In recent years, the industry has seen a significant uptick in fraudulent wire transfers, often accomplished through business email compromise scams. Citizens Union Bank sought to protect its account holders from this type of fraud. By selecting Bio-Wire, ACH Alert’s automated wire transfer approval process, the bank’s customers can now stop wire fraud in real time. Additionally, the bank has eliminated call backs, increased operational efficiencies and improved the customer experience.

“Citizens Union Bank has experienced success with other ACH Alert products, so we looked to them for a solution that would prevent wire fraud,” said Kim Dodson, treasury services manager at Citizens Union Bank. “Bio-Wire addressed our concerns about wire fraud and encourages our customers to be involved in protecting their account from cybercriminals. The service has also improved the customer experience, as account holders no longer have to call each time they send a wire transfer, so this saves our customers time while offering them a higher level of security.”

Bio-Wire systematically analyzes wire transfers and alerts the customer if a pre-defined rule set is violated. Customers respond by making a phone call to a 24/7 automated system and they are authenticated using voice biometric technology. This process eliminates call backs and improves the customer experience while mitigating the risk of wire fraud.

“Biometric technologies, such as Bio-Wire, can reliably authenticate an account holder’s identity, which allows financial institutions, like Citizens Union Bank, to truly enhance the level of security provided,” said Deborah Peace, AAP, chief executive officer of ACH Alert. “Citizens Union Bank has accomplished this while simultaneously making it easier for customers to initiate wire transfers, as customers are only called to action if a transaction looks suspicious.”