Wire Transfers: A Fraudster’s Dream and a Banker’s Nightmare

Financial Institutions

May 01, 2014
by Shelley Foster

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In recent years, the number of wire transfer fraud attempts has increased for all financial institutions, including smaller community institutions. There have been increased numbers of corporate account takeovers and hacked e-mail accounts. Weak or inadequate controls over your wire transfer department could make your institution susceptible to wire transfer fraud. What are the risks?

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Length: 2 pages (PDF 53 kB)

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