Security tip: Implementing internal policies for money transfers

Security tip: Implementing internal policies for money transfers

Online banking has drastically changed the face of business finance with its speed, convenience, and accessibility. But as helpful as it is, it has also made fraudulent wire transfers requests easier to create and profit from. Hackers recognize the importance of internet banking in the corporate world and use it to their advantage.

Whether you’re paying taxes, charging a client for a consultation, or purchasing a new IT tool, the Web is not the most secure place to transfer money. But despite facing a laundry list of risks when sending money online, there are plenty of safety measures you can take to protect yourself. Here are some processes you can implement to avoid wire transfer disasters.

☐ Safeguard your device first

Before you can secure your systems and email solutions from falsified wire transfer requests, you must prepare your devices. Start by updating your operating systems (OS), software, and web browsers. Then, make sure to download the latest version of a robust antivirus program, as well.

Finally, never perform a transfer using communal work machines, public computers, or a friend’s device. Using work machines is okay but only if you’re the sole person who uses them.

☐ Beware of unusual requests

Always be on the lookout for anything out of the ordinary. This could be a request to send money to an account you’ve never seen before, instructions with tight deadlines or pressure for you to act quickly, or incorrect language or grammar. Contact the appropriate person right away and verify the transaction if anything looks to be out of the ordinary.

☐ Require a verbal confirmation

Always contact the person who filed the transfer request in another channel to confirm it is correct. You can simplify and secure this process by restricting wire transfer requests to a few, or even a single person. This is crucial because a verbal confirmation is a lot harder to falsify than written documents sent via the internet.

☐ Verify changes

Don’t fall victim to last-minute changes to transfer instructions or rules. Verbally verify alterations with your wire transfer vendor before changing anything. If the changes are legitimate, there will always be ample time to comply.

☐ Be wary of phishing emails

Phishing emails have become the most successful strategy for creating fake wire transfer requests. A common trick is slightly modifying an email address (i.e. from to, so train your employees on the importance of email security and how to spot and avoid phishing emails.

Furthermore, it’s important to use strong, long, and unique passwords to secure your payment accounts. Passwords should include uppercase and lowercase letters as well as numbers, symbols, and spaces. Even then, you should still implement a two-factor authentication system. This way, you can confirm a user’s identity using SMS- or email-based security codes.

☐ Verify a website before using it

Everyone should avoid untrustworthy online money transfer services. That means sticking with reliable names like Paypal, MoneyGram, or Western Union. If you try something outside of that list, make sure to check that the provider’s website uses strong encryption, denoted by a padlock and ‘https’ in the address bar. If that’s missing or there’s a suspicious banner advertisement, you might want to look elsewhere.

☐ Use a transaction guarantor

To ensure 100% security with your wire transfer, use some sort of transaction guarantor, such as Verified-by-Visa or 3D Secure. They will require another one-time password before the transaction to add another layer of security.

It’s your job to keep an eye on your bank account and financial data. To make the job easier, hire a trusted managed services provider like Vertex. We’ll help you to make sure your financial data is safe 24/7/365. Call us today and enjoy unlimited maintenance and support, vendor management, robust security, and many more — all for a fixed price.

Like This Article?

Sign up below and once a month we'll send you a roundup of our most popular posts