BlogIndustry alert: NACHA warns of risks in C2C ACH DebitsNovember 28, 2017 by Verafin NACHA has turned the risk spotlight on Consumer-to-Consumer (C2C — also known as Account-to-Account (A2A) or Peer-to-Peer (P2P)) debit payments again. Over the past six months we have seen a steady flow of warnings within the industry about the dangers... |
BlogFinding fraud in fallback transactionsNovember 20, 2017 by Verafin Fallback transactions pose a significant danger to financial institutions (FIs) and are something criminals will lean on more heavily as the adoption of chip-enabled cards continues to gather pace. A fallback transaction is the swiping of a chip-enabled card at... |
BlogNo Jackpot: Recognizing Lottery Scam ActivityAugust 14, 2017 by 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... |
BlogFour key indicators for uncovering fraud in your loan charge-offsAugust 1, 2017 by Verafin Auto loan fraud is a hot topic. Given the potential size of the problem, it is hardly surprising. At the Barclays Global Financial Services Conference in September 2016, JPMorgan Chase provided insight into the state of auto lending risk. In... |
BlogRomance Fraud ScamsJuly 9, 2017 by Verafin Crime prevention is regularly focused on statistics and numbers. High dollar losses make for eye-catching headlines, sometimes making it easy to forget that fraud has a very human impact. If there is one thing we know about criminals, it’s that... |
BlogACH Payments: Mitigating the Risks of Faster FraudJune 12, 2017 by Verafin ACH payments have become one of the primary means of noncash payment in the past fifteen years. As consumers demand more convenience and flexibility in their banking options — these popular electronic money transfers create potential risks for your financial institution.... |
BlogPreventing thousands of dollars in fraud loss through early detectionNovember 21, 2016 by Verafin The ability to detect deposit fraud early and take decisive action is more important for financial institutions (FIs) than ever before. In its biennial 2015 Deposit Account Fraud Survey, conducted with commercial and savings banks, the American Bankers Association (ABA)... |
BlogU.S. Wire Fraud Case: Multiple Companies and Multiple Banks ExploitedOctober 10, 2016 by Denise Hutchings Wire fraud that emanates from the combination of identity theft and email compromise has skyrocketed to an escalated threat level in the class of evolving cybercrimes which exploit both financial institutions and their customers. To help shine a spotlight on... |
BlogU.S. Bank Account Information Sold on Dark Web MarketplaceAugust 25, 2016 by Denise Hutchings A recent online post under the “Fraud” category of a Dark Web marketplace read as follows: “High Balance [redacted bank name] Logins 30K-150K Available…I bring you freshly hacked [redacted bank name] Bank Account Logins. The accounts are notorious for having... |
BlogFinancial Fraud Charges in ISIS-Related Arrests in the USFebruary 8, 2016 by Denise Hutchings Yesterday the House Homeland Security Committee reported that law enforcement authorities have arrested 81 individuals in ISIS-related cases in the United States since 2014 – 62 in 2015 alone. The cases include individuals plotting attacks; attempting to travel to join... |
