Verafin Steps Ahead of New Forms of Debit Card Fraud

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White Paper Offers Financial Institutions New Insights on Debit Card Fraud and How Technology Can Help

An understanding of fraud activity is essential for fraud and compliance professionals, especially in light of reports that anticipate debit card activity volume will exceed 67% of all plastic-based purchases by 2013.

Verafin Inc., a leading provider of compliance, anti-money laundering (AML) and fraud detection software, today released a white paper on debit card fraud that yields insights on new schemes and how Verafin’s technology addresses them. An understanding of fraud activity is essential for fraud and compliance professionals, especially in light of reports that anticipate debit card activity volume will exceed 67% of all plastic-based purchases by 2013.

Verafin’s team of analytics researchers is consistently researching emerging trends. This white paper examines the following debit card fraud schemes:

  •     Elder Abuse
  •     Card Skimming
  •     Card Tsunami (or card flipping)
  •     Card Chameleons (or shopping spree)
  •     Flash Attacks

Fraud and compliance professionals will learn how technology can help detect these activities through a combination of behavior-based analytics, multi-channel transaction monitoring, case management and risk-scored alerts based on red flags. The white paper will highlight key learnings from the international stage, and outline the ever-increasing challenges as debit card use continues to grow.

Verafin is an award winning, integrated and intelligent fraud detection and anti-money laundering (AML) solution that combines the capability to detect and act upon various forms and levels of fraud and money laundering, while providing complete visibility into customer activity and ensuring comprehensive compliance reporting. Easy to use and implement, it is the only solution in the financial services industry that combines the integration of the four most important processes in preventing financial crime - fraud detection, anti money laundering, regulatory agency reporting and core banking systems, with intelligent-based, behavioral technology, used to detect financial crime, into a single platform.

About Verafin

Verafin is a leader in anti-money laundering and fraud detection solutions for financial institutions, with over 650 customers that span nearly 60 core processing systems and a broad asset range. Verafin helps financial institutions comply with the Bank Secrecy Act, USA PATRIOT Act, and FACTA regulations, while also helping to protect against fraud. Verafin is the exclusive provider of BSA/AML and fraud detection software for the California Bankers Association, Massachusetts Bankers Association, CUNA Strategic Services and 40 credit union leagues and associations in the United States. For more information, visit http://www.verafin.com, email us at FRAML(at)verafin(dot)com or call 1-866-781-8433.

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Vicki Barbour
Verafin
709 752.3050 ext. 3228
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