How TD Bank Handles Increase in Wire Fraud

With the shift to work from home many banks are dealing with situations they might not have ever had to think of before; fraud is always top of mind for banks but since the pandemic hit 36 percent of firms say they have had an increase in fraud attempts according to a survey by Strategic Treasurer; Craig Jeffery, Managing Partner at Strategic Treasurer, tells American Banker what worries him most, “the bad actors are far more sophisticated and patient, they have better tools and they’re automated, and they continue to learn. The threat level continues to systematically increase. And that means that the defense level has to correspondingly increase to combat that.”; TD Bank has broadened their role of risk management because everyone has to be more aware of potential risks; they have also introduced an extra authentication step and positive pay technology to help catch unusual patterns before a payment is made; “Instilling a culture with that risk awareness is really the duty of every financial practitioner,” Tom Gregory, Manager of Treasury Management Sales at TD Bank, said to American Banker. American Banker.

  • Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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