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BlogElder Financial Abuse: SAR TrendsJune 12, 2019 by Nasdaq Verafin In February 2019, the Consumer Financial Protection Bureau (CFPB) released a study on elder financial abuse, Suspicious Activity Reports on Elder Financial Exploitation: Issues and Trends. The study utilizes information from Suspicious Activity Reports (SARs) to identify emerging trends in... |
BlogThreat from Within: Employee FraudFebruary 25, 2019 by Nasdaq Verafin In Report to the Nations: 2018 Global Study on Occupational Fraud and Abuse, the Association of Certified Fraud Examiners (ACFE) report that employee fraud, or occupational fraud, “is likely the largest and most prevalent threat” faced by organizations. When employees... |
BlogUnreal Identities Leading to Real CrimesFebruary 4, 2019 by Nasdaq Verafin Synthetic identity fraud has become a vehicle for fraudsters to commit a host of financial crimes, such as account fraud, loan fraud or online banking fraud. Criminals combine real and fabricated identification information to create synthetic or fake identities which... |
BlogBusiness Email Compromise (BEC) FraudDecember 10, 2018 by Nasdaq Verafin This blog was originally published in July 2017 and has been updated to reflect up-to-date statistics and references. Business Email Compromise (BEC) has become a big earner in the criminal world and a serious fraud threat for financial institutions (FIs)... |
BlogHow financial institutions can help end elder financial exploitationJune 18, 2018 by Nasdaq Verafin Elder financial exploitation (EFE) may be the crime of the 21st century. The available numbers paint a scary picture: one 2015 report indicated seniors are defrauded of nearly $36.5 Billion annually, over 12 times the amount previously reported. In August... |
BlogUnmasking online account takeoverDecember 19, 2017 by Nasdaq Verafin The intersection of fraud and online banking accounts continues to be big business. With our dependence on smart phones and as the Internet continues to seemingly expand into every aspect of our lives, criminals are fashioning masks molded from stolen... |
BlogIndustry alert: NACHA warns of risks in C2C ACH DebitsNovember 28, 2017 by Nasdaq 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 Nasdaq 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 Nasdaq 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 Nasdaq 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... |
