Help prevent fraudulent wire transfers

8 Security Tips to Prevent Fraudulent Wire Transfers

November 22, 2017

By: Our Treasury Management Team

Fraudulent requests for wire transfers typically come by email.  Our Treasury Management Team has eight security tips to help you stop potentially fraudulent requests for wire transfers.

  1. Verbal Confirmation
    Verbally confirm that the request to initiate the wire is from an authorized person within the company.

  2. Verify Changes
    Anytime you receive new wire instructions or a change to existing wire instructions verbally verify with your wire transfer vendor.

  3. Investigate Unique Requests
    If you receive a request for a payment that is out of your ordinary payment arrangement, confirm by phone with your vendor.

  4. Double Check Email Addresses
    A common trick is to slightly modify an email address. For example, john.smith@abc.com might be changed to jon.smith@abc.com

  5. FWD Instead of Reply
    Rather than reply to an email, forward the email to the address that you have on file.

  6. Establish Dual Controls
    For Great Western Bank Treasury Banking Suite (TBS) customers, this could mean having one TBS user who initiates the wires and another TBS user who approves the wires.

  7. Be Alert
    Be on alert for fraud anytime the wire transfer instructions include tight deadlines or pressure you to act quickly.

  8. Be Suspicious of Confidentiality
    Whenever wire transfer instructions specify keeping the transaction a secret – verbally verify with an executive or the person requesting the transaction.

The best defenses against wire fraud include rock-solid internal procedures and training team members to recognize the signs of suspicious activity within the company.

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