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Wire transfer scams targeting community banks

Question: 
What types of wire transfer fraud is a community bank susceptible to?
Answer: 

There are many forms of wire transfer fraud that can victimize a community bank. Someone could hack your network and submit files; impersonate a senior officer at the bank to get you to send a fraudulent transfer; send false invoices in hopes you pay them; use a publicized natural disaster to scam you -- the risks are great and unprepared banks fall for them all too often. Educating yourself and your staff about the types of fraud is only the first step. Once you understand the threats, then it’s time to evaluate internal controls to ensure you are prepared.

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First published on 08/07/2016

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