TOPIC: Software

Blog | Elder Financial Abuse - Using Cloud Insights to Uncover the Costs of an Unconscionable Crime

Blog

Elder Financial Abuse

Using Cloud Insights to Uncover the Costs of an Unconscionable CrimeOctober 19, 2021 by Verafin
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Criminals will stop at nothing to victimize seniors for their gain, causing significant emotional turmoil and financial loss for those targeted. Leveraging big data intelligence in the Cloud, Verafin has identified elder financial abuse occurring at an alarming rate across the industry, with wire fraud being a chief concern.

In our new blog, read how Verafin analyzed a massive dataset, including over 15,000 examples of wire fraud of which more than 6,000 involved elder financial abuse, to provide unparalleled insights into this unconscionable crime. Learn how seniors accounted for 63% of all people victimized by wire fraud — and how your institution can take decisive action.

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Infographic | Wire fraud: Sophisticated and evolving scams - Download Now

Infographic

Wire Fraud

Rising Risks & Robust Solutions

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Wire fraud is a growing threat for financial institutions – as fraud schemes continue to evolve and become more sophisticated, with high-value, irrevocable transfers at stake, wire transfers are the perfect target for fraudsters. This informative infographic provides insights into wire fraud trends such as Business Email Compromise (BEC), romance schemes, and COVID-19-related fraud, and how institutions can detect and prevent loss.

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