Enact protections against wire transfer fraud

While you can implement many safeguards to protect your credit union, collaboration between the board of directors, management team, and credit union staff is critical to managing risks associated with wire transfers.

Protect your members by taking these steps:

  • Understand remote wire transfer risks. Know the risks associated with accepting remote wire transfer requests from members, and craft appropriate loss controls to mitigate the risks. Train all employees who might participate in wire transfers to handle them safely.
  • Adopt a written wire transfer agreement with members. Obtain a signed wire transfer agreement between the credit union and members documenting an agreed-upon security procedure for authenticating future remote wire transfers. This allows a credit union to shift liability for unauthorized wires to the member if his/her negligence contributes to the compromise of the security procedure.


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