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Tag: Fraud

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A Ruthless Scam

September 26, 2023 by Verafin

A prominent virtual currency investment scam, with the demeaning label “pig butchering,” is creating significant financial and emotional harm for countless victims around the world – criminals defrauded victims of more than $2 billion USD in 2022. Known as financial... 

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Collaborative Frameworks: Fighting Financial Crime with a Unified Approach

June 20, 2023 by Verafin

Financial crime is a persistent threat as criminals continually adapt their methods to target the financial system. Today, financial crime crosses both institutions and borders, making it more difficult to detect and prevent fraud and money laundering. This approach is... 

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Check Fraud is a Growing Problem – Financial Institutions Need a Solution

June 12, 2023 by Verafin

“In 2022, banks saw an 84% increase in check fraud, costing consumers an estimated $815 million.” – Senate Committee on Banking, Housing, and Urban Affairs, 2023 Even though check use is declining in the U.S., incidents of check fraud and... 

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Banking on Deceit: Billions Lost to Cybercrime & Authorized Push Payment Fraud

April 21, 2023 by Colin Parsons

“Today’s cyber landscape has provided ample opportunities for criminals and adversaries to target U.S. networks, attack our critical infrastructure, hold our money and data for ransom, facilitate large-scale fraud schemes, and threaten our national security.” – Timothy Langan, Executive Assistant... 

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Criminals Cash in on Stolen Checks: FinCEN Releases 10 Red Flags for Mail-Related Check Fraud

March 24, 2023 by Verafin

Mail-related check fraud is surging. In 2022, check fraud-related SARs filed to FinCEN reached over 680,000, almost doubling the previous year’s number of filings. In response to a nationwide surge of stolen check fraud schemes targeting the U.S. mail system,... 

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Fraud Trends and Technology 2022

January 30, 2023 by Colin Parsons

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Liable? Consortium Solutions to Payments Fraud Change

October 28, 2022 by Verafin

Payments fraud is a major challenge across the financial industry — and with it has grown a significant call for legislative change. Concern over consumer-focused Authorized Push Payment (APP) scams has prompted proposals for mandatory victim reimbursement in the United... 

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Disorganized Data: How Unresolved Entities Complicate AML Investigations

September 22, 2022 by Verafin

From savings accounts and credit cards to online banking and P2P payments such as Zelle, today’s financial institutions offer more products and services than ever before. There are dozens of product lines and service providers, and each product may require... 

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Preventing Payments Fraud Loss: The Power of a Consortium-Based Approach

September 8, 2022 by Verafin

Payments fraud is changing, and financial institutions are facing major challenges effectively managing the growing volumes of legitimate and fraudulent transactions. Meanwhile, fraudsters are focusing their efforts on Authorized Push Payment (APP) scenarios such as Business Email Compromise (BEC), and...