Wire transfer confirmation numbers explained
When you initiate a wire transfer, your bank provides a confirmation number. But what does it actually mean, and can it be used to verify the transaction's security?
What is a wire transfer confirmation number?
A wire transfer confirmation number is a unique alphanumeric code assigned by the sending bank once a wire instruction has been processed. It serves as an internal reference for the bank and a receipt for the customer. However, it is important to understand that a confirmation number is not proof that the funds have reached the recipient's account.
The Federal Reference Number
While the confirmation number is internal to your bank, the Federal Reference Number (or IMAD/OMAD) is the industry standard for tracking wires across the Federal Reserve's Fedwire system. This 16-to-22 character string is generated once the wire enters the national payment rail and is the only definitive way to track a wire's progress between institutions.
Pro Tip: Don't rely on screenshots
Fraudsters frequently create fake wire receipts and confirmation numbers to trick victims into believing a transfer is safe. Always verify transaction details through your bank's official portal or by calling a known, verified number.
How CertifID enhances wire security
CertifID goes beyond confirmation numbers by verifying the identity of the parties involved and the authenticity of the wiring instructions before the transfer even happens. Our platform ensures that you are sending money to the right person, not a scammer with a spoofed email address.