Banks-to-bank transfers are sent through electronic, encrypted messages using a secure system. Since both banks are governed by strict rules and procedures for handling money, consumers can be at ease knowing there is a proven system in place. Internationally, bank transfers are considered one of the safest ways to send money as both parties are required to issue credible identification.

On the Other: Employees Gone Bad

Allbusiness.com reports that despite the lack of transfer fraud statistics that bank regulators and the FBI keep, there are many cases of wire-transfer fraud. An FBI representative interviewed by allbusiness.com explains that criminals who engineer wire frauds are either current bank employees or people who formerly worked in a bank and learned its security procedures. In an electronic transfer, an employee could essentially transfer all the bank's money.

Bottom Line

Most consumers do not experience bank-transfer fraud since bank systems are very complex and closely monitored to ensure proper procedures are followed. However, as with identity theft, website hacking, etc., there is no 100 percent secure method of dealing with technology nor with human error or defect.

Source:

SWIFT: Online Privacy Statement

Allbusiness.com: Keep the Lid on Wire Transfer Fraud Article

Wire Transfer Definition