BlogACH Fraud: NACHA Promotes Detection Across TransactionsApril 23, 2024 by Verafin Last year, NACHA’s ACH Network saw its eleventh straight year of growth exceeding $1 trillion as demand from consumers for electronic payments increased — and fraudsters are following the money. As Business Email Compromise (BEC) and other authorized push payment... |
BlogBeyond Alerts: Lessons from the Case of a BEC MastermindApril 17, 2024 by Verafin Business Email Compromise (BEC) is among the greatest threats to our financial system, linked to $6.7 billion in losses globally and over 20,000 complaints to the FBI last year. Beyond alerts and compliance documents, financial professionals are the bedrock protecting... |
BlogCombating Complex Check FraudApril 12, 2024 by Colin Parsons Check fraud is often viewed as an outdated crime — but these scams are in fact becoming highly sophisticated and causing significant losses. In 2023, there was $21B in check fraud losses in the Americas, representing nearly 80% of total... |
BlogHuman Trafficking: A Humanitarian CrisisApril 2, 2024 by Verafin “$350 billion dollars from human trafficking. Imagine how many victims had to suffer — sweat, blood, and tears — for $350 billion dollars.” – Timea Nagy, Human Trafficking Activist & Survivor Human trafficking is a global humanitarian crisis. At any... |
BlogDark Web: Inside the Internet’s UnderworldMarch 20, 2024 by Verafin “Injustice anywhere is a threat to justice everywhere.” – Martin Luther King Jr. The cloak of anonymity can be used to protect someone from scrutiny or to conceal the worst human behavior imaginable. The dark web, originally conceived to allow... |
BlogBusiness Email Compromise: A Global MenaceMarch 14, 2024 by 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... |
BlogRomance Scams: 6 Questions to Save Lives & LivelihoodsMarch 6, 2024 by Colin Parsons “People lose their homes, their security, everything. They have already lost their friends, their family, and ultimately some are losing their lives. We don’t want that to happen. As a professional, would it be better for you to question their... |
BlogIncreased Use of Virtual Currency in Human TraffickingMarch 5, 2024 by Verafin Criminals will exploit the most vulnerable in society for significant financial gain. According to Nasdaq’s Global Financial Crime Report, in 2023, $346.7B of illicit funds was linked to human trafficking activity – although this number is likely only a fraction... |
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.... |
BlogIs your Information for Sale on the Dark Web?February 26, 2024 by Verafin “The “dark web” is an internet shadow world where the good and the bad co-exist… On the bad side, the dark web has emerged as an important hub of criminal commerce, a fully functional marketplace where hidden customers can buy... |
