Verifying Wire Transfer Requests

Verifying the authenticity of a wire transfer request is an important step in preventing scams and avoiding losing money. Here is a procedure to follow:

Verify the sender's identity

Before processing any wire transfer, confirm the identity of the person making the request. This is especially critical when the request comes via email, as business email compromise (BEC) attacks often impersonate executives or vendors.

Key steps:

1. Use a known contact method: Call the requester using a phone number from your records—never a number provided in the email.
2. Implement a callback procedure: Establish a policy where finance staff must verbally confirm wire requests with authorized personnel before execution.
3. Verify bank details: When vendor payment details change, confirm through multiple independent channels.

Red flags to watch for

• Urgent requests that pressure you to bypass normal procedures
• Requests to send funds to a different account than previously used
• Emails that come from similar-looking domains (e.g., ceo@company.co instead of .com)
• Requests to keep the transfer confidential

Implementing and consistently following verification procedures can significantly reduce your organization's exposure to wire fraud.