Funds-transfer verification (call-back rule)
In one sentence
A rule that any payment or bank-detail change is confirmed by phone at a known number before money moves.
This procedure requires verifying any new payee, bank-detail change, or unusual payment request by calling a previously known number, never one from the request itself. It's free, one page, and closes the path that business email compromise and funds-transfer fraud rely on, which together drive 58% of incidents (Coalition 2026).
Why it's on your cyber insurance application
A named question on crime/funds-transfer supplements; documenting it can be a coverage condition.
What this looks like in practice
One page: who can authorize a payment, the threshold that requires a second approver, and the rule that any new payee or changed bank detail is confirmed by calling a number already on file. Keep a line in the file for each verification call, with the date and who was called. That log is the proof a crime supplement asks for.
How the Readiness Check scores it
The free Check asks the same question a carrier will. Here it is, why it's asked, and the fix if today's honest answer is no. The full application question list has the rest.
Funds-transfer controls
Before changing bank details or sending an unusual payment, do you verify by phone using a known number?
Why carriers ask: Funds-transfer fraud is the single most common small-business loss type. A documented call-back verification procedure is cheap and prevents it, and some carriers require it for full FTF coverage.
If the answer is no: Institute the call-back rule today and tell every person who can move money. It's free and it prevents the most frequent claim type outright.
The written evidence carriers accept
A “yes” on the application needs a document behind it. In the Readiness Pack, that document is:
Guides that cover this
Cybersecurity 101: the basic precautions insurers actually notice
A plain-English guide to the cybersecurity basics that move the needle on a cyber insurance application, and which of them you can fix in an afternoon.
What construction contractors need for cyber insurance
Contractors face the same cyber insurance requirements as everyone, plus sharper wire-fraud questions. Here's the contractor-specific readiness list.
Where this comes up by trade
Some trades get asked about this harder than others, usually because a rule or a claim pattern already points at it. These pages have that detail.
Related terms
Would you pass this question today?
The free Readiness Check scores you across the ten control domains carriers probe, in five minutes, no email required for the score.