United States
United States
BlogFraud Trends & Technology: 5 Inflection Points for 2025January 9, 2025 by Nasdaq Verafin Looking back on trends that shaped the financial industry in 2024, payments fraud was a prominent theme. Listed as a top concern for industry professionals, the threat loomed large as fraudsters exploited emerging technologies and industry associations moved to protect... |
BlogCombating ACH Fraud with a Consortium ApproachSeptember 24, 2024 by Nasdaq Verafin The Automated Clearing House (ACH) payment rail has seen significant growth, with the NACHA network processing 30 billion payments valued at $76.7 trillion in 2022, up 3% and 5.6% respectively over 2021. This growth has gained unwanted attention from fraudsters,... |
BlogCombating Payments Fraud with Consortium AnalyticsSeptember 12, 2024 by Nasdaq Verafin In 2023, losses to payments fraud scams totaled hundreds of billions of dollars worldwide. An evolving challenge, it has proliferated across multiple payment rails as criminals exploit the inherent weaknesses of these channels, manipulating customers through social engineering, and exploiting... |
BlogPreventing Payments FraudJuly 24, 2024 by Colin Parsons In 2023, losses from payments fraud scams totaled $485.6B worldwide. With a perfect scenario of high-value transactions combined with a narrow window of opportunity for institutions to intervene, payments fraud scams will only continue to challenge financial institutions unless our... |
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... |
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... |
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... |
BlogHuman Trafficking: A Humanitarian CrisisApril 2, 2024 by Nasdaq Verafin “$350 billion dollars from human trafficking. Imagine how many victims had to suffer — sweat, blood, and tears — for $350 billion dollars.” – Timea Nagy, Human Trafficking Activist & Survivor Human trafficking is a global humanitarian crisis. At any... |
BlogBusiness Email Compromise: A Global MenaceMarch 14, 2024 by Nasdaq 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... |
