Case Study: Leading Financial Institution Saves Up to $50K per Month with Verafin

Embracing Innovation Using Verafin to Prevent Nearly $50K in Monthly Losses

Leading Financial Institution, a New York-based financial institution with $1B+ in assets and nearly 100,000 customers worldwide, needed a better way to keep up with fast-moving fraud and AML threats as it expanded its electronic services. Using Verafin since 2013, the team was looking for a more efficient way to detect suspicious activity, reduce false positives, and centralize investigations.

Verafin provided its cloud-based FRAMLx fraud detection and BSA/AML platform, including targeted alerts, case management, cross-institutional collaboration, and BSA reporting. With Verafin, the institution improved visibility into customer activity, sped up investigations, and streamlined communication across the team. The measurable impact was significant: the institution said its fraud cases in Verafin were saving roughly $20,000 to $50,000 per month.