Virtually all financial and payments professionals believe payments fraud is only going to get worse in the near future, according to a new survey by TD Bank.
The survey, which polled attendees at April's NACHA-The Electronic Payments Association conference in Austin, Texas, found that 91% of 392 payments system stakeholders at the conference said they believe payments fraud is going to become a bigger threat in the next two to three years. That's up from 89% in 2016, the bank said.
"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," TD Bank Head of Corporate Products and Services Rick Burke said. "Corporate treasurers need to create layers of control for accounts and payments processing, both within their organization and in conjunction with their banking partners."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
