TOPIC: Red Flags

Educational Webinar | Employee Fraud: Understanding the Threat from Within - Join us Sept. 4

September 04 at 12:30 PM - 01:30 PM EST
Employee Fraud: Understanding the Threat from Within
The role of monitoring in reducing the reputational and financial risks of internal fraud


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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. Join us as we discuss how such schemes can add up to significant fraud losses, the financial and reputational risks, and how employee fraud can also enable other illicit activity.

In this 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
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    Case Study | United Community Bank prepares for tomorrow and prevents more than $1M in fraud losses, today.

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    “In less than two months there’s been a clear return on our investment — that’s a significant achievement. With all our efforts, the bank has already tracked a reduction in overall fraud from 2019 versus 2018. Verafin is a large contributing factor to that success, and we expect our fraud numbers to continue to go down.”
    Greg Snell, Director of Operational Risk, United Community Bank ($12.5B)

    United Community Bank wanted a financial crime solution that would align with their vision for the future. Greg and the team chose Verafin’s consolidated Financial Crime Management platform — and within weeks of going live, they began realizing a tremendous return on their investment.

    In this case study, you will read how within four weeks, Verafin helped United Community Bank detect and prevent $335K of fraud loss, and that savings continued to grow—before the end of week seven, United had surpassed $1M in fraud prevention.

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      Infographic | 12 Red Flags for Funnel Accounts Used to Launder Money - Download Now

      Infographic
      12 Red Flags for Funnel Accounts Used to Launder Money


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      Illegal accounts that funnel dirty money made from crimes, such as human trafficking, human smuggling, and drug trafficking, are on the rise. Understanding the indicators can help investigators detect the movement of these illicit funds, and identify criminal activity.

      This infographic will answer these questions:  
      • What is an interstate funnel account?
      • How do criminals use these accounts to exploit branch network locations?
      • What are the 12 Red Flag Indicators for Funnel Accounts as outlined by U.S. Immigration and Customs Enforcement?
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        Demonstration | End-to-End High-Risk Customer Management & CDD/EDD - Join us June 10

        July 10 at 12:30 PM - 01:30 PM EST
        End-to-End High-Risk Customer Management & CDD/EDD
        Identification, Stratification, Surveillance & EDD Workflows for High-Risk Customers


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        How accurate is your institution’s customer risk profile? A one-size-fits-all approach to customer risk can lead to thousands of high-risk customers being flagged for continuous review, increasing your workload.

        Verafin’s end-to-end solution for High-Risk Customer Management and CDD/EDD helps you effectively manage higher-risk categories of customers, including ATM Owners, MRBs, MSBs, NGOs, and more.

        Join us as we demonstrate how Verafin identifies customers in high-risk categories to intelligently categorize them, and then stratifies the risk within those groups. Through ongoing surveillance, Verafin provides a more accurate picture of your institution’s risk profile to strengthen your end-to-end CDD/EDD program.

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          Infographic | Elder Financial Abuse - Under Reported and on the Rise

          Infographic
          Elder Financial Abuse
          Under Reported and on the Rise


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          In 2010, annual financial losses from Elder Financial Abuse surpassed $2.9 billion. Recent research estimates actual annual losses at more than $36 billion.

          This infographic sheds light on the impact and shocking statistics of Elder Financial Abuse.

          Highlights:
          • The impact of this crime on society
          • How you can help protect your senior customers
          • Red flag indicators of Elder Financial Abuse
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            Webinar - 1 CAMS Credit | Elder Financial Abuse - Join us June 13

            June 13 at 12:30 PM - 01:30 PM EST
            Elder Financial Abuse
            Best Practices for Financial Institutions for Early Detection & Timely Reporting

            1 CAMS CREDIT

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            Elder financial abuse is a significant and growing issue that has devastating effects on individuals and families. Believed to be largely underreported — financial institutions are facing increased responsibility to help combat the exploitation of vulnerable customers.

            Join us for this CAMS-accredited webinar, as we discuss the scale of elder financial exploitation and outline key considerations and guidance from industry publications, including red flag indicators and best practices for reporting.

            In this webinar, you will learn:
            • The scale of elder financial exploitation and the challenges of preventing it
            • Potential red flag indicators of elder financial exploitation from FinCEN’s 2011 Advisory
            • Best practices for reporting elder financial exploitation, including Suspicious Activity Reporting, and contacting appropriate local and state-level agencies
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