International Services

Many account holders rely on international wire transfers for a fast and convenient way to send money just about anywhere, right from their local branch.

But differences among financial institutions and countries mean the information required can vary, and can make the process more complex.

When initiating a wire, it’s important to verify the source of the funds, the recipient’s information, the purpose of the payment, and the destination country, currency, and amount of the wire.

Getting the correct information helps prevent returns, delays, and extra fees.

Even more important, it can help YOU spot potential fraud.

Because international wires are typically immediate and final and they can be difficult to recall, they’re one of the most preferred payment methods used by scammers.

Consumers and businesses lose more than four billion dollars a year to online fraud and other cybercrime, often through wire payments.

These scams come in many forms, including threats from I-R-S imposters, Interest on Lawyers Trust Accounts scams, fake charities, sweetheart scams, real estate scams, and fake family emergencies.

When discussing wire transfers with customers, be alert for red flags. These include:

An unexpected, official-sounding message with typos, urgent language calling for immediate payment, and threats of imprisonment, fines, account closure, or home foreclosure.

Also, watch out for deals that sound too good to be true, or unusual transaction requests.

Requests to verify personal or account information.

A wire recipient who the sender doesn’t know, or who won’t communicate by phone, or a known wire recipient whose payment instructions have changed.

Or evidence that your customer exhibits fear due to harassment or was coached on what to say at the financial institution.

Scams can be sophisticated. It can be hard to convince some customers they’re a victim of fraud.

Before initiating the wire, ensure the customer understands and accepts responsibility for the transaction.

You play a key role in detecting potential wire transfer fraud, and helping to protect account holders.