Consortium Analytics: Advancing the Fight Against BEC and Elder Abuse

Presented by

Colin Parsons, Andrew Muzzatti

About this talk

As criminal tactics evolve, financial institutions are struggling to keep pace. Scams such as Business Email Compromise (BEC) and elder financial abuse are costing Americans billions of dollars each year, yet a siloed stand-alone approach to financial crime detection remains the industry standard. Financial institutions need to adopt a new way forward that unites the industry against financial crime and provides a step change in detection through big data. Consortium analytics is that solution. Join us for a special webinar as industry experts discuss how Verafin’s consortium analytics provides that step change in fighting financial crime, with a special focus on BEC and elder financial abuse. Discover how consortium analytics use insights from over 420 million counterparty profiles to provide unprecedented insight into the complete picture of transactional risk to reduce false positive alerts and maintain customer convenience while effectively preventing loss from these damaging scams.

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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.