United States
United States
BlogPushing Back: The UK’s Response to Authorized Push Payment FraudJuly 17, 2024 by Nasdaq Verafin On October 7, financial institutions and regulators around the world will be watching closely as the United Kingdom (UK) embarks on a new frontier of fraud mitigation and consumer protections. In a global economy experiencing increasing bank and consumer fraud... |
BlogConsortium Analytics and Machine Learning: A New Frontier in Check Fraud DetectionJuly 11, 2024 by Colin Parsons The financial industry has been tackling the issue of check fraud for many years using outdated technology and siloed approaches. With the increase in check fraud, estimated at over $26 billion in losses globally, we need a new solution that... |
BlogA Roadmap for Navigating the AI LandscapeJuly 9, 2024 by Nasdaq Verafin We live in an era where technology is rapidly reshaping the financial landscape; the integration of artificial intelligence (AI) offers striking advances in innovation and efficiency. Survey results published in Nasdaq Verafin’s 2024 Global Financial Crime Report, indicate 70% of... |
BlogA Complicated CrimeJuly 4, 2024 by Nasdaq Verafin Financial crime is a global epidemic – more than $3 trillion in illicit funds and money laundering activity flowed through the financial system in 2023. Predicate crimes are driving much of this activity with fraud being one of the eight... |
BlogFighting Predicate Crimes: A New VisionJuly 2, 2024 by Fouad Hassouneh Last year, $3.1 trillion in illicit funds flowed through the global financial system, fueled by hundreds of billions of dollars generated by predicate crimes, from drug trafficking to human trafficking, terrorist financing and fraud. As this global epidemic of financial... |
BlogThree Opportunities to Safeguard the Financial SystemJune 20, 2024 by Nasdaq Verafin Protecting the global financial system against financial crime is a collective responsibility, and financial institutions need to be armed with the best resources possible to respond to the pervasiveness of this problem. Financial crime is not bound by borders –... |
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... |
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... |
BlogTop 3 Threats Facing the Financial SystemApril 30, 2024 by Nasdaq Verafin The global financial system is facing prolific and diverse threats from financial crime, driven by illicit fraud and money laundering schemes. In the 2024 Nasdaq Global Financial Crime Report, a survey of 200 industry professionals, along with interviews with senior... |
