Discussion note - Reducing the risk of wholesale payments fraud related to endpoint security - consultative document

The Committee on Payments and Market Infrastructures (CPMI) has published a consultative document, Discussion note - Reducing the risk of wholesale payments fraud related to endpoint security.

This strategy aims to help focus industry efforts to tackle the increasing threat of wholesale payments fraud related to endpoint security. The strategy 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 CPMI is now seeking input from relevant stakeholders. After the consultation, it plans to develop guidance on each of the seven elements to help operators and participants of payment systems and messaging networks as well as their respective supervisors, regulators and overseers improve endpoint security. Proposed guidance will be developed by early 2018.

Comments on the proposed strategy should be submitted by Tuesday 28 November 2017 via e-mail to the CPMI Secretariat. All comments may be published on the website of the Bank for International Settlements unless a respondent specifically requests confidential treatment.

CPMI Chairman Benoît Cœuré explains the committee's proposals to improve the security of wholesale payments that involve banks, financial market infrastructures and other financial institutions.