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.