Wire Fraud Prevention Act.

HB 264, the Wire Fraud Prevention Act, requires banks to verify payment orders through specific security procedures (like verbal checks with customers and beneficiaries) before processing transfers. It mandates that banks refund full amounts for unauthorized payments within 90 days of notification, or 25% within 30 days for certain cases, while customers must report issues promptly to avoid losing interest. The law also obligates beneficiary banks to pay recipients within specific timeframes (including delaying full payment for new accounts over $100,000) and notify recipients of payment receipts by midnight the next business day. This directly affects banks handling wire transfers and their customers, with changes taking effect October 1, 2025.