Emailing and texting are so ingrained in our everyday life that we don’t think twice before sharing banking instructions like account and routing numbers. That’s the most common way payment details are shared for wire transfers, which is often the payment method of choice over checks for large transactions — from legal settlements and real estate transactions to investments and private dealings.
But security protocols are only as effective as the weakest link in the process — how the sensitive information required to complete the transaction is commonly shared. It’s also a step that’s often overlooked when considering the risk of payment fraud.
These insecure methods create major risk factors in an otherwise secure process, giving cybercriminals multiple access points to breach and misdirect funds.
“There’s a lot of varying process from organization to organization with wire transfers, ” said Patrick Gramza, customer success manager at WireVault. “Oftentimes, the controls put in place with good intentions are not followed.”
WireVault was developed to directly combat this issue by offering an alternative that’s easy to use and backed by best-in-class cybersecurity. Here’s how:
Whether it’s PDFs over email or text threads with phone verification, getting the information needed to complete a transaction is often a highly hands-on, virtual process. Which also means there’s no surefire way to confirm whether payment instructions are valid.
WireVault streamlines it by providing a single interface to collect, store and share this sensitive information — whether you’re sending a payment or receiving one.
By offering a set procedure, WireVault ensures your security protocol is followed and payments end up where they belong. It removes the back-and-forth communication over email or text, eliminating the threat of wire fraud and alleviating data-entry error.
Sensitive information like account and routing numbers are provided directly from the parties involved, with two-factor authentication verifying identify. This data is then stored on a private blockchain where it cannot be altered by anyone — giving cybercriminals no way to breach and misdirect payments. Only authorized users can view the information, again after two-factor authentication.
“Everyone is busy, everyone is trying their best but maybe not following all processes, ” said Gramza. You don’t have to worry about employees following safe standards because WireVault takes the place of that.”
