Skip to content
GeoDataVision
Learn More - Click Here!

Thread Options
#1115729 - 01/23/09 12:02 AM Wire Transfer Callbacks
BSAisOK Offline
New Poster
Joined: Feb 2008
Posts: 6
Our bank wants to use software that would let a business request a wire transfer through a software package without a callback. It requires an ID and a password. Since wires are a high risk item and passwords can be breached, we would like them to do a callback or at least have preapproved wire intructions on hand that would include the bank and account number. Do others allow wire transfers through software applications without any callbacks? It seems like there should be another layer of security involved in the process. Thoughts?

Return to Top
Operations Compliance
#1115744 - 01/23/09 12:46 AM Re: Wire Transfer Callbacks BSAisOK
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,633
Galveston, TX
This is pretty common and the obligation and responsibility for password security is passed to the customer in the on-line wire transfer agreements.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1115898 - 01/23/09 02:40 PM Re: Wire Transfer Callbacks rlcarey
Trees Offline
Power Poster
Joined: Apr 2005
Posts: 4,013
We require the callbacks to confirm. Also, be sure to take a look at your insurance policy for the bank. Ours actually stipulated the level of controls they would be expecting to see-esp. if they had to pay out on a wire-related/unauthorized transfer transaction. Crappy controls, the bank would not be able to draw on the policy.

Return to Top
#1116017 - 01/23/09 04:25 PM Re: Wire Transfer Callbacks Trees
Plain Old Tom Offline
100 Club
Joined: Oct 2007
Posts: 217
Do you use tokens? That would mitigate a lot of the risk.

Return to Top
#1116073 - 01/23/09 04:50 PM Re: Wire Transfer Callbacks Plain Old Tom
BrendaC Offline
Power Poster
BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
I've seen several processes that utilize the ID/password controls. Some of these have strengthened controls to include callbacks over a certain amount. I have also seen some that permit "repetitive wires" with no callbacks(special coding exists to ID wire); all other wires would require callback.

As Randy referenced, the contract and customer agreement are critical in establishing responsibilities when relying on online wire transfer programs.
_________________________
Life without Jesus is like an unsharpened pencil - it has no point.

Return to Top

Moderator:  Andy_Z, John Burnett