End-to-End High-Risk Customer Management & CDD/EDD

High-risk customer management is a significant challenge, as financial institutions must balance the needs of their business and customers with heightened regulatory expectations for customers in high-risk categories. These challenges are exacerbated by conventional Customer Due Diligence/Enhanced Due Diligence (CDD/EDD) approaches that result in process inefficiencies, increased costs, and potential gaps in compliance programs. In […]

BSA/AML Compliance and Management

Manual processes, siloed teams and rules-based legacy systems are exacerbating compliance challenges for many institutions across the financial industry. With mounting pressure from sophisticated financial crimes and changing regulatory requirements, managing daily compliance tasks and uncovering suspicious activity without an efficient and effective BSA/AML solution can result in strained compliance programs, increased operational costs, and […]

Reduce Losses & Improve Visibility with Consolidated Fraud Detection and Management

Financial institutions are facing significant challenges in combating increasing and ever-changing fraud scams. Using multiple fraud detection systems across siloed fraud and operational teams makes detecting fraudulent activity, managing alert volume and reporting losses extremely challenging and can result in an overall lack of visibility into the full scope of fraud occurring at your institution. […]

Strengthening Investigations with Counterparty Data

As criminals grow increasingly sophisticated, financial crime investigators need to understand their customers and the counterparties they interact with. More than ever, financial institutions need data-driven solutions that offer a complete view of customer behavior and transactions to confidently assess risk. Leveraging a consortium approach, Verafin extracts counterparty data from multiple financial systems and resolves […]

Verafin Financial Crime Management — Jack Henry

Verafin is the industry’s leading Financial Crime Management platform, trusted by over 650 financial institutions using Jack Henry cores to strengthen compliance and combat evolving financial crimes. Using artificial intelligence and highly-targeted analytical agents, as well as cross-institutional analysis and collaboration through the Cloud, Verafin provides financial institutions with higher-quality alerts, expedites investigations, and drives […]

Mitigating & Managing Deposit Fraud Losses

Despite the decreasing use of checks as a preferred financial method for transactions, institutions across the country are facing an increasing number of deposit fraud attacks. Criminals are exploiting security gaps in the checking process for their own gain, as well as the anonymity and the convenience of ATM and mobile deposit channels. Leveraging big […]

Preventing Losses from Check Kiting and Check Fraud Schemes

Fraudsters are using tried-and-true methods to perpetrate fraud. From stolen checkbooks and near-perfect counterfeits to elaborate kiting schemes, in-clearing or on-us check fraud remains a significant challenge for financial institutions. As losses continue unabated, many fraud teams have to rely on first-generation rules-based systems and manual processes to try to mitigate the risk of fraudulent […]

Reduce Losses & Improve Visibility with Consolidated Fraud Detection & Management

Mitigating and Managing Deposit Fraud Losses

Despite the decreasing use of checks as a preferred financial method for transactions, institutions across the country are facing an increasing number of deposit fraud attacks. Criminals are exploiting security gaps in the checking process for their own gain, as well as the anonymity and the convenience of ATM and mobile deposit channels. Leveraging big […]

Wire Payee Risk Analysis

Conventional fraud detection approaches focus primarily on high-value wires, international transfers, or new beneficiaries resulting in a large volume of false positive alerts and increased callbacks and friction for customers. Verafin’s Wire Fraud solution reduces false positives by up to 75% by leveraging targeted agents with cross-institutional payee risk analysis, powered by our big data […]