Understanding Fraud Schemes & Scams
By Nasdaq Verafin
September 10, 2024
Fraud is constantly evolving. As the industry has implemented controls to protect against traditional first-party and account takeover fraud, fraudsters have adjusted their strategies to focus on your members to help facilitate the attack. In the fight against fraud, it is critical to understand the key components of fraud scams, such as victimology, key indicators, and opportunities for mitigating risk.
This essential eBook, updated for Q1 2024 based on numerous industry sources and decades of experience in financial crime management, is designed to help you identify the characteristics of common fraud scams – from authorized push payment fraud to elder and health scams.
Highlights include:
- Fraud scam types and information about who is at risk
- Details on the stages of each scam
- Key indicators and insights to mitigate risk
- A convenient one-page quick reference guide to print and share with frontline staff
About Nasdaq Verafin
Verafin is the industry leader in enterprise financial crime management, 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 1,200 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 reduces false positive alerts, delivers context-rich insights and streamlines BSA/AML compliance processes. Verafin has industry endorsements in 45 states, including the TBA, WBA, FBA, MBA, and CUNA Strategic Services.