Pub. 7 2012-2013 Issue 2

July/August 2012 17 Extraordinary Service for Extraordinary Members. experience direction Experience guidance from a national CPA and advisory firm that has helped approximately 1,200 financial services clients manage change, make informed business decisions and remain compliant. Let BKD help you chart a course to success. Learn more at bkd.com . Lincoln 402.473.7600 Omaha 402.392.1040 bank should follow all of the available verification proce- dures. Proper use of verification codes on the fax should be checked. Proper verification codes should be a part of any phone verification process. Wire transfer requests by phone should almost never be allowed. In addition to problems with possible fraudulent calls, the failure to have a written instruction results in more losses to the bank. If a customer makes an error in verbally providing the amount, routing number, or account number, it is usually impossible for the bank to document that it was the customer’s error and not the bank’s error. Wire transfers are a necessary part of bank business for some customers. The process should be approached by banks with caution and with good procedures. Because of the recent methods being used in scams, banks should be reviewing the wire transfer process so that these kinds of scams will be caught before a wire is sent. Wire requests to wire funds to international locations should be looked at with extreme skepticism because it is very difficult to get other countries’ law enforcement to work quickly to stop the crime or capture the criminals. If a scam is not detected before a wire is sent, it is often impossible to reverse the wire. Z For more information, contact Kansas Bankers Surety Co. at (785) 228-0000.