Helping business leaders identify fraud risks, strengthen security and protect their organizations.
Fraud prevention has become a business imperative. As criminals adopt increasingly sophisticated tactics and technology evolves, organizations face risks that can impact finances, operations and customer trust.
To help business leaders navigate today's threat environment, TD's Regional President, Rob Curley, spoke with Chris Blackmore, Senior Manager of Fraud Operations at TD, about emerging threats and practical steps commercial organizations can take to strengthen their defenses.
Rob Curley: Chris, thanks for taking the time to talk through what you're seeing in today's environment. Fraud continues to evolve at a rapid pace. What fraud trends concern you most right now?
Chris Blackmore: Impersonation scams are among the biggest concerns. These include bank impersonation, investment and social engineering scams, but bank impersonation schemes can be especially damaging because they are designed to gain access to company accounts. What makes them effective is their ability to appear legitimate and convince people to take actions that put accounts and funds at risk.
Rob Curley: Many businesses are talking about artificial intelligence. How is AI changing the fraud landscape?
Chris Blackmore: AI is helping organizations strengthen fraud detection, but criminals are using it as well. Fraudsters can create convincing voice clones, manipulate images and videos, and produce highly realistic websites and messages. As these scams become more sophisticated, businesses must understand how AI can be used both defensively and offensively. Employee education remains one of the best protections.
Rob Curley: Beyond impersonation scams, what are some of the biggest fraud threats commercial businesses should have on their radar?
Chris Blackmore: Today's scams are highly personalized. Fraudsters often use business and personal information to make messages appear credible, creating urgency around invoices, vendor relationships or transactions. One important rule is to never rely on contact information provided in a suspicious message. Instead, verify through a trusted phone number or relationship manager and take control of the validation process.
Rob Curley: What should business owners and finance teams never share?
Chris Blackmore: Never share online banking credentials, login information or one-time passcodes. Legitimate financial institutions should not ask for these details. Requests for authentication information are a major warning sign and should be treated with caution.
Rob Curley: What practical steps can commercial businesses take to reduce fraud risk?
Chris Blackmore: We often talk about three layers of defense. The first is within the business itself through strong security measures, internal controls and employee training. The second is understanding and using the fraud-prevention tools available through your financial institution. The third is collaboration between the business and the bank, including regular account monitoring, separation of duties and trusted communication channels. Together, these layers provide stronger protection.
Rob Curley: Can you share an example that illustrates just how sophisticated scammers have become?
Chris Blackmore: One often overlooked risk is insider exposure. Individuals with access to business processes, vendor information or payment details can unintentionally or intentionally provide information that makes a fraudulent request appear legitimate. This reinforces the need for strong controls and a risk-aware culture. Fraud prevention is as much a people issue as it is a technology issue.
Rob Curley: If a business becomes the victim of fraud, what is the first thing leaders should do?
Chris Blackmore: Preparation is critical. Every business should have an incident response plan before a problem occurs. If fraud is suspected, secure assets immediately and contact your bank through trusted channels as quickly as possible. Fraud incidents can also create significant stress for owners and employees, which is why preparation and clear procedures matter. We often say, "Practice the Pause." Slow down, verify the situation and then act.
Rob Curley: As fraud threats continue to evolve, what is the one message you hope commercial business leaders take away from this conversation?
Chris Blackmore: Fraud prevention should be part of every organization's operating rhythm. No business is immune. Companies should regularly review controls, refresh employee training, assess emerging risks and stay informed about changes in the threat landscape. Being proactive is one of the most effective defenses available.
Rob Curley: For business leaders who want to learn more, what resources are available through TD?
Chris Blackmore: One of the best resources is TD Safe, which stands for Security Awareness for Everyone. Through TD Safe, we provide fraud awareness education for businesses, nonprofits, seniors, youth and community organizations. Programs are available virtually or in person and help participants better understand fraud threats and risk mitigation strategies. Investing a small amount of time in fraud education can make a significant difference in protecting a business.
Rob Curley: Chris, thank you for your time and for sharing these insights. As fraud threats continue to evolve, staying informed, investing in employee education, maintaining strong internal controls and working closely with trusted financial partners remain essential components of a strong defense. Is there anything else you'd like to share?
Chris Blackmore: Fraud prevention is not a one-time initiative. Organizations that build education, vigilance and verification into their culture will be better positioned to protect their businesses, employees and customers in an increasingly complex threat environment.