Survey: Cyber Fraud Tops List of Bank Concerns about Global Economy

A new survey from TD Bank and Strategic Treasurer found that 81% of bank respondents see cyber fraud as the top concern with respect to the global economy. The survey of more than 250 banks and corporate finance departments found that 57% of all corporate respondents—and 81% of banks—ranked cyber fraud as the top concern.

The effects of the global pandemic on the supply chain was the second biggest concern among banks, with 68% ranking it a top concern, followed by interest rate risk at 65%, according to the report. All banks surveyed trained and tested their employees on payment security, the survey found, while 65% of corporate respondents trained their employees and of those, 80% tested employees.

Despite the concern of cyber fraud, 81% of banks said they have a positive outlook on revenue projections and growth over the next 12 months and expect growth, far exceeding the optimistic outlook for growth among other corporates, which hovered at 53%. Only 8% of banks expressed a negative outlook over the next 12 months, compared to 18% of other corporations.