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#2193536 - 09/24/18 03:16 PM Online Wire Orgination?
Wildcat Rampage Offline
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Joined: Aug 2016
Posts: 91
Kentucky - Home of the 8 time ...
Folks in the mobile and online banking areas at my bank are floating an idea around about allowing consumer customers to initiate wire transfers through online and/or mobile banking. I have not been asked yet. I'm skeptical, but to be fair, I'm skeptical about a lot of things.

Does anyone else do this?

What questions do I need to ask as I perform my due diligence?

The persons in favor of this feel that it actually reduces risk in that the identity of the requestor can be more easily known because of the security of online login.

My gut reaction is that I'm hesitant to loosen controls on wire transfers in today's BSA/AML/Fraud environment - especially given that some customers have been persuaded by "catfishers" to give their account information and login credentials to the third parties.

BUT....

You can't always be negative and you can't always say no. You more or less have to figure out a safe way for "yes" to be the answer that you can live with.

I hope this makes sense. If this was going to happen at your bank, what would you do to ensure that your risk was as small as possible?

TIA
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#2193550 - 09/24/18 04:19 PM Re: Online Wire Orgination? Wildcat Rampage
P*Q Offline

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We wouldn't entertain the thought here and if someone did, I'd kabosh it. The volume of consumer customers who give out their on-line banking credentials recently due to scams, "boyfriends" they've never met is ridiculous so allowing these same folks to initiate wires? Heck no. Just my two cents. smile

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#2193587 - 09/24/18 06:53 PM Re: Online Wire Orgination? Wildcat Rampage
Burgess Offline
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Posts: 1,620
does this thread include ACHs via mobile and online banking?
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#2193607 - 09/24/18 08:30 PM Re: Online Wire Orgination? Wildcat Rampage
HappyGilmore Offline
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Posts: 19,338
Pulling people out of the ditc...
you need to look at what controls you would put in place for the consumer account. since not all consumer accounts are join accounts, how would you have dual control - which is a requirement in my opinion for online wire origination. can you enforce upon the customer the use of tokens, PINs, require them to have a specific version of IE/Chrome/Safari, have them install a mitigating software such as Trusteer?

because you can with a business and they are fine doing it.

I'm with PQ, no online wire functionality for consumers, at least not at this point.
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#2193611 - 09/24/18 08:37 PM Re: Online Wire Orgination? Wildcat Rampage
Sunshine Lady Online
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I would rather them come into the bank or we also do requests by phone if we have an authorization on file. We have procedures in place for phone or email requests.
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#2193632 - 09/25/18 12:41 PM Re: Online Wire Orgination? Wildcat Rampage
Christy Goza Offline
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Joined: Jun 2010
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Cleveland, TN
We allow a few business customers to wire transfer via our Internet Banking product however.... we have an agreement in place they sign, mandatory training they must take annually and the wire doesn't "automatically" send. It forwards to our wire department who does a mandatory callback on every wire. Of course we have our risk assessments in place, wire procedures, etc.
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