On May 8, 2018, following a consultation late last year, the Committee on Payments and Market Infrastructure published the final strategy for reducing the risk of wholesale payments fraud related to endpoint security. The strategy is directed to all relevant public and private sector stakeholders in reducing the risk of wholesale payments fraud, including the operators of wholesale payments systems and messaging networks, their participants and relevant regulators and authorities responsible for supervising these operators and participants.
The strategy comprises seven elements that are intended to work holistically for preventing, detecting, responding to and communicating about wholesale payments fraud. The elements are:
- identifying and understanding the range of risks;
- establishing endpoint security requirements;
- promoting adherence;
- providing and using information and tools to improve prevention and detection;
- responding in a timely way to potential fraud;
- supporting ongoing education, awareness and information-sharing; and
- learning, evolving and coordinating.
The CPMI and each of its member central banks have committed to promoting the effective operationalization of the strategy within and across jurisdictions and systems. They will be monitoring progress in 2018 and 2019 with a view to assessing whether further action is needed.
The strategy is available at: https://www.bis.org/cpmi/publ/d178.pdf.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.