Search

Tag: Payments Fraud

Posts by Most Recent

  Blog

Business Email Compromise: A Global Menace

March 14, 2024 by Verafin

First identified in the early 2010s by the FBI as a financial cyber threat, Business Email Compromise (BEC) has evolved into a global menace to the integrity of our financial system. Nasdaq’s 2024 Global Financial Crime Report attributed $10 billion... 

  Blog

Increased Use of Virtual Currency in Human Trafficking

March 5, 2024 by Verafin

Criminals will exploit the most vulnerable in society for significant financial gain. According to Nasdaq’s Global Financial Crime Report, in 2023, $346.7B of illicit funds was linked to human trafficking activity – although this number is likely only a fraction... 

  Blog

Elder Fraud: Prevalent & Preventable

March 4, 2024 by Verafin

Elder fraud is unquestionably reprehensible, but its prevalence is remarkably high. An estimated ​1 in 10 elderly Americans are abused each year, and in Nasdaq’s 2024 Global Financial Crime Report, $77.7 billion of all reported global fraud was linked to elderly victims.... 

  Blog

Turning the Tide: Expert Insights on $3.1T in Financial Crime

February 23, 2024 by Verafin

Focusing on striking revelations from the recently released Nasdaq 2024 Global Financial Crime Report, Verafin hosted an expert panel presentation on the implications of over $3.1 trillion in illicit money that flowed through the financial system in 2023.  This special... 

  Blog

A $3.1 Trillion Financial Crime Epidemic

February 5, 2024 by Verafin

Historically, quantifying the scale of financial crime has been a major challenge. In a new 2024 Global Financial Crime Report, Nasdaq and Verafin have brought together expert research and data, industry perspectives, and the voices of survivors to provide insights... 

  Blog

Fraud Trends & Technology 2023

January 22, 2024 by Colin Parsons

Fraud never sleeps, and neither should financial institutions. As digital technology continues to develop new and faster ways to move money throughout the financial system, fraudsters are evolving to find new ways to intercept that money and commit their nefarious... 

  Blog

Hidden in Plain Sight: Domestic Sex Trafficking

January 3, 2024 by Verafin

Human trafficking can occur anywhere – the reality of domestic sex trafficking is that it is closer than you think. Victims of domestic sex trafficking are individuals targeted within their own neighborhoods, cities, towns, or country. While numbers are massively... 

  Blog

Big Data Reveals $26M Surge in Business Fraud

November 27, 2023 by Verafin

In the eyes of a criminal, fraud is just a money game. But for the countless American businesses targeted each year by bad actors and Business Email Compromise (BEC) scams, the impact is far greater, from lost livelihoods to reputational... 

  Blog

AI & Large Language Models: Great Power Requires Greater Responsibility

October 11, 2023 by Verafin

“Artificial intelligence is one of the most powerful technologies of our time, with broad applications. President Biden has been clear that in order to seize the opportunities artificial intelligence presents, we must first manage its risks.” The White House, 2023 ... 

  Blog

Business Email Compromise: Tracing the Lineage of a $50B Fraud Problem

August 21, 2023 by Verafin

Across the financial industry, few scams are as notorious as Business Email Compromise (BEC), and for good reason. The Internet Crime Complaint Center (IC3) has announced that since 2013 losses attributed directly to BEC surpassed $50B, representing a nearly 6300%...