Todd Kesterson | Source | Principal in the family office services department at Kaufman Rossin

Having proper controls in place surrounding wire transfers can help mitigate the risk of this type of fraud. If a bank or financial advisor receives a non-recurring wire transfer request, via fax or email, there should be a multi-step verification process. For example, try to verify the request by calling the client, by asking for personal identifying information – a PIN number, birth date, Social Security number — answers to security questions, or verification by another person that the client has previously designated on the account.