91% of Finance Experts Predict Payment Fraud Will Worsen in Coming Years

June 12, 2017, Written By John H. Oldshue
91% of Finance Experts Predict Payment Fraud Will Worsen in Coming Years

Nine out of ten (91%) finance professionals believe that cyberattacks and payment fraud will get worse within the next three years, according to a survey from TD Bank. Nearly two-thirds (64%) of survey participants said their organization or one of their clients had been involved in a cyber security incident within the last year.

Email compromises were the most popular security threats, with 20% of finance experts having experienced an email hack. This was followed by account takeovers at 19% and data breaches at 15%. All have the potential to affect the financial accounts of a business, as well as consumers that use the company’s services.

Many finance professionals believe that automating payment systems will reduce cybersecurity threats, but adoption of those methods has been slow. Only 21% of businesses use paperless transactions, a slight decrease from 23% last year. 48% of respondents said it will take at least three years for their businesses or their clients’ businesses to become paper-free.

In addition to reducing fraud risks, automatic payment systems could increase efficiency, lower costs, and improve the accuracy of financial reports.

“Corporate treasurers need to create layers of control for accounts and payments processing, both within their organization and in conjunction with their banking partners,” said Rick Burke, TD Bank’s Head of Corporate Products and Services.

The information contained within this article was accurate as of June 12, 2017. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.

About John H. Oldshue

John Oldshue is the creator of LowCards.com. He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for LowCards.com.
View all posts by John H. Oldshue