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The Benefits of a Convenient and Secure Wire Transfer System

Chelsea Groton recently implemented a new wiring system, which complements our online Wire Transfer Service, to provide business customers with an efficient, streamlined and secure experience when sending and receiving wires.

Improved Efficiencies
Through Chelsea Groton’s online Wire Transfer Service, business customers are able to submit wires directly within online banking, rather than manually sending a fax or visiting a branch. Customers can also sign up to receive real-time, secure emails confirming the details of incoming wires. This is especially helpful for attorney practices, for example, which need to ensure a wire has been received before a closing can occur.

Both domestic and international wires can be sent using the Wire Transfer Service. In addition, customers are able to save recurring wiring instructions, so if they frequently wire to the same vendor, they just need to update the amount of money they are transferring and verify that the recipient’s information is still accurate.

“We’re encouraging our business customers to adopt the online wire origination system for the convenience, automation and tracking benefits, as well as built-in security measures,” explained Alexis Kahn, Business Banking Officer at Chelsea Groton Bank.

A man with glasses and a light blue shirt sitting outside on steps smiling at a tablet and a graphic orange overlay

Built-in Security Measures
Each properly authorized Wire Transfer user is provided with an RSA Security token to access the Wire Origination module, adding an extra layer of security in addition to the security features included in the online banking system. This RSA token produces a randomized code and is tied to the user’s online banking log-in credentials to further safeguard against unauthorized wire requests.

Dual approval can also be set-up so one person, such as a bookkeeper or paralegal, could initiate the wire and a second person, such as a business owner or attorney, could approve the wire for distribution.

Tips for Avoiding Fraudulent Wire Activity
“Globally, there are many attempts at fraudulent activity via wires,” shared Alexis. “While our system is set up to prevent a hacker from accessing a customer’s funds, we advise businesses to take certain precautions when determining who to do business with, to help ensure your business does not become a victim.”

Businesses should keep the following advice in mind:

  • Do not accept wiring instructions over email. If a vendor is communicating new wiring instructions through email, call the contact to verify instructions to ensure the money you are planning to wire is going to the correct destination and not to someone who has hacked into the account of the party you are trying to do business with.
  • If the deal seems too good to be true, it probably is. A good rule of thumb is to do your research on the reputation of the company before you buy. For example, if you’re trying to purchase a piece of equipment through a lesser-known vendor who is advertising it for half the typical cost, try to find out more about this vendor. You don’t want to make the mistake of wiring money away and never receiving the equipment you thought you were purchasing because it was a scam.
  • Question whether the bank account location makes sense, especially when it comes to international addresses. If you’re purchasing a domestic product or a product from a certain country of origin, but the destination of the bank account in the wiring instructions seems odd, do some further due diligence. Ask questions to the recipient and within your industry in order to establish the legitimacy of where you’re being asked to send money.

Interested in learning more about Chelsea Groton’s online wire transfer system and if it could be the right solution for your business? Contact our Business Banking Department at 860-448-4203 or send us an email.