Why We Perform Wire Callbacks — and How One Recently Prevented Fraud

Wire fraud continues to be one of the fastest-growing threats in the financial world. At Prism Bank, keeping your accounts safe and secure are one of our highest priorities. One of the key ways we do that is by performing a wire callback verification for every outgoing wire request.

What Is a Wire Callback?

Whenever our Customer Care team receives a wire request, we are required to call the account holder directly to confirm the transaction details before any funds are sent. This extra step plays a critical role in our fraud prevention process.

To ensure the integrity of the verification, we only use the phone number we have on file for your account. We do not use any numbers included in an email or supporting documents, as these can be manipulated in cases of fraud. No wire is released until this verification call is completed and the request is confirmed.

Real Example: How a Callback Stopped a Fraud Attempt

Recently, one of our customers submitted what appeared to be a routine draw request to their loan officer via email. Everything looked legitimate at first glance. However, as part of our standard process, we initiated a callback to verify the wire details — and that’s when concerns arose.

During the call, the customer noticed that the bank name listed in the wire instructions didn’t match what they were expecting. That discrepancy raised a red flag. After further investigation, the customer discovered that their email account had been compromised. A fraudster had intercepted the message and modified key details, including the wire amount and the destination bank information.

Because of our mandatory callback verification, the fraudulent request was caught in time. No funds were lost, and the customer was able to secure their email account before any further damage occurred.

Working Together to Prevent Fraud

Cybercriminals are constantly evolving their tactics — but so are we. This real-world example underscores just how essential our callback process is in protecting our customers and their financial transactions.

If you receive a wire verification call from our team, know that it’s a safeguard designed to protect you. And if you ever question the legitimacy of a communication, please don’t hesitate to contact us directly.