We are looking at our processes around wires now so it would be great to generate some discussion around this topic. I’ll outline what we currently do and what we are considering:
-We have in person branch wires (customers only, must show ID)
-“Remote” wires, customer completes and signs a form. We do a callback to a second person listed on an on-file wire agreement to verify the transaction.
-Online wires- wires are submitted via Treasury Management under dual control on the customer’s end, we do not do call backs on these wires.
From a security standpoint, we are having more trouble getting comfortable with the remote wires option and authenticating customers. While we do “require” two people to initiate a wire, we have exceptions
that wires can be initiated by one person, and we don’t have a great way to authenticate them now (we really want to get away from ssn/dob). We are looking at companies like Pindrop and Salesforce to help with some type of out of band authentication.
Is anyone allowing people to wire online from personal accounts?
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Heather Porter |
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P: 585-249-1524
M:585-704-9115
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From: Huma McGhee - hmcghee at hab.bank (via silverlake list) <xxxxxx@marug.simplelists.com>
Sent: Friday, May 31, 2024 12:20 PM
To: xxxxxx@marug.simplelists.com
Subject: SilverLake MA-RUG Question for the Group/Wire Call Back
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Hi All,
I hope all is well.
I will appreciate if you can help me with the following:
We offer two types of wires:
1- Manual Wire Request - We receive a form from our customers, we call back to confirm and manually input these wires for processing.
2- e-Wires - Customers input these wires through a secured portal with MFA and transmits the wires to the bank system and we call them back to confirm these wires.
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How are other banks handling callbacks?
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Is there a threshold for call back or it is done regardless of the amounts?
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Do they call for manual wires and e-wires both?
I will appreciate your help.
Regards,
Huma E. McGhee, AAP, APRP, NCP
Head of Deposit Operations Division
150 E 45th Street
New York, NY 10017
Tel: 212-532-4444 ext. 1390
Cell: 917 881 7077
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you are hereby notified that any dissemination, distribution, or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by replying to the message and deleting it from your computer/device.
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