Industry and Technology Insights for Banks and Credit Unions
Verafin is the industry leader in enterprise Financial Crime Management solutions, providing a cloud-based, secure software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing. More than 2600 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations.
Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today.
Verafin's is considered an industry thought-leader, with aeep understanding of financial crime typologies and innovative technology approaches. We provide educational webinars, regional seminars, and valuable resources to help financial institutions navigate the challenges of today's complex financial crime landscape.
In order to protect themselves from evolving external threats, financial institutions continue to strengthen their fraud controls by deploying fraud detection solutions across a variety of channels. However, it is imperative that financial institutions do not overlook the threat from within.
Financial institutions are especially vulnerable to employee fraud, as fraudsters within the organization have access to large amounts of personal identification information and financial transactional data, along with access to customer accounts. While these schemes can add up to significant fraud losses for financial institutions and their customers, they can also enable other illicit activity and pose significant compliance concerns.
Join us for this insightful presentation, as we discuss the financial and reputational risks, as well as the potential compliance concerns of employee fraud. Learn the tactics used by internal bad actors and best practices to mitigate losses, including how appropriate monitoring of both employee access logs and transactional activity can alert institutions to fraudulent activity by employees.
In this educational presentation, you will learn:
- The scale of the crime of employee fraud, including the potential for losses and compliance considerations
- Review tactics internal bad actors use to commit fraud against financial institutions
- Best practices to mitigate losses and protect your institution from internal threats, - including appropriate monitoring and fraud controls
Why do we think about AML as a single idea, when fraud is segmented specifically by customer, channel or loss type? In this insightful session, Jim Richards and Brendan Brothers discuss the limitations of the current one-size-fits-all approach to compliance and anti-money laundering. Learn why segmentation is effective at fighting fraud, and how these lessons can be applied to transform the AML industry.
- Review of the limitations of current AML approaches and technologies to -effectively fight financial crime
- Understand how segmentation improves fraud detection and how these lessons can be applied to strengthen anti-money laundering efforts
- Learn how innovative technologies and customer segmentation will transform the AML industry