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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... |
BlogRedefining Fraud: Combating Evolving Business Email Compromise SchemesJanuary 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... |
BlogCrime Trends & Technology: Reflections & Perspectives for 2020January 7, 2020 by Nasdaq Verafin As we move into the next decade, it is critical for financial institutions (FIs) to reflect on recent trends in fraud and compliance, and gauge what potential challenges lay ahead. In a special year-end presentation, we took a look back... |
BlogDefying the Digital Revolution: Conventional Check Fraud Continues to Challenge Financial InstitutionsNovember 26, 2019 by Nasdaq Verafin Despite the current prominence of digital banking channels, check fraud remains a popular means for criminals to exploit financial institutions and their customers. Fraudsters’ options in this vein are numerous: stealing and cashing checks, duplicating legitimate checks, doctoring counterfeit checks,... |
BlogBusiness Email Compromise (BEC) FraudDecember 10, 2018 by Nasdaq 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 Nasdaq 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... |
BlogNo Jackpot: Recognizing Lottery Scam ActivityAugust 14, 2017 by Nasdaq Verafin Congratulations! You’ve won the lottery! Wait. How have you won a lottery you don’t remember entering? Who cares! It’s a lot of money, right? Unfortunately, not in this case. There’s a catch… there’s always a catch. This is a variation... |
