Wire Transfer Protocols

Establishing a Wire Transfer Protocol to Avoid Fraud

By Marco Alcala March 12, 2023

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 initiating a wire transfer, verify the identity of the person requesting the transfer. You can do this by asking for their name, phone number, and email address, and verifying this information against your records. If the person is unknown to you, ask for additional information to confirm their identity.
Check the account information: Verify the account information provided for the transfer, including the account number and bank routing number. You can do this by contacting the bank directly or using an online verification tool.
Verify the purpose of the transfer: Ask the sender for the purpose of the wire transfer, and ensure it aligns with your business or personal requirements. If the reason seems suspicious or unusual, investigate further or seek advice from a trusted source.
Confirm the transaction details: Double-check the transaction details, such as the amount, currency, and recipient information, before initiating the transfer. Ensure that the details match the request and that there are no errors.
Beware of urgent requests: Be cautious of urgent requests for wire transfers, especially if they come from via email or a phone call that appears to come from your CEO. Scammers may use urgency to pressure you into making a mistake. Your CEO’s voice can easily be faked using DeepFake technology.
Verify changes to existing instructions: If you receive a request to change an existing wire transfer instruction, verify the authenticity of the request by calling the sender and confirming the change.
Use two-factor authentication: Use two-factor authentication to verify the identity of the person requesting the transfer. This can include using a password and a confirmation code sent to a trusted phone number or email address.
Educate yourself: Educate yourself and your staff on common wire transfer scams and how to avoid them. Stay up-to-date on the latest fraud techniques and methods.

By following these steps, you can help to verify the authenticity of a wire transfer request and avoid falling victim to scams. If you are unsure about any aspect of the request, seek advice from a trusted source before proceeding.

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Last updated on March 12, 2023

Marco Alcala is the founder and CEO of Alcala Consulting, founded on July 1, 1997. He started with no capital, no employees and no plan – other than an unwavering belief that he could help his future clients use technology to make their businesses more efficient and successful. Since then, the company has grown to include offices in Pasadena, CA, and San Antonio, TX. They primarily serve mature and rapidly growing businesses looking to have IT and cybersecurity programs in place that simply run like clockwork. Marco attributes his team’s success to its ability to lead across a broad range of competencies, including application development, document imaging, enterprise resource planning, customer relationship management, infrastructure support, cybersecurity and help desk. It’s an extensive list – but Marco makes sure to remind clients that there’s no system that’s 100% secure. Criminals are going to find a way to break through your defenses one way or another, and you need to be able to detect those breaches as soon as they happen. That’s why it’s so important to identify someone within your company to serve as a point person in charge of cybersecurity. With larger firms, they even hire a chief security officer – but if you’re a smaller firm, that can run $300,000 per year or more. Because not everyone can afford that, Alcala is now offering that service on a shared, virtual basis. That way you don’t have to worry about cybersecurity because there’s somebody owning that responsibility and making sure the company’s protected in the way it should be. They even help clients who are applying for cyber liability insurance. Clients provide Marco with the application, and he answers everything and explains exactly what those responses mean in terms of associated policies and technology. And if he does discover a missing security control, he works with them to make sure it’s rapidly put into place. Marco graduated in 1997 with a bachelor of science in computer science from California State College, Northridge. In addition, he has since earned an extensive list of additional computer industry certifications, including: • Microsoft Certified Professional • VMWare Certified Professional – Data Center Virtualization • VMWare Technical Sales Professional Accreditation • VMWare Technical Sales Professional – Desktop Virtualization Accreditation When he’s not diving deeper into technology, Marco also loves dancing salsa and bachata – and when throwing a party, he’ll even pull out his conga drums and invite his guests to play along. Also into health and fitness, he’ll hit the gym early in the morning before heading off to work. He also enjoys mowing his lawn while listening to a good book on Audible. Marco loves to travel, and he adores his children, son Mark Anthony and daughter Isabella.