9. Wire Transfer Enhancements for Fraud Prevention

Updated: May 14th, 2013

We are considering six potential additions to stave off future losses including the following:

  1. Add a call to the wire transfer outgoing screen for red flag warning the user that address changes have occurred in the last thirty days
  2. Check on deposits made to the account in the last 14 days to verify that deposit items have had sufficient time to clear
  3. Set limits on wire transfer requests by employee and require an override for amounts exceeding that limit
  4. Add an origin code just for wire transfers. Currently they come through as origin 8 which is also used for error correction
  5. Potentially add a checklist system to the wire out system much like the one used in the loan system whereby employees are required to verify that all steps must be taken
  6. For the next round of abnormal activity monitoring (as Randy eludes to in the averages) compare this activity on an individual member basis rather than the global settings as configurable today in the abnormal activity monitoring feature

Note on #2 above: There is already a project in process: #32512 Tools for Tracking Cashed-Check Activity. This project adds a new teller audit inquiry by member, and also enhances the SARs warning so you can jump over to this new inquiry and see teller-line activity this member did recently. I imagine it would be fairly simple to hook this same warning mechanism (and the Red Flag warning too, for that matter) into wires.

Status – In specifications phase

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