Nasdaq Verafin Solution for Payment Fraud Prevention

This document is a guide detailing Nasdaq Verafin's approach to preventing Authorised Push Payment (APP) fraud. It outlines the company's extensive experience and the application of technology and data-driven methods to enhance financial institutions' anti-financial crime programs. The guide presents the use of a vast consortium data set, which includes insights from 2500 financial institutions and 650 million counterparty profiles, to assess risks associated with global payments while ensuring the protection of Personally Identifiable Information (PII). It explains how Nasdaq Verafin analyzes transactions in real time, identifying potential fraud through alerts related to unrecognized beneficiaries, name mismatches, and suspected mule accounts. The document emphasizes the importance of reducing false positives and improving fraud detection efficiency, ultimately aiming to streamline operational costs and enhance customer experience. Additionally, it highlights the collaborative nature of the consortium in sharing insights to combat payment fraud effectively.