Is calling a client back still considered enough before sending a large wire?
I was talking to someone who works in private banking and they mentioned that business email compromise has made large wire transfers a lot more stressful than they used to be. I always assumed the standard process was pretty simple, if a client emails a wire instruction you call them back on the number you already have on file before doing anything.
But then he also told me about SIM swaps and call forwarding and it made me wonder if that process is still considered enough. For people working in banking treasury or family offices what does verification actually look like today? Is it mostly dual approvals and internal policies or are firms starting to use identity verification tools as well? I saw Kibu mentioned in an article about secure communications but I don't know if it's something people actually use or if callbacks are still the norm.