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Make your wire transfer call-backs effective

Question: 
We do call-backs for every wire transfer request. Won’t this practice eliminate fraud?
Answer: 

Not necessarily. While call-backs are a good security provision, you shouldn’t rely solely on them. There are more and more cases in which call-backs were performed, but the wire was still fraudulent. In some cases it’s because the business is using a poorly secured Voice over Internet Protocol (VoIP) phone system. When hackers infiltrate their business network, they have access to the company’s phone system, too, and can forward or intercept calls. We’ll discuss enhancements a bank using call-backs should employ to strengthen this security measure.

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Learn more about Rayleen Pirnie’s webinar Wire Transfer Fraud - $$$$$

First published on 07/31/2016

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