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#2256522 - 07/09/21 09:20 PM Call back on wires
Compliance Action Subscriber 1226 Offline
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Our customers have to sign in person to initiate a wire. When receiving a wire for a customer, we do call the customer that the wire has been received and credited to their account. Our IT examiner said "just remember- callback, callback, callback" in regards to wires. Is there any reason we should have to call the customer that signed in person to initiate an outgoing wire?

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#2256523 - 07/09/21 09:51 PM Re: Call back on wires Compliance Action Subscriber 1226
Andy_Z Offline
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Callbacks are typically a fraud prevention - verification procedure and ensure it was an authorized transfer. Assuming the bank verified the ID of the in-person request I don't see why it would be needed. It could be seen as a belt and suspenders action but it perturb a customer as well.

The key is good verification of the person and documenting this.
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#2256525 - 07/09/21 10:09 PM Re: Call back on wires Compliance Action Subscriber 1226
Andy_Z Offline
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As I think of the possibilities, assume the customer comes in and requests a wire. They verify their ID and sign the request. If the bank cannot then do a telephonic verification, would the bank hold the transfer? That wouldn't make a lot of sense.
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AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#2256533 - 07/09/21 10:54 PM Re: Call back on wires Compliance Action Subscriber 1226
Compliance Action Subscriber 1226 Offline
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OK, thank you for the quick response

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#2256540 - 07/12/21 12:21 PM Re: Call back on wires Compliance Action Subscriber 1226
Happy Birthday HappyGilmore Offline
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Pulling people out of the ditc...
we don't call customers to let them know they have an incoming wire, it posts to their account and they can view the details in OLB, and we mail a copy of the wire. Commercial customers also get an advice via COLB or email that they can view (yes, details in email are redacted but it provides enough info and if they need more they sign in to COLB and view actual wire).

for outgoing where the customer has come into the branch to sign in person, we call back for 2 reasons - 1) wire is over a set threshold, where we call every single wire over that threshold for validation, they are told this when they initiate the request in the branch, and 2) first time recipient for the wire over a certain amount (it is different than the amount in #1). we started doing this as we were seeing more instances of BEC fraud, romance scams, and others scams that target the elderly. We ask specific questions that help us determine if the wire request was legitimate or if we think our customer is getting scammed.

It takes a little longer for outgoing wires, but we have also stopped significant fraud by doing such.
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