Turning the Tide of Payments Fraud:

Navigating and managing the evolving threats

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Historically, the industry has relied on rules and behavioural analytics focused on the sender of a payment to be able to identify fraud. This made sense when we were dealing with First-Party Fraud and Account Takeover. With the shift in Payments Fraud to Authorized Push Payment Fraud and Business Email Compromise, fraudsters have determined it is easier to have your customer send the payment than to try to do so themselves. But fraudsters need mules to facilitate these attacks and that creates an opportunity.

By effectively profiling the receiving account we can detect potential money mules and stop fraud. More importantly, we can identify safe accounts that make up the bulk of payments volume and allow those payments to move through the system quickly. It is through the power of proven solutions like Consortium-based Counterparty Analytics that we can begin to turn the tide of Payments Fraud.

Tagged as...

  •   Business Email Compromise
  •   Check Fraud
  •   Elder Financial Abuse
  •   Fraud
  •   Payments Fraud
  •   Wire Fraud