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Tag: Money Mules

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Elder Financial Exploitation

June 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... 

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Four Unexpected Insights on Romance Scams

May 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... 

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Top 3 Threats Facing the Financial System

April 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... 

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

September 8, 2022 by Nasdaq 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... 

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Rising U.S. & International Wire Fraud Threats

July 29, 2022 by Nasdaq Verafin

The high dollar value and irrevocable nature of many wire transfers make them inherently risky and a prime target for criminals. With fraudsters unrelenting, financial institutions must remain informed of growing wire fraud threats, both domestically and internationally.  Our experts... 

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Aligning with AML/CFT Priorities

June 14, 2022 by Nasdaq Verafin

The need for greater effectiveness and efficiency in BSA/AML programs is acute. Financial institutions must navigate the ever-changing landscape of regulatory compliance while simultaneously adapting to evolving criminal activity. But many institutions are limited to their own siloed data set... 

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Crime Trends & Technology: Reflections & Perspectives for 2021

December 16, 2020 by Nasdaq Verafin

In a recent year-end presentation, we explored the unrelenting challenges of 2020, the trends and technology developments throughout the year, and offered an overview of how recent industry threats may continue into the future. The following highlights and related resources will... 

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Money Mules Moving Illicit Proceeds from COVID-19-Related Crimes

June 11, 2020 by Nasdaq Verafin

“In the past, money mules have been viewed as low-level offenders, transferring small amounts of cash. However, organised, sophisticated money mule schemes have evolved as a [professional money launderer] mechanism.” – Financial Action Task Force From economic stimulus payments to... 

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“Tell Me About Yourself.” Employment Scammers Targeting PII

February 27, 2020 by Nasdaq Verafin

“While hiring scams have been around for many years, cyber criminals’ emerging use of spoofed websites to harvest [personally identifiable information] (PII) and steal money shows an increased level of complexity.” – Internet Crime Complaint Commission (IC3) Public Service Announcement... 

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Heartbreaking: Romance Scams on the Rise

February 14, 2020 by Nasdaq Verafin

  “In 2018, confidence/romance fraud was the seventh most commonly reported scam to the [Internet Crime Complaint Centre (IC3)] based on the number of complaints received, and the second costliest scam in terms of victim loss.” – IC3 Public Service...