10:30 AM
Connect Directly

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
Newest First  |  Oldest First  |  Threaded View
Election Websites, Back-End Systems Most at Risk of Cyberattack in Midterms
Kelly Jackson Higgins, Executive Editor at Dark Reading,  8/14/2018
Intel Reveals New Spectre-Like Vulnerability
Curtis Franklin Jr., Senior Editor at Dark Reading,  8/15/2018
Australian Teen Hacked Apple Network
Dark Reading Staff 8/17/2018
Register for Dark Reading Newsletters
White Papers
Current Issue
Flash Poll
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
PUBLISHED: 2018-08-20
pyro before 3.15 unsafely handles pid files in temporary directory locations and opening the pid file as root. An attacker can use this flaw to overwrite arbitrary files via symlinks.
PUBLISHED: 2018-08-20
arch/x86/kernel/paravirt.c in the Linux kernel before 4.18.1 mishandles certain indirect calls, which makes it easier for attackers to conduct Spectre-v2 attacks against paravirtual guests.
PUBLISHED: 2018-08-20
The spectre_v2_select_mitigation function in arch/x86/kernel/cpu/bugs.c in the Linux kernel before 4.18.1 does not always fill RSB upon a context switch, which makes it easier for attackers to conduct userspace-userspace spectreRSB attacks.
PUBLISHED: 2018-08-20
** DISPUTED ** An issue was discovered in Reprise License Manager (RLM) through 12.2BL2. Attackers can use the web interface to read and write data to any file on disk (as long as rlm.exe has access to it) via /goform/edit_lf_process with file content in the lfdata parameter and a pathname in the lf...
PUBLISHED: 2018-08-20
** DISPUTED ** An issue was discovered in the license editor in Reprise License Manager (RLM) through 12.2BL2. It is a cross-site scripting vulnerability in the /goform/edit_lf_get_data lf parameter via GET or POST. NOTE: the vendor has stated "We do not consider this a vulnerability."