Payment Professionals Expect Fraud Growth
Monday, June 19, 2017
Financial and payment professionals do not anticipate any respite from cyber fraud and cyber attacks in the near future, according to a recent TD Bank survey. An overwhelming 91 percent of respondents stated they anticipate that payments fraud will become a bigger threat in the next two to three years, up slightly from last year (89 percent).
TD's survey at the NACHA Payments 2017 conference collected responses from nearly 400 finance professionals on industry trends and outlook.
These cyber concerns are not without merit, as 64 percent of respondents reported that either their organization or one of their clients was involved in a cybersecurity event in the past year. The most commonly cited incidents were business email compromise (20 percent); account takeover (19 percent); and data breach (15 percent).
"Companies need to be mindful that everyday tools from email to the Internet can pose risk to payment operations, and the criminal toolbox is expanding," said Rick Burke, Head of Corporate Products and Services, TD Bank. "Corporate treasurers need to create layers of control for accounts and payments processing, both within their organization and in conjunction with their banking partners."