Wire transfers are a regular, safe and dependable money movement tool provided by all banks and used by many businesses.
As in so many other areas in modern life today, there are an increasing number of cybercriminals who are looking for ways to break into the wire transfer system. To them, it’s just another opportunity to profit from theft.
There are basically two ways a business can do wire transfers. Some do wire transfers at their bank. Other businesses can initiate wire transfers directly from their offices.
According to Canton Co-operative Bank Customer Service Representative Jill Corwin, “Any business using wire transfers absolutely has to have strong internal wire transfer procedures in place with multiple-factor confirmation and authentication to be sure the wire transfer request is genuine. This especially applies to businesses who initiate their own wire transfers.”
“Also,” Jill Corwin added, “only a limited number of employees should be allowed to initiate wire transfers and those individuals should have ongoing training to anticipate, recognize and avoid the increasingly-believable scams.”
If your business is using wire transfers and you have security questions or concerns, speak to your security provider or your bank as soon as possible about strong “best practices” specifically for your business or industry.
If we can be of any assistance here at Canton Co-operative Bank, come see us or call Jill Corwin at 781-828-8811 x18.