We have the customer sign a wire agreement in advance if they wish to process wires via fax. Without a wire agreement, we will accept them, however we perform a callback procedure to the phone number we have listed on file.
Without a signed written agreement that clearly establishes commercial reasonable security procedures, any wires sent via orders by fax or phone are going to be a liability of the bank if disputed, regardless of any processes or procedures that the bank may follow. Refer to the UCC-4A for more information. IMHO - In today's environment, a simple call back would probably no longer be deemed commercially reasonable.