Reducing the risk of wholesale payments fraud related to endpoint security
The success of this plan depends on clear ownership and active engagement by all stakeholders, public and private sector alike.
Fraud in the wholesale payment ecosystem is becoming increasingly sophisticated, and recent examples have shown that weaknesses in security at one endpoint in the ecosystem can be exploited to commit payments fraud. 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.
Against this background, the Committee on Payments and Market Infrastructures (CPMI) developed a strategy 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. Accordingly, the CPMI has set out a plan to promote, support and monitor local and global progress in operationalising the strategy. Each CPMI member central bank, and the CPMI as a whole, is committed to acting as a catalyst for effective and coherent operationalisation of the strategy within and across jurisdictions and systems and will monitor progress throughout 2018 and 2019 to determine the need for further action.