Anatomy of Crypto Scams: Traditional Fraud Scams with Modern Methods

Presented by

Andrea King, Brent Pretty

About this talk

As digital assets such as virtual currencies become more mainstream within the financial industry, cryptocurrency is increasingly accepted as a new payments channel. Meanwhile, criminals leverage cryptocurrency as a vector to launder money and to evade sanctions, relying on tried-and-true methods to defraud their victims. Financial institutions and crypto companies need to stay informed of emerging and related financial crime trends used in cryptocurrency scams to protect themselves and their customers. This discussion provides an insightful overview of industry and financial crime developments surrounding cryptocurrency fraud trends and why a holistic approach is essential to detect and manage crypto-related fraud. Learning objectives: - Exploring the growing popularity of cryptocurrency as a payments channel and the parallel rise of crypto-related scams and trends. - Discussing the challenges financial institutions and crypto companies face in keeping pace with fraud and money laundering risks, and how to prepare anti-financial crime programs for cryptocurrency related fraud scams. - Considering how financial institutions and crypto companies can develop a holistic approach to crypto-related fraud detection and management.

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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. 3500 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 is the exclusive provider for Texas Bankers Association, Western Bankers Association, and CUNA Strategic Services, with industry endorsements in 48 U.S. states.