Posts in Category: Wire Transfer Loss Control

Blog Post List

Importance of Written Agreements in Preventing Wire Transfer Fraud 

Wire fraud losses continue to grow at astounding rates. It’s imperative that your staff understand the importance of your bank’s written agreements and following instructions and procedures in place. Taking shortcuts may cause claims.

Read More

 

Top 10 best practices to implement to avoid wire transfer fraud at your bank 

Wire Fraud involving bank customers is exploding! Insurance carriers expect banks to exercise a minimum level of due care to prevent any crime, including wire fraud crime. Front line personnel are in the best position to both spot and prevent wire fraud; therefore, it is critical that banks undertake these best practices.

Read More

 

Prevent the ransomware epidemic from infecting your organization 

by Heather Wyson-Constantine, Vice President of Payments and Cybersecurity, American Bankers Association

By now, you’ve mostly likely heard the news: ransomware is here and it’s a problem. The impact can be devastating. Imagine not being able to access your email, customer information or vital records for days or even weeks. Victims not only face monetary losses associated with the ransom and loss of business during the downtime, but also the additional forensics costs, the loss of employee productivity and, most importantly, customer trust.

Read More

 

Court rules in bank’s favor in an account takeover case. 

What does this mean to you?

In a relatively high profile court case, an appellate court ruled in favor of the defendant/bank rather than the plaintiff (the bank’s customer) in a dispute over an account takeover claim and reversed a lower court opinion, ruling that the bank may seek attorney’s fees from the plaintiff. In many respects, the decision handed down will be a significant influence on future court cases and also on security/verification procedures a bank mandates or places on accounts regarding account transfer requests.

Read More

 

A Dyre Situation: Malware Targets Corporate Banking Accounts 

First discovered in June 2014, “Dyre” malware has quickly become one of the most prominent banking Trojans targeting corporate customers’ bank accounts today. A system infected with the Dyre malware, which is delivered and downloaded through phishing/spam campaigns, will attempt to harvest customers’ information and online banking credentials to conduct unauthorized transfers.

Read More