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Wire instructions and why you should ALWAYS verify them.
Fraudulent requests for wire transfers typically come by email. Our Payment Services Team has eight security tips to help you stop potentially fraudulent requests for wire transfers.
1. Verbal Confirmation
Verbally confirm that the requests to initiate the wire is from an authorized person within the company.
2. Verify Changes
Anytime you receive new wire instructions or a change to existing wire instructions verbally verify with your wire transfer vendor. It is best to use an established phone number in these situations rather than rely on a phone number within an email request.
3. Investigate Unique Requests
If you receive a request for payment that is out of your ordinary payment arrangement, confirm by phone with your vendor.
4. Double Check Email Addresses
A common trick is to slightly modify an email address. For example johnsmith@abc.com my be changed to jonsmith@abc.com.
5. FWD Instead of Reply
Rather than reply to an email, forward the email to the address you have on file.
6. Be Alert
Be on alert for fraud anytime the wire transfer instructions include tight deadlines or pressure you to act quickly.
7. Be Suspicious of Confidentiality
Whenever wire transfer instructions specify keeping the transaction a secret - verbally verify with an executive or the person requesting the transaction.
The best defense against wire fraud include rock-solid internal procedures and training team members to recognize the signs of suspicious activity within the company.