Nasdaq Verafin Takes the Fraud Fight to the Dark Web

Nasdaq Verafin is launching a new Dark Web Intelligence tool to help financial institutions identify compromised customer data before it is used for fraudulent transactions. For retailers and operators who offer consumer financing, this serves as a critical defense against the rising tide of application fraud and account takeovers. Traditionally, lenders only discover a security breach after the money has been stolen. This new technology scans illicit marketplaces to find stolen checks, credit card numbers, and banking credentials that are actively being traded by criminals. For your business, this means the lenders you partner with are getting better at spotting fake or stolen identities during the credit application process. As real-time payments become the industry standard, there is less time to manual-check suspicious activity. Tools like this reduce the risk of 'friendly fraud' and identity theft that can lead to chargebacks or defaulted loans. While this tool is aimed at the banks and lenders themselves, its success will lead to higher approval confidence and lower friction for legitimate customers who are often flagged by outdated, slower fraud prevention methods. Better intelligence at the lender level ensures your financing pipeline stays clean and your store remains protected from high-tech organized crime.

Source: PYMNTS

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