Posted By: Wildcat Rampage
Online Wire Orgination? - 09/24/18 03:16 PM
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
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