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."
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