ScamsMay 25, 2020 by Nasdaq Verafin On May 18, the Financial Crimes Enforcement Network (FinCEN) released a new Advisory on Medical Scams Related to the Coronavirus Disease 2019 (COVID-19) to alert financial institutions to emerging scams related to the COVID-19 pandemic. This Advisory is the first... |
BlogEconomic Stimulus Payments Targeted by FraudstersMay 8, 2020 by Nasdaq Verafin “The CARES Act… together with three related pieces of pandemic relief legislation represent at least $2.4 trillion in aid and presents unparalleled opportunities to assist those in greatest need as well as unmatched prospects for fraud, misuse of the funds,... |
BlogTaking Quick Action Against COVID-19 CrimesMay 4, 2020 by Nasdaq Verafin Financial crime has proven to be a serious and growing challenge during the COVID-19 crisis. Fraudsters have promptly exploited the pandemic for their gain; with many financial institutions closed or limiting branch access and large numbers of citizens still sheltering... |
BlogImpact of COVID-19 Crisis on Financial Crime Management ProgramsApril 6, 2020 by Nasdaq Verafin As COVID-19 continues to impact financial systems around the globe, early reports are emerging on how the pandemic is affecting financial crime management programs. Financial institutions should have processes in place to minimize the impact of a pandemic and ensure... |
BlogFighting Fraud Scams in the COVID-19 CrisisApril 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... |
BlogFraud Risks in Turbulent TimesMarch 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... |
Blog“Tell Me About Yourself.” Employment Scammers Targeting PIIFebruary 27, 2020 by Nasdaq Verafin “While hiring scams have been around for many years, cyber criminals’ emerging use of spoofed websites to harvest [personally identifiable information] (PII) and steal money shows an increased level of complexity.” – Internet Crime Complaint Commission (IC3) Public Service Announcement... |
BlogHeartbreaking: Romance Scams on the RiseFebruary 14, 2020 by Nasdaq Verafin “In 2018, confidence/romance fraud was the seventh most commonly reported scam to the [Internet Crime Complaint Centre (IC3)] based on the number of complaints received, and the second costliest scam in terms of victim loss.” – IC3 Public Service... |
