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#2213139 - 05/08/19 07:29 PM Internal Wire Transfer Orders Authentication
Audit123 Offline
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Joined: Sep 2008
Posts: 12
Does anyone require authentication of the individual requesting an internal wire transfer? So in our bank, wire orders can be received from department areas within the bank (transferring bank funds). Wire orders can be initiated by fax, email, and online system, however, authentication is not performed of the individual requesting the wire as we do for consumers. My concern is that we don't have a control to minimize the potential of phishing schemes or email scams whereby fraudsters may trick an employee into the processing of an internal wire transfer. Any input will be appreciated.

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Audit
#2213173 - 05/09/19 01:26 PM Re: Internal Wire Transfer Orders Authentication Audit123
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,225
Galveston, TX
Every internal wire transfer should have some sort of dual control authentication process. I have never seen a bank without one.
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