10 Tips for Financial Crime Management during the COVID-19 Crisis

The COVID-19 crisis has created enduring challenges for financial institutions nationwide. From pervasive fraud scams and counterfeit checks to devastating Business Email Compromise (BEC) attacks,... 

COVID-19-Related Wire Fraud Detection

Wire fraud, including Business Email Compromise (BEC), is a growing threat during the COVID-19 crisis as criminals exploit disrupted business processes, cloud-based email services and... 

Taking Quick Action Against COVID-19 Crimes

May 4, 2020 by Nasdaq Verafin

Financial crime has proven to be a serious and growing challenge during the COVID-19 crisis. Fraudsters have promptly exploited the pandemic for their gain; with many financial institutions closed or limiting branch access and large numbers of citizens still sheltering... 

Unusual Access – Reconnaissance Agent

A cybercriminal’s end goal is to siphon funds out of a victim’s online bank account. Once they gain access to the online account they will... 

Unusual Outgoing Wire – Business Agent

With criminal schemes such as Business Email Compromise a growing problem, institutions need enhanced monitoring to prevent serious loss. This short video highlights Verafin’s targeted... 

Unusual Access – ACH Agent

Online customer accounts are a serious target for sophisticated cybercriminals looking to commit unauthorized transfers. Once an online account has been breached, money can be... 

Fraud Risks in Turbulent Times

March 20, 2020 by Nasdaq Verafin

As the COVID-19 pandemic continues to spread throughout the world, financial institutions have been encouraged to remain steadfast in their ongoing scrutiny of potentially suspicious behavior and to diligently report suspected fraudulent activity. On March 16, 2020, FinCEN released a... 

“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... 

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... 

Redefining Fraud: Combating Evolving Business Email Compromise Schemes

January 23, 2020 by Nasdaq Verafin

In their search for the path of least resistance, fraudsters have discovered that trickery and deception are highly effective strategies. As noted by FinCEN, Business Email Compromise (BEC) is one area of financial crime where these tactics reign supreme, and...