Attacks/Breaches

6/10/2016
10:30 AM
Connect Directly
Twitter
RSS
E-Mail
50%
50%

Financial Industry Anticipates Payment Fraud Spike

Security risks associated with electronic payments are top of mind among financial services professionals, TD Bank survey finds.

The majority of financial professionals worry that payments fraud will emerge as a major threat to their industry over the next two- to three years, according to a new report.

Nearly 90% of respondents to a recent TD Bank survey believe payments fraud will become a bigger threat to the financial services sector over the next two- to three years. Just 9% of respondents believed the threat will be under control relatively soon.

The financial industry has begun the shift to electronic payments: one in five respondents say their companies currently conduct them. Meanwhile, 32% of respondents say they expect to implement electronic payments in their companies within the next one to two years, and nearly 49% of respondents believe faster, or real-time payment processing is critical for their business. While faster payment processing may make their customers happy, the organizations may not be prepared for the security risks.

“The faster payments move, the riskier they become,” says Rick Burke, head of corporate products and services at TD Bank. “Organizations need to lean on their financial institutions to educate corporate treasurers and financial professionals on strategies to detect fraud and provide solutions to appropriately manage risk.”

The survey also found that nearly 60% of respondents want banking partners to help protect financial and data assets from theft by cybercriminals in the coming year.

Michael Orozco, managing director of cybersecurity and risk management in financial services at Accenture Strategy and co-author of a recent report on cyber risk in the financial industry, says advances in digital services are outpacing advancements in security. 

“With the continued investment and rush into digital capabilities, surprisingly, organizations are aware that the digital requirements are what’s really essential to continue to deepening and expanding customer relations, but it’s also providing an exposure to increased vulnerabilities,” Orozco says.

Related Content:

 

Emily Johnson is the digital content editor for InformationWeek. Prior to this role, Emily worked within UBM America's technology group as an associate editor on their content marketing team. Emily started her career at UBM in 2011 and spent four and a half years in content ... View Full Bio

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Want Your Daughter to Succeed in Cyber? Call Her John
John De Santis, CEO, HyTrust,  5/16/2018
Don't Roll the Dice When Prioritizing Vulnerability Fixes
Ericka Chickowski, Contributing Writer, Dark Reading,  5/15/2018
New Mexico Man Sentenced on DDoS, Gun Charges
Dark Reading Staff 5/18/2018
Register for Dark Reading Newsletters
White Papers
Video
Cartoon Contest
Write a Caption, Win a Starbucks Card! Click Here
Latest Comment: "Security through obscurity"
Current Issue
Flash Poll
[Strategic Security Report] Navigating the Threat Intelligence Maze
[Strategic Security Report] Navigating the Threat Intelligence Maze
Most enterprises are using threat intel services, but many are still figuring out how to use the data they're collecting. In this Dark Reading survey we give you a look at what they're doing today - and where they hope to go.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2018-1067
PUBLISHED: 2018-05-21
In Undertow before versions 7.1.2.CR1, 7.1.2.GA it was found that the fix for CVE-2016-4993 was incomplete and Undertow web server is vulnerable to the injection of arbitrary HTTP headers, and also response splitting, due to insufficient sanitization and validation of user input before the input is ...
CVE-2018-7268
PUBLISHED: 2018-05-21
MagniComp SysInfo before 10-H81, as shipped with BMC BladeLogic Automation and other products, contains an information exposure vulnerability in which a local unprivileged user is able to read any root (uid 0) owned file on the system, regardless of the file permissions. Confidential information suc...
CVE-2018-11092
PUBLISHED: 2018-05-21
An issue was discovered in the Admin Notes plugin 1.1 for MyBB. CSRF allows an attacker to remotely delete all admin notes via an admin/index.php?empty=table (aka Clear Table) action.
CVE-2018-11096
PUBLISHED: 2018-05-21
Horse Market Sell & Rent Portal Script 1.5.7 has a CSRF vulnerability through which an attacker can change all of the target's account information remotely.
CVE-2018-11320
PUBLISHED: 2018-05-21
In Octopus Deploy 2018.4.4 through 2018.5.1, Octopus variables that are sourced from the target do not have sensitive values obfuscated in the deployment logs.