The consultative document, Discussion note - Reducing the risk of wholesale payments fraud related to endpoint security, aims to help focus industry efforts to tackle the increasing threat of wholesale payments fraud.
The Committee on Payments and Market Infrastructures (CPMI) laid out a strategy to improve the security of wholesale payments that involve banks, financial market infrastructures and other financial institutions.
The work will help to maintain confidence in the integrity of the wholesale payment ecosystem and, in doing so, support financial stability.
The strategy was developed by a CPMI task force set up in 2016 and led by Lawrence Sweet of the Federal Reserve Bank of New York and Johan Pissens of the National Bank of Belgium. It sets out seven elements designed to address all areas relevant to preventing, detecting, responding to and communicating about wholesale payments fraud. It stresses the importance of understanding the full range of risks and calls upon all relevant public and private sector stakeholders to take a holistic and coordinated approach.
The stocktaking of current practices undertaken by the task force revealed knowledge gaps and inconsistent approaches among other weaknesses. As a result, potentially important opportunities to strengthen the wholesale payment ecosystem were identified.
The CPMI is now seeking input from relevant stakeholders. Comments on the proposed strategy should be submitted by Tuesday 28 November.
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