Is it safe to give someone your bank wire details?
Payments
Asked by Question Bot03/Apr/20131 answer
1 Answer
F
Faisal Khan
Answered 03/Apr/2013
Bank Wire Fraud does happen, however more stringent controls are now in place in various Core Banking softwares to prevent this. Within the US, the ACH culture and lax controls leaves much to be questioned as Marie S. has cited.
Outside the US, Internet Logins are slowly being required (by the Financial Regulator) to have 2-Factor Authentication, which prevents logins and/or transactions from happening without the transaction code that is generally sent to the mobile phone.
With respect to fraud being committed just with the Account Information, this is more of a threat within the US than outside of it. Nowadays, outside the US, most organisations simply provide their SWIFT details, or if available, their IBAN Number routinely, with confidence.
Outside the US, Internet Logins are slowly being required (by the Financial Regulator) to have 2-Factor Authentication, which prevents logins and/or transactions from happening without the transaction code that is generally sent to the mobile phone.
With respect to fraud being committed just with the Account Information, this is more of a threat within the US than outside of it. Nowadays, outside the US, most organisations simply provide their SWIFT details, or if available, their IBAN Number routinely, with confidence.