Process Wire Transfers Online to Reduce Fraud
May 30, 2012
The banking environment has changed! Before things like identity theft or corporate account takeover, it was common to accept instructions from customers by fax or phone.
We continually update customer service practices to assist you in keeping your account information safe. For an additional measure, consider processing your wire transfers online.
Processing wires online reduces the possibility of funds being redirected to the wrong destination. For customers that send recurring transfers to the same destination, a template can be built so only the dollar amount and date can be edited. Originating wires online allows the users identity to be more thoroughly verified and protected when combined with the use of security tokens.
Enjoy the convenience of online initiation of domestic and foreign wire transfers within Home Federal Bank’s Online Business Banking. With both repetitive and non-repetitive wires available, you are in control.
Online access gives you the convenience of submitting wire requests from home or office, 24 hours a day, 7 days a week, and at a lower cost than traditional wire transfer methods.
The threat of fraudulent wire transfers is real. Common fraud tactics include receipt of faxed requests that appear authentic and requests to change the destination of funds. Criminals commonly try to impersonate a legitimate customer or vendor to gain access to funds.
If your banker asks you to come to the bank to process a wire transfer in person it’s because we take security of your accounts seriously. We want to be able to verify all information, including your identity. Nobody wants their money to be stolen and sent to the wrong place!
Online wire transfers are quick and easy to process – and they can help reduce fraud, save time and don’t require a trip to the bank.
Ask your banker or contact us for more information about this convenient and safe service.
Tips to Help Protect Yourself Against Wire Transfer Fraud
- #1: If someone sends you a check and later calls you to return all or a portion of the funds through a wire transfer, this is probably a scam. Even though the money is available in your account, this doesn't mean the funds have cleared.
- #2: If an offer sounds too good to be true, it probably is.
- #3: If someone you don't know asks you to send or receive a wire transfer, don’t. Only send money to people you know and trust.
- #4: Wiring money is like sending cash; almost impossible to retrieve once it has been sent.
- #5: When making purchases online (eBay, Craig's List, etc.) and sending payment in the form of a wire, verify the validity of the item being purchased and the person or company selling the item. Contact the company (eBay, Craig's List, etc.) directly to ensure the advertisement and the seller are legitimate.
- #6: Never provide your banking information to unknown individuals or businesses.
- #7: Never wire money to a “relative” in crisis without checking out the story first.
Home Federal offers Personal Banking, Business Banking, Ag Lending , Home Loans, Trust and Asset Management, and Investments. With so much to offer, learn what Home Federal can do for you.