5. Wire Transfer Enhancements for Fraud Prevention

Activity – The member requests an outgoing wire but the account has been taken over by a criminal.  The address and phone number was changed by the perpetrator prior to the member calling for the wire.  Therefore, any call back routines would be thwarted.

Solution – We are considering the following potential additions to stave off future losses:

  1. Add the red flag warnings to the outgoing wire transfer screen indicating that there has been an address change in the last 30 days.
  2. Set limits on wire transfer requests by employee and require an override for amounts exceeding that limit
  3. Add an origin code just for wire transfers. Currently they come through as origin 8 which is also used for error correction

Status Item #1 is in process with the project sheet #37643.  It will be in the 15.1 release.  Item #2 is in the specification phase and item #3 is in discussions internally with the product team.  The next meeting is scheduled for June 12, 2015.

One Response to “5. Wire Transfer Enhancements for Fraud Prevention”

  1. Jim Conroy

    Set a flag whenever address changes are made. Flag prohibits any external transfers until address change is confirmed by email, text or Xtend phone call to existing contact point(s) of record.


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