Automation seen as relief for payment fraud worries
Financial and payment professionals don’t anticipate any respite from cyber fraud and attacks in the near future, according to a recent survey conducted by TD Bank.
An overwhelming 91 percent of the 392 finance professionals surveyed by the bank at the recent 2017 NACHA Payments conference said they expect payments fraud will become a bigger threat in the next two to three years.
The concerns are not without merit, the report said, with 64 percent of the respondents saying either their organization or one of its clients was involved in a cyber security 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 at 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."
The finance professionals surveyed said automating payments processing could offer greater defense against attacks, Burke noted. When thinking about the advantages of automating payments, 21 percent cited fraud control and security as the top benefit.