We live in an era where technology is rapidly reshaping the financial landscape. The Department of Treasury’s report, Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Services Sector, focuses on the current state of AI-related cybersecurity and fraud risks in financial services. In our latest blog, discover six key takeaways from the report on how financial institutions can lead with responsible adoption, including: How ensuring data authenticity and security is paramount to maintain trust and prevent fraud. Why having advanced fraud detection systems in place is crucial. Why updating risk management frameworks is essential as AI evolves. Read the blog here
Verafin
Software Development
St. John's, NL 24,100 followers
The industry's leading Financial Crime Management platform, providing cloud-based software to financial institutions.
About us
Nasdaq Verafin provides cloud-based Financial Crime Management Technology solutions for Fraud Detection, AML/CFT Compliance, High-Risk Customer Management, Sanctions Screening and Management, and Information Sharing. More than 2,500 financial institutions globally, representing more than $8T in collective assets, use Nasdaq Verafin to prevent fraud and strengthen AML/CFT efforts. Leveraging our unique consortium data approach in targeted analytics with artificial intelligence and machine learning, Nasdaq Verafin significantly reduces false positive alerts and delivers context-rich insights to fight financial crime more efficiently and effectively. To learn how Nasdaq Verafin can help your institution fight fraud and money laundering visit www.verafin.com or call 1-877-368-9986.
- Website
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https://www.verafin.com?src=linkedin
External link for Verafin
- Industry
- Software Development
- Company size
- 1,001-5,000 employees
- Headquarters
- St. John's, NL
- Type
- Public Company
- Founded
- 2003
- Specialties
- Human Trafficking Detection, Terrorist Financing Detection, Anti-Money Laundering, Deposit Fraud Detection, Wire Fraud Detection, ACH Fraud Detection, Online Account Takeover Detection, Loan Fraud Detection, CDD/EDD, High-Risk Customer Management, 314(b) Information Sharing, FRAMLx Cross-Institutional Analysis, Case Management, OFAC/Watchlist Scanning, and BSA/AML Compliance
Locations
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Primary
Get directions
18 Hebron Way
St. John's, NL A1A 0L9, CA
Employees at Verafin
Updates
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To prevent complex fraud scams like Business Email Compromise, financial institutions need to see the full picture of risk. Relying only on your institution’s data means you can be missing important insights into the full risk picture – hear more from Nasdaq Verafin expert, Andrew Muzzatti, as he explains why consortium data is essential to fight complex fraud.
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Elder financial exploitation is often perpetrated by an individual known to the victim and in a position of trust. In this Case from the Cloud, Nasdaq Verafin saves a senior from a $40K check fraud — and helps bring a criminal caretaker to justice. #CheckFraud #ElderFraud
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In a new blog, Colin Parsons, Associate VP — Head of Fraud Product Strategy at Nasdaq Verafin, examines how the use of consortium analytics and machine learning provides a step change in check fraud detection. Read here: https://buff.ly/3Y06S58
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The financial industry has been tackling the issue of check fraud for many years using outdated technology and siloed approaches. In a new blog, Colin Parsons, Associate Vice President — Head of Fraud Product Strategy at Nasdaq Verafin, examines how the use of consortium analytics and machine learning provides a step change in check fraud detection. Read insights into: 🔋The power of machine learning and consortium analytics in solving complex check fraud. 💸 How Nasdaq Verafin’s machine learning and consortium analytics can help solve fraud across multiple channels. Read to learn more. https://buff.ly/3Y06S58
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It was great to have you visit in person Sarah Youngwood. Our Nasdaq Verafin team really enjoyed getting the opportunity to meet you in person.
Over the last several weeks, I’ve had the pleasure of visiting with Nasdaq team members and investors around the globe. To start, I participated in the Mizuho Technology Conference and the Jefferies Global FinTech Conference where I discussed Nasdaq's ongoing commitment to leveraging technology to address our clients' most critical challenges and our continued focus on achieving financial excellence. In addition to the conferences, I was pleased to spend time with the investment community across the U.S. and Europe. I also had the opportunity to visit Verafin in St. John’s (what a beautiful place and an impressive team!) where I joined leaders from across the business in discussions centered around the immediate priorities that are top of mind to drive Verafin’s continued growth and support of our customers. With the recent rollout of its AI-copilot, Verafin has demonstrated how innovation is at its core and how it will continue to unlock opportunities that will help us drive our business into the future. As I reflect on this journey, I continue to be inspired by the entire team’s rigor to uphold the integrity across the financial system which is critical to the growth and safety of our global economy. These are key themes that are front of mind in any market today and I am proud that Nasdaq plays such a key role in driving this progress.
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Without rules or regulations, fraudsters have an unlimited number of options for targeting businesses, families and vulnerable people. Join us on July 31 for an in-depth webinar that examines fraud trends across various payment channels and how technology, such as consortium analytics, can help mitigate this growing industry risk. https://lnkd.in/eyFTKHRC
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Predicate crimes such as elder financial exploitation fuel the flow of illicit funds through the financial system. A robust anti-financial crime solution that is updated and current is critical for financial institutions to effectively detect, investigate and report financial crime. Stay up to date.
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Fraud was identified in the AML/CFT priorities as the crime that generates the largest share of illicit proceeds in the United States. Fraud scams, such as elder financial exploitation, is often linked to money laundering and organized crime. Our most recent blog looks as the integral role financial institutions play in combatting predicate crimes such as EFE. We delve into the factors such as: 🏦 The integral role financial institutions have detecting financial exploitation through their relationships with older customers. 🤝 How essential collaboration is with external groups or through participation in 314(b) information sharing. 🛠️ Why a solution that offers a robust fraud monitoring program is essential. Read more https://buff.ly/3XTRPtO
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The digitization of checks extended consumer and business usage but also opened new ways in which fraudsters could take advantage. Despite a decline in the use of checks, SARs related to check fraud have increased significantly in recent years according to FinCEN (FIN-2023-Alert-003). #EFE For more information, view our check fraud infographic. https://buff.ly/3xQGvUC
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