CPMI strategy for reducing the risk of wholesale payments fraud related to endpoint security
Recent examples of payments fraud have shown that they can succeed because of weaknesses in security at one endpoint in the ecosystem. While wholesale payments fraud can cause material risks to individual financial institutions, it may also have a broader systemic impact on a payment system, its ecosystem and the broader economy.
This session will discuss the strategy developed by the Committee on Payments and Market Infrastructures (CPMI) to encourage and help focus industry efforts to reduce the risk of wholesale payments fraud related to endpoint security. The strategy is composed of seven elements designed to work holistically to address all areas relevant to preventing, detecting, responding to and communicating about fraud.
Successful operationalisation of the strategy depends on operators, participants and other relevant private sector and public sector stakeholders in each jurisdiction engaging actively in and taking ownership of developing and carrying out an appropriate action plan for their respective jurisdictions.
This session brings together the co-chairs of the CPMI working group that developed the strategy with representatives of major global banks - typically end-points in major global wholesale payment systems - to discuss the strategy for risk reduction.