Never seen bios report inaccurate temps. High temps yes, the cpu in bios is under a load, so isn't idle like it is in OS. But that cpu with that cooler shouldn't be beyond 50's in bios.
It's possible the pump isn't working, it's also possible you missed a step in the installation process such as removing the safety plastic from under the pump. It's also possible you are one of those ppl who will not tighten screws because you are scared of breaking the cpu. It's also possible that that liquid metal Tim you used isn't doing its job right, I've never liked using that under a cpu cooler. Under a lid, sure, but not under the cooler. Far too great a possibility for error, either in the concave nature of the cooler base/lid leaving air gaps or one tiny drip running down the cpu into the pins, which then shorts out the cpu and cannot be cleaned out of the socket.
Try coretemp, set it for distance to TjMax, the bigger the number, the better. If it's seeing temps in the teens then guaranteed there's a temp issue.
Worst case scenario, use the stock Wraith cooler and see what it's temps are reading.