Verafin

Criminals will embrace the power of collaboration – the industry must as well. Protecting against complex fraud schemes is impossible in isolation. The financial industry must work together to harness collective insights, allowing institutions to detect and prevent more financial crime. ⬇️ Watch below as Product Expert Corey Lynch examines the power of the industry when we work together to fight crime.

Romance scammers dedicate themselves to cultivating fictitious relationships with their victims, often making contact through online dating sites or social media. Although initially based on emotional connection, the relationship becomes defined by escalating requests for funds, typically ending in considerable monetary losses and immeasurable heartbreak for the victim.  ⬇️ Watch below as Debby Montgomery Johnson, romance scam survivor turned Fraud Awareness & Victim Support Advocate shares her own story of heartbreak that could happen to anyone.

Criminals are clever when defrauding your customers through complex check fraud scams. FinCEN is helping institutions fight back – with red flag indicators to help identify mail-related check fraud, and help your customers and institution protect themselves against these sophisticated schemes. ⬇️ Check out this informative video below, where Product Expert Corey Lynch examines FinCEN’s red flags and how your institution can be prepared to protect against mail-related check fraud scams.

This week at Nasdaq Verafin we’re taking the time to examine various forms of fraud. Today we look at one of the most lucrative and popular, Business Email Compromise (BEC). Last year alone, $6.7B was lost globally to BEC. Featured in the 2024 Global Financial Crime Report, Lilah Jones nearly lost $120,000 and her dream home to a BEC scam. She stands as a stark reminder that these scams can happen to anyone, at any time anywhere — even within the four walls of your dream home. ⬇️ Watch below as Lilah shares her story.

Fraud is a persistent problem, one that can cause emotional devastation, financial ruin, and a shattered sense of trust. This week, we’ll be examining different kinds of fraud, and how financial institutions can help protect their customers and institutions from its crushing consequences.  ⬇️ Watch below as Product Expert Corey Lynch examines a particular heinous form of fraud – financial grooming. In this informative video, Corey explains the signs you can be aware of to protect your customers against this abhorrent crime.  

In 2023, check fraud accounted for $26.6 billion in losses globally, with 80% impacting customers across the Americas. With the increase in mail theft-related check fraud, FinCEN’s 10 Red Flags can help your financial institution uncover, detect and prevent this crime.

For one Midwestern regional bank, a forward-thinking decision to adopt Nasdaq Verafin has kept them a step ahead by preventing a $14 million ACH fraud loss. Learn how Nasdaq Verafin can help your institution prevent significant ACH losses. Read the success story here:

Criminals can use artificial intelligence to make Authorized Push Payment scams such as Business Email Compromise even more convincing. Industry experts Corey Lynch and Andrew Muzzatti discuss the challenge in this special clip. #AntiFraud #BEC #AuthorizedPushPaymentFraud

As financial crimes continue to evolve, and the regulatory landscape grows in complexity, innovating with artificial intelligence is key to help banks overcome the limitations of legacy approaches and enable a step change in fraud prevention and AML/CFT capabilities.  #AI #FightCrime 

The current challenges of ACH fraud require an industry wide approach. Download our new infographic, NACHA’s New Rules: What Your Institution Needs to Know, to learn how your institution can be prepared to respond to this evolving landscape. https://buff.ly/3zMrvbh