BlogFinCEN’s Financial Trend AnalysisJune 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... |
BlogElder Financial ExploitationJune 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... |
BlogIndustry Insights: Addressing Anti-Financial Crime ChallengesMay 22, 2024 by Nasdaq Verafin In today’s financial industry, the fight against financial crime looms large. Financial institutions are contending with a global $3.1 trillion financial crime problem, charged with safeguarding the integrity of the financial system in a landscape fraught with costs, complexities, and... |
BlogFour Unexpected Insights on Romance ScamsMay 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... |
BlogACH Fraud: NACHA Promotes Detection Across TransactionsApril 23, 2024 by Nasdaq 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 Nasdaq 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BlogCombating Complex Check FraudApril 12, 2024 by Colin Parsons Check fraud is often viewed as an outdated crime — but these scams are in fact becoming highly sophisticated and causing significant losses.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 Nasdaq 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 Nasdaq 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 Nasdaq 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... |
