1. Home
  2. Fraud Prevention
  3. Minimizing Fraud Procedures

Huge operational challenges in 2019 as technology impact grows

TD Bank’s annual survey of treasury and finance professionals at the 2018 AFP’s conference last November showed that:

  • risk of payments fraud/cybersecurity topped professionals' list of concerns, with 44% naming it their top operational challenge, a 14% year-over-year increase
  • ability to adapt to or process faster/electronic payments = obstacle for 37%, a 14% increase year-over-year
  • 60% of respondents expect to see the largest amount of growth this year within faster or real-time processing, an 8% increase from last year.  

Despite industry uncertainties new technologies being used more 

Blockchain/distributed ledger technology: 

  • majority of survey respondents (90%) feel that  will have some type of positive effect on the payments industry:
  • ability to create stronger audit trails (29%)
  • speeding up the payments process (22%)
  • improving the efficiency of cross-border payments (21 %)
  • reducing payments fraud (18%)

Use of open APIs:

  • 50% of respondents claim that their organization currently uses or is in the process of integrating open APIs 
  • 49% do not use open APIs and nearly a quarter of that group does not have plans to do so in the future

More technology training: Survey respondents said their organization has training strategies specifically for:

  • data and analytics (45%)
  • AI and automation (26 %)
  • blockchain (14%).


Fraud/cybersecurity threats were top of mind of all respondents AND they want help from their bank/Financial Institution:

  • 98% of respondents thought that financial institutions should assist organizations with protecting against fraud and cybercrime
  • 55% felt that financial institutions can help them better protect against fraud and cybercrime through education
  • 25% of finance professionals surveyed feel that banks should offer greater controls on transactions
  • 18% want risk or process reviews.

But 48% of respondents admitted that their company does not have any in-house cyber fraud prevention training.

CTMfile take: The challenges in managing technology are going to be the single biggest challenge in 2019: moving to instant/real-time payments and liquidity management and managing fraud/cybersecurity. 

Like this item? Get our Weekly Update newsletter. Subscribe today

This item appears in the following sections:
Fraud Prevention
Minimizing Fraud Procedures
Payments - Receipts
Payments - Receipts at POS
Payments - Disbursements
Risk Management
ERM - Enterprise Risk Management

Also see