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  Blog

Rising U.S. & International Wire Fraud Threats

July 29, 2022 by 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... 

  Blog

Assessing AML/CFT Compliance Risks for Crypto Companies

July 26, 2022 by Verafin

Companies that operate cryptocurrency exchanges or crypto ATMs in the U.S. must be registered as MSBs with FinCEN, and meet all AML/CFT compliance requirements, including identifying and reporting potentially suspicious activity. Recently released guidelines from the MSBA, ETA, INFiN, and... 

  Blog

Cryptocurrency Fraud Scams Amass Over $1B

June 27, 2022 by Verafin

According to a sobering new report by the Federal Trade Commission, since the start of 2021 more than 46,000 people have collectively reported more than $1 billion in losses to crypto-related scams, with an average loss of $2,600 per person.... 

  Blog

Keeping Pace with the Changing AML/CFT Landscape: Virtual Currency Payment Risks

June 8, 2022 by Verafin

The use of Convertible Virtual Currency (CVC) is increasing, offering an alternative transaction channel for consumers and a new transaction channel for criminals to exploit. Virtual currency activity is relevant to all financial institutions, even those that do not offer... 

  Blog

AML Crime Trends and Technology

January 12, 2022 by Verafin

Keeping pace with the changing landscape of BSA/AML is a significant challenge for financial institutions. In our year-end presentation we explored industry-wide AML trends and the specific challenges facing compliance programs today — including the recent passing of the AML Act of... 

  Archived Webinar

2021 Crime Trends & Technology: A Year in Review

Originally Presented: December 7, 2021

From growing fraud threats to the evolving BSA/AML landscape, 2021 has been a significant year in financial crime management — and 2022 may bring new... 

  Blog

Crossing Boundaries: The Expansive Threat of BEC

May 20, 2021 by Verafin

“For five years in a row, BEC is responsible for the most financial losses reported to the FBI. We have no reason to believe that 2021 will be any different.” Agari, 2021 As the industry rebounds from a challenging year,... 

  Blog

U.S. Court Case: 5 Cyber-Enabled Financial Crimes

December 4, 2016 by Denise Hutchings

Last week, U.S. authorities in conjunction with international law enforcement issued a press release on the dismantling of a cyber criminal infrastructure known as Avalanche. A joint statement by U.S. agencies noted that “this network hosted more than two dozen... 

  Blog

U.S. Bank Account Information Sold on Dark Web Marketplace

August 25, 2016 by Denise Hutchings

A recent online post under the “Fraud” category of a Dark Web marketplace read as follows: “High Balance [redacted bank name] Logins 30K-150K Available…I bring you freshly hacked [redacted bank name] Bank Account Logins. The accounts are notorious for having...