Data Points: Wire fraud trends, hidden money mules and the opportunities and challenges of payment channels
Wire fraud is a growing challenge across the financial industry, exacerbated by ineffective conventional detection approaches and overwhelming volumes of false positive alerts. On June 28, 12:30-1:30PM EST learn how thousands of financial institutions using Verafin have reduced their false positives and learn the latest wire fraud trends and analysis gathered from the Verafin Cloud.
Money mules are instrumental to financial crimes, acting as witting or unwitting conduits between fraud and money laundering. Their activities obfuscate criminals’ identities and their sources of funds, facilitate the deposit and flow of illicit proceeds around the world, and aid in funding heinous crimes such as human trafficking and terrorist financing — all while evading AML/CFT controls and regulatory scrutiny. This infographic provides a concise overview of money mule activities, highlighting how they are recruited, how they operate, and why they pose a prevalent threat — hidden within customer-bases at financial institutions.
The financial industry has entered a period of significant challenge and opportunity in payments. With the increasing focus on frictionless customer experiences and introduction of new payment rails such as RTP? and FedNow?, money is moving faster than ever before, and fraudsters are capitalizing. Discover five key payments fraud trends to consider in this time of change — and how your institution can take decisive action.
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Suspicious Activity Reports (SARs) are an invaluable tool in the fight against financial crime. As criminals target consumers and businesses with fraud scams and launder illicit proceeds, financial institutions are in a unique position to identify potentially suspicious transactions and report nefarious activity to maintain the integrity of the financial system.
Verafin’s new eBook is a comprehensive overview of SARs and why they exist, with insights on successfully completing a report, reporting requirements, the benefits of automation, and valuable considerations for easier filing.
Join Product Evangelist Corey Lynch on June 29 at 12:30 PM EST , as he demonstrates the benefits of consolidating your fraud prevention and management functions with Verafin’s Enterprise Fraud Management platform. Learn how to reduce losses, strengthen prevention efforts across all channels and departments, and enable a full picture of fraud at your institution to drive strategic decision-making. Register now.
Stay connected on the latest fraud trends with?Verafin Cloud Insights .