Verafin Cloud Insights: Top Insights for 2022
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Verafin has uncovered unique insights into the scope of wire fraud, including prominent schemes such as Business Email Compromise (BEC) and romance scams, through analysis of our immense data set in the Cloud. With more than a billion transactions each week, and anonymized data from over 2200 financial institution customers, Verafin harnesses big data intelligence to identify examples of true fraud in the Cloud that allows you to assess the risk of fraud for your customers and your institution.??
Join industry-leading anti-financial crime experts as they reveal results of trend analysis of an immense set of anonymized data from financial institutions in the Verafin Cloud, representing $4T in collective assets.
This insightful webinar will include highlights from our Wire Fraud Benchmarking Report for Q4 2022, featuring valuable insights and benchmarking data on wire payments. Our experts will take a deep dive into the evolving threat from wire fraud, including emerging trends and typologies, findings for key segments and more.?
As financial institutions implement more robust controls against schemes such as wire fraud, criminals respond by evolving their tactics and efforts against more vulnerable customer segments. With the rise in Authorized Push Payments (APP) scams, and the migration of risk to the receiving side of a transaction, the threat of wire fraud scenarios to financial institutions is considerable — and seeing the complete picture of customer transactions and risk is more important than ever.?
Analyzing our consortium-based data set in the Verafin Cloud, representing $4T in collective assets from 2200 financial institutions, this report describes attempted wire fraud trends and statistics observed from?Q2 2020 to Q1 2022. Learn about more concerning trends in elder fraud and emerging developments in business wire fraud, benchmark your wire fraud approach against peer institutions, and more.?
In recent years, Verafin has observed a significant increase in wire and APP fraud across the industry, including cases of BEC. With corporate customers and wire payments targeted, it is important to remain informed of how fraudsters execute their tactics, and the crucial role of an effective Wire Fraud solution in preventing loss.
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In this exclusive, anonymized Case Study from the Cloud, read how Verafin helped a financial institution stop a major business wire fraud attempt before losses were incurred.
Payments fraud is changing. Fraudsters are seeking to manipulate with APP schemes such as BEC, and siloed approaches to prevention can no longer keep pace. As risk migrates to the receiving side of transactions, institutions need a solution that provides a full view of the payee-payer relationship, for a complete picture of risk, and more effective payments fraud detection with fewer false positives.?
Read our Blog,?Preventing Payments Fraud Loss: The Power of a Consortium-Based Approach,?to learn how Verafin’s industry’s leading solution puts you a step ahead of evolving payments fraud. This blog provides an informative overview of how combining the benefits of cross-channel behavior-based and consortium-based counterparty analytics will provide your institution with a complete picture of risk.?
Fraudsters are focusing their efforts on having your customers send a payment, rather than do it themselves. The result is an increase in APP fraud such as BEC and consumer-focused scams such as Romance and Employment schemes. APP fraud shifts your fraud monitoring approach.?
This Brochure provides an informative overview of how combining the benefits of cross-channel behavior-based and consortium-based counterparty analytics will provide your institution with a complete picture of risk.
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Stay connected on the latest fraud trends with?Verafin Cloud Insights.