A clear majority of attendees at a recent electronic payments conference believe payment fraud will be a greater threat to the financial services sector in the coming years.
In spite of that near universal fear, only ten percent believe an affective solution is currently available.
“Even as the threat of payment fraud increases, many firms are not ready to thwart what could be an influx of cases within the next 24 months,” TD Bank Head of Corporate Products Rick Burke said. “Corporate treasurers need to have conversations with their banking partners to establish controls within their payments processing and accounts, and find better ways to implement layered defenses and detect fraudulent activity.”
The fears come at a time when many organizations are converting from physical to electronic payment systems. While only 20 percent of respondents said their company has a paper-free system in place, 32 percent expect to have one implemented within two years and 42 percent believe the process will take at least three years.
Equally interesting is essentially half (49 percent) said real-time payment processing is critical to their business and 74 percent feel self-service and mobile commercial financial capabilities are a priority.