Case Study: Needham Bank improves fraud detection and AML compliance with Verafin

Needham Bank - Customer Case Study

Needham Bank, a $2.1B community bank in Needham, Massachusetts, needed a stronger way to keep up with BSA/AML compliance and fraud detection demands while protecting customers from financial crime. After seeing a demonstration, the bank chose Verafin’s cloud-based AML and fraud detection solution because it was robust, easy to use, and fit the team’s workflow.

With Verafin in place, Needham Bank was able to manage alerts more efficiently, get clearer evidence on what triggered each alert, and gain better visibility into customer and transaction behavior. The system helped the bank stop a debit card fraud case involving a deceased customer’s account, saving the family over $7,000, and Verafin also integrated seamlessly with the bank’s operations.

Needham Bank

Gene Graham

Senior VP of Risk & Compliance