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Financial institutions face a constant battle against money laundering, a crime that uses complex schemes to move illegally obtained funds into the legitimate financial system. One common method is structuring, and as technology evolves, so do the tactics of those who seek to exploit the system. This guide explains what structuring is, how it works,
The immense value of online services, including online verification, was highlighted during the COVID-19 pandemic. However, the risks associated with these online services must not be taken lightly. In the course of verifying someone’s identity online, companies unveil a range of personal identifiable information (PII) that requires special attention and appropriate protection. That’s why it’s
Ever since the Bank Secrecy Act was enacted in 1970, money laundering has been in the spotlight. Now considered a serious financial crime, those found guilty of money laundering face severe penalties that include huge fines and lengthy prison sentences. But, what exactly are the penalties for money laundering? In this guide, we take a
Identity verification (IDV) is a crucial tool for operators today, enabling companies to meet strict regulatory demands. However, it also offers significant business benefits for operators, enhancing their processes and boosting their commercial appeal. This works on two major levels. First, there is the need for regulatory effectiveness, with operators needing to fully comply with
Synthetic identity fraud is one of the fastest-growing crimes in the United States. After all, the latest statistics show that the net fraud rate is rising both in America and Europe. They also show us that America is now one of the five most fraudulent countries in the world. Synthetic identity theft occurs when someone uses a combination
If your business has compliance obligations or offers an age-restricted service, then it’s vital that you check the identity of your customers. By doing this, you can ensure that you’re compliant with relevant legislation and you can stop bad actors from exploiting your services. Checking the identity of your customers is a simple process that
At Veriff, we’re going beyond borders with our identity verification platform. Now available in 45 languages, we’re able to offer comprehensive identity verification, proof of address, and biometric authentication services to a global audience. Regardless of the language spoken, we believe in making secure identity verification accessible to people worldwide. In an era of rapid digitalization, the demand
We love to encourage Veriffians to share fresh ideas that build the future of online safety and trust. That’s why we recently organized our second hackathon to bring our teams across all our offices and locations together, give them resources, and see them innovate. The hackathon was a massive success, and we want to tell
In the past few years, transaction monitoring has become a vital part of anti-money laundering (AML) compliance. This is because the ability to spot a suspicious transaction could prevent thousands or millions of dollars from being laundered by criminals through your business. It can also prevent your organization from being caught up in a money laundering scandal.
It’s great to see more of these stories getting attention as they show that fraud has a serious impact on people’s lives, risking their finances, relationships, prospects and more. In our Q1 2022 fraud analysis, we saw that fraudulent activity has continued increasing from last year. Last year’s Q1 fraud report highlighted that 9.17% of
