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Over the next two years, 84 percent of financial and technology professionals believe payments fraud will become a bigger concern, according to report released this week from TD Bank. This is down from 2017, and the report indicates the decline is likely due to more confidence in cybersecurity resources.

The findings come from a survey conducted in May at the NACHA PAYMENTS conference.

When asked what technological innovation will have the greatest impact on the payments industry in the next five years, 42 percent said integrating real-time payments within online banking, though almost two-thirds of respondents do not view cryptocurrency as a legitimate digital payment.

Other innovations respondents identified as likely to create positive change: artificial intelligence (20 percent), blockchain (11 percent) and biometrics (4 percent).

When asked what is the greatest challenge facing the industry: 36 percent said smaller banks and corporations updating frameworks to support payments innovations.

NAFCU has served on task forces to improve real-time payments and offered suggestions to the Federal Reserve. NAFCU-supported recommendations regarding a future faster payments were included in the Treasury Department's recent fintech report.

The association also has available a whitepaper – free for download now – covering the rise of electronic payments; the recent trends in fraudulent transactions; unauthorized use and liability requirements; how to mitigate the risks of fraud losses; electronic check collection and return; and same-day ACH.