We had a similar case with an elderly customer wanting to wire funds to a foreign country. The best way to try and prevent it is to have a thorough conversation with the customer regarding the purpose of the wire and the person they are sending it to. Most will say its an investment or they are helping a family member or friend.....these answers should raise Red Flags and more questions need to be answered before sending the wire. The bank does not have to allow a wire to go through if they suspect fraud or a scam may be taking place. Educating our staff and our customers is the best way to prevent this from happening.
We had a similar case with an elderly customer wanting to wire funds to a foreign country. The best way to try and prevent it is to have a thorough conversation with the customer regarding the purpose of the wire and the person they are sending it to. Most will say its an investment or they are helping a family member or friend.....these answers should raise Red Flags and more questions need to be answered before sending the wire. The bank does not have to allow a wire to go through if they suspect fraud or a scam may be taking place. Educating our staff and our customers is the best way to prevent this from happening.
Thank You for the perspective Mike.