Gateway Security Solution
Wire transfers offer immediate and final transfer of funds to assist in managing your business efficiently. However, they pose one of the single greatest risks of loss to a company because of the speed with which losses can occur, the potential size of such losses, and the inability to recover the funds once they are transferred to the destination institution.
Domestic and international wires can be completed online using First Bank’s Business eBanking service, over the phone by calling the wire room directly or in person by visiting your local branch.
Wire Online Security
Business eBanking is supported by a multi-factor authentication architecture that ensures secure system access and transaction delivery. Business eBanking also incorporates extensive processing controls and fault tolerant operations, enabling First Bank to meet the most stringent business audit control requirements.
Unfortunately, no single security measure is likely to be effective in preventing or mitigating all fraud risks. A layered approach to online banking security is the best way to protect our customers from criminals seeking to drain their accounts and steal confidential information. One of the most important components of this layered security process is the use of Dual Control.
Business eBanking Dual Control
Dual Control requires two different people to complete the wire origination process - the first person initiates the transaction(s) and a second person, the approver, confirms the validity of all transactions before the information is sent to First Bank for processing. Dual Control helps ensure that errors or irregularities in wire transfer transactions are detected on a timely basis during the normal course of business.
Additional Security Measures
- Reconcile all banking transactions on a daily basis
- Report any discrepancies or suspicious transactions immediately
- Initiate wire transfer payments under Dual Control where one individual initiates the entry and a second individual approves the entry
- Use a dedicated PC, one not used for any other online activity, for accessing online banking accounts
- Be aware of changes to the look of the Business eBanking login screens
If the screens are unfamiliar or if the customer is prompted multiple times for a security code, contact us immediately at Treasury Management Client Support at 1-866-326-7113.
Although implementing best practice measures are an effective tool against online fraud, this doesn’t guarantee your business accounts are secure. It’s best to discuss a strategy for your specific needs with a knowledgeable information technology professional.