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:
- Add the red flag warnings to the outgoing wire transfer screen indicating that there has been an address change in the last 30 days.
- Set limits on wire transfer requests by employee and require an override for amounts exceeding that limit
- 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.
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.