Frequently asked questions
Starting on Monday, December 2, 2019 we are modifying our internal controls for outbound wires from your account(s). As a result of this modification, you will no longer receive callbacks on every wire you send.
Below are Frequently Asked Questions that will help you prepare for the upcoming changes:
SVB Private will no longer perform callbacks on each and every manual wire transfer. The only time a callback will be performed is if the transaction is suspected of fraud or if there are items that require clarification prior to sending, this includes wires initiated in person and through Digital Banking. This will lead to expedited wire processing for payments that are not flagged for suspected fraud.
Who will be impacted?
All client wire transactions debiting from deposit accounts or savings accounts will be impacted by this change.
When will this change happen?
Monday, December 2, 2019
Why is SVB Private making this change?
SVB Private has invested in upgrading and enhancing our Fraud Monitoring technology. We are dedicated to identifying and implementing industry best practices to keep up with the ever-changing and growing sophistication of wire fraud activity.
However, clients need to be aware that no system can guarantee that all fraud will be detected or prevented. We emphasize that our customers should be just as involved and proactive in the protection of personal information as we are at SVB Private and always have a questioning mindset before you wire money. We strongly believe fraud prevention is a partnership between SVB Private and our valued clients.
How will this new technology be able to detect possible wire fraud?
The technology applies behavior-based and machine learning fraud detection technology to wire transactions. The system monitors, analyzes, and calculates a real time risk score for every transaction.
Do I need to complete new wire paperwork?
No. We will update our wire transfer agreements, callback, and authorization pages to reflect these changes in security procedures at the time of the transition. Updated documentation will be available for new clients or when existing clients make changes to authorized callback individuals.
What if I have initiation limits or I require dual signatures?
All authorization limits and restrictions will remain in full effect.
But I rely on callbacks for my internal controls. Can I continue to receive callbacks?
No, however, our Digital Banking platform offers the following security features:
- Transaction alerts for completed wire transactions
- Dual Control with Mobile Approval
- User Access Management and Entitlements
- Advanced Security - Peace of mind that your accounts are secured with device-aware, multi-factor authentication and continuously monitored for suspicious behavior, but don’t get in the way when you need to get things done.
SVB Private believes that awareness is a key component in order to prevent fraudulent activity.
What are some best practices to guard against becoming victims of fraudulent wire requests?
- Confirm email requests from a known party by phone or in-person in case your email has been hacked.
- Be wary of e-mail only wire transfer requests and requests involving urgency.
- Never wire money to counterparties you don’t know – regardless of how convincing or legitimate their wire request looks and sounds.
- Ignore any offer from someone you don’t know who asks you to deposit a check in your account and then instructs you to wire that money to someone else.
- Closely monitor your bank accounts on a daily basis via Digital Banking.
- When finished with Digital Banking, log off and close the browser.
- Never access Digital Banking accounts on public computers.
- Download Trusteer to provide enhanced security – a service provided by SVB Private at no charge.
Additional helpful tips for businesses when it comes to fraudulent wire transfer requests:
- Make sure your policies and procedures regarding wire transfers and other banking activity are understood and practiced by employees.
- Establish an employee awareness program.
- Establish procedures for incoming and outgoing payments.
- If possible, require a second authenticator within your business for all requests for wire transfers.
- Pick up the phone and verify legitimate business partners.
What should you do if you suspect you are a victim of a wire transfer fraud?
If you suspect you’ve been a victim of fraud, you should contact SVB Private immediately at FraudOperations@bostonprivate.com. We also recommend that you contact local law enforcement as well as the FBI’s Internet Crime Complaint Center (ic3) at www.ic3.gov.
For more information visit svbprivate.com/Fraud