Cyberattacks on Financial Industry to continue – Survey
Financial and payment professionals do not anticipate any respite from cyberfraud and cyberattacks in the near future, according to a recent survey conducted by TD Bank.
An overwhelming majority (91 percent) of respondents said that they anticipate payments fraud will become a bigger threat in the next two to three years, up slightly from last year (89 percent), according to a press release.
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 at TD Bank, in the release.
“Corporate treasurers need to create layers of control for accounts and payments processing, both within their organization and in conjunction with their banking partners.”
Survey respondents noted that automating payments processing could offer greater defense. Asked about the advantages of automating payments, 21 percent named fraud control and security as the top benefit.