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Corporate finance execs want more help from FIs to fight financial crime

February 22, 2019

Corporate treasury and finance professionals anticipate more operational challenges in 2019 than in previous years, according to a poll conducted by TD Bank at the 2018 Association for Financial Professionals Annual Conference in Chicago. 

The risk of payments fraud and worries about cybersecurity topped the list of concerns, with 44 percent naming it their top operational challenge — a 14 percent year-over-year increase, a TD Bank press release said.

Virtually all (98 percent) finance professionals thought financial institutions should assist organizations in the fight against fraud and cybercrime. Additionally, one-quarter said banks should offer greater controls on transactions and 18 percent said they want risk or process reviews.

"As global fraud and cybersecurity incidents continue to rise, corporations recognize the need to bolster their protective measures and improve employee understanding of how to safeguard finances," Rick Burke, TD Bank head of corporate products and services, said in the release. "To achieve real success, organizations and their employees need to be better able to identify and deter fraud attempts. This should be a responsibility shared by businesses and their financial institutions, beginning with better education."