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Tag: Red Flags

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How financial institutions can help end elder financial exploitation

June 18, 2018 by 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... 

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Building momentum in the fight against human trafficking

January 9, 2018 by Verafin

Throughout 2017 awareness of human trafficking as a modern human tragedy — orchestrated by criminal organizations on a global scale — continued to grow. Equally important, there was an increased recognition of the vital role financial crime investigators at financial... 

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Industry alert: NACHA warns of risks in C2C ACH Debits

November 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... 

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U.S. Court Case: 60 Funnel Accounts Used by Heroin Trafficking Organization

September 27, 2017 by Denise Hutchings

“Narcotics traffickers will attempt to create elaborate financial networks in an effort to launder illegal drug proceeds.” (James Dorsey, Acting Special Agent in Charge IRS Criminal Investigation, June 2017) Heroin Trafficking Organizations Targeted by OFAC In May 2017, Treasury Secretary... 

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ACH Payments: Mitigating the Risks of Faster Fraud

June 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.... 

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U.S. Court Case: 9 Banks and 50 Bank Accounts Exploited by Human Trafficking Ring

February 21, 2017 by Denise Hutchings

“Follow the money and you will find the trafficker… Financial investigation plays a crucial role in successful investigation of trafficking in persons.” An outstanding financial investigation which was conducted in the recent prosecution of a U.S. based human trafficking ring... 

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Thousands of Human Trafficking Arrests in the U.S. Plus Recent Money Flow to Human Smuggling Hubs

April 5, 2016 by Denise Hutchings

“Human trafficking is not a problem that law enforcement can tackle alone. It requires the close collaboration with many concerned groups looking at this crime through different lenses.” (Manhattan District Attorney Cyrus Vance Jr.) Manhattan District Attorney Cyrus Vance advocates... 

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It’s Tax Fraud Season

January 21, 2016 by Brendan Brothers

With the holiday season behind us and the new year underway, it’s time to prepare for a brand new season—the 2016 tax filing season. Over the next few months, fraudsters will exploit the personal information of thousands of U.S. taxpayers... 

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15 Red Flags for New Account Fraud

July 14, 2015 by Denise Hutchings

Compromised credentials from a data breach or malware are frequently exploited by financial criminals to perpetrate new account fraud. The agency [FBI] used to learn about a new, large-scale data breach every two or three weeks. “Now, it is close... 

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58 Red Flags for Terrorist Financing

May 26, 2015 by Denise Hutchings

“Simply by using standard anti-money laundering typologies financial institutions should have been able to identify fourteen instances of terrorism financing as being suspicious, though not on their face to raise suspicion of terrorism financing.” Numerous Terrorism Financing Cases Reveal Suspicious...