Answer:
It depends on whether your not your security procedures are deemed to be commercially reasonable under the UCC4A, which would be determined in a court of law. Get your legal counsel involved.
Liability for BEC Wire Transfers
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Question:
If a bank receives a wire transfer request from a customer who we have a signed agreement with and which outlines security requirements for them, and the wire transfer turns out to be a BEC (Business Email Compromise), who is liable for the fraudulent "authorized" transfer?
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