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Wire Transfer Verification Procedure

Callback-based verification workflow to prevent BEC and wire fraud. Define your approval matrix, verification methods, and bank detail change protocols.

📋 What this cyber insurance requirement is

A wire transfer verification procedure for cyber insurance should define out-of-band callback verification workflows, document transaction threshold rules and approval matrices, specify approved verification methods including phone callback, video, and dual approval, outline authorized approver roles and escalation procedures, and establish bank detail change protocols. Carriers require this documentation to verify your organization has controls to prevent business email compromise (BEC) and wire fraud — the #1 cyber insurance claim type by dollar amount.

Create your wire transfer verification procedure below

What you'll get
  • ✓Out-of-band callback verification for wire transfers and vendor banking changes
  • ✓Transaction threshold rules and approval matrix
  • ✓Approved verification methods (phone callback, video, in-person, dual approval)
  • ✓Authorized approver roles and escalation procedures
  • ✓Bank detail change workflow requirements
  • ✓Mandatory training and awareness program outline
  • ✓Carrier alignment (Coalition, Hartford, FBI recommendations)
1. Procedure Details
2. Preview & Download

The company name as it appears on your policies and official documents.

Transactions above this amount require out-of-band verification.

Multi-select: which out-of-band channels does your organization accept?

Which roles can approve wire transfers or vendor banking changes?

Procedure for validating banking information changes before processing.

How often does your organization conduct wire fraud prevention training?

What carriers are looking for

Each carrier asks slightly different questions. Here are some named artifacts by carrier.

Coalition

  • Evaluates secondary verification of funds-transfer procedures
  • Requires account change verification
  • Callback verification aligns with their unauthorized transfer prevention recommendations

Hartford

  • Requires verification of wire transfer requests
  • Vendor banking detail change verification
  • Satisfies wire fraud prevention controls

FBI

  • Recommends verifying funds transfer requests via known contact channels
  • This procedure implements guidance through documented callback workflows

What proves this control

Evidence That Proves Implementation

  • Documented wire transfer procedure manual or policy
  • Callback verification templates and checklists
  • Transaction threshold rules and approval matrix documentation
  • Approval role and segregation of duties matrix
  • Bank detail change request forms with verification requirements
  • Wire fraud awareness training materials and completion records
  • Sample wire transfer request with callback verification log

What This Does NOT Prove

  • Staff actually followed the procedure during live transfers
  • Verification was completed for every transfer in review period
  • Training was completed (requires attendance records)
  • No unauthorized transfers occurred
  • Callback verification was performed out-of-band (not documented call)
  • Bank account changes were rejected or flagged when suspicious

Ownership & Responsibility

🏢

Policy Owner

Chief Financial Officer (CFO) or Treasurer

🔧

Implementation

Finance and Accounting

🤝

Enforcement

AP Manager and accounting staff

📅

Annual Review

CFO with external audit involvement

Frequently Asked Questions

What's the difference between phone callback and video verification?
Phone callback uses a known phone number (from historical records, not email) to confirm details. Video adds visual identity verification. Both are out-of-band (separate from the wire transfer request channel) and satisfy carrier requirements.
Why require callback to a known number instead of the requester's phone?
Attackers often provide spoofed or compromised phone numbers. Using pre-registered contact details (from directory, employee record) prevents reaching the attacker's phone line and defeats phone-number spoofing tactics.
Should the same person who requests a transfer also verify it?
No. Segregation of duties requires the approver/verifier to be a different person from the requestor. This prevents both BEC (attacker in middle) and insider abuse.
What threshold makes sense for our company?
Common thresholds range from $10k to $100k depending on company size, transaction volume, and risk appetite. Smaller organizations often use lower thresholds. Review with your finance team and insurance broker.
How often should we train staff on wire fraud?
Annual training is a baseline. High-risk environments (frequent wire activity, recent attack) may require semi-annual or quarterly training. New employees should receive training during onboarding.
What if a vendor requests a banking change via email?
Always verify via phone callback to the vendor's main phone line (not the number in the email). Confirm the change with the vendor's accounting contact using pre-registered contact details. This prevents BEC attacks targeting vendor banking information.

Sources (March 2026)

  • FBI Internet Crime Complaint Center (IC3) – Wire fraud prevention guidance and BEC attack patterns
  • Coalition – Controls assessment for funds transfer verification and secondary confirmation procedures
  • Hartford – Wire transfer and vendor banking detail verification requirements
  • CISA – Business Email Compromise (BEC) prevention best practices
  • NIST Cybersecurity Framework – Access control and payment system safeguards

Ready to strengthen your financial controls?

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