General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
May 08, 2018

CPMI published a paper on the strategy for reducing the risk of wholesale payments fraud related to endpoint security. The strategy is composed of seven elements that work holistically to address all areas relevant to preventing, detecting, responding to, and communicating about fraud. The report also discusses the plan of CPMI to promote, support, and monitor local and global progress in operationalizing the strategy, with due recognition of the need for flexibility to reflect the uniqueness of each system and jurisdiction, including the legal, regulatory, operational, and technological structures and constraints under which they may operate.

The finalized strategy reflects feedback received during last year's consultation Successful implementation of the strategy depends on operators, participants, and other relevant private-sector and public-sector stakeholders in each jurisdiction that are engaging actively in and, taking ownership of, developing and carrying out an appropriate action plan for their respective jurisdictions. Thus, CPMI has set out a plan to promote, support, and monitor local and global progress in operationalizing the strategy. Each CPMI member central bank, and CPMI as a whole, is committed to acting as a catalyst for effective and coherent operationalization of the strategy within and across jurisdictions and systems and will monitor progress throughout 2018 and 2019 to determine the need for further action.

Both ECB and FED have welcomed the CPMI strategy for stronger wholesale payments security. ECB reaffirmed its commitment to act as a catalyst for the effective and coherent implementation of the strategy within the euro area. The common strategy further complements the work of ECB, which recently published the cyber resilience oversight expectations and TIBER-EU framework, to enhance the cyber resilience of the European financial ecosystem. FED also noted that each CPMI member central bank has committed to acting as a catalyst for carrying out the strategy in its jurisdiction and actively monitoring progress. Accordingly, FED, in close collaboration with the Federal Reserve Banks, will continue related efforts to advance the security of the wholesale payments ecosystem.

 

Related Links

Keywords: International, PMI, Banking, Wholesale Payments, Fraud Risk, ECB, FED, CPMI

Related Insights
News

EBA Finalizes Guidelines on the STS Criteria in Securitization

EBA published the final guidelines that provide a harmonized interpretation of the criteria for a securitization to be eligible as simple, transparent, and standardized (STS) on a cross-sectoral basis throughout EU.

December 12, 2018 WebPage Regulatory News
News

OSFI Sets Domestic Stability Buffer for D-SIBs at 1.75%

OSFI set the level for the Domestic Stability Buffer at 1.75% of total risk-weighted assets, as calculated under the Capital Adequacy Requirements (CAR) Guideline.

December 12, 2018 WebPage Regulatory News
News

FSI Publishes Paper on Proportionality in Insurance Solvency Rules

FSI published a paper on proportionality in the application of insurance solvency requirements.

December 11, 2018 WebPage Regulatory News
News

BCBS Updates Framework for Pillar 3 Disclosure Requirements

BCBS published the updated framework for Pillar 3 disclosure requirements.

December 11, 2018 WebPage Regulatory News
News

EBA Issues Revised List of Validation Rules for Reporting

EBA revised the list of validation rules in its implementing technical standards on supervisory reporting.

December 11, 2018 WebPage Regulatory News
News

IMF Reports Assess the Stability of Financial System in Brazil

IMF published a report on the results of the Financial System Stability Assessment (FSSA) on Brazil.

December 11, 2018 WebPage Regulatory News
News

FED Governor Examines Pros of Imposing Capital Buffers on Large Banks

At the Peterson Institute for International Economics in Washington D.C., the FED Governor Lael Brainard summarized the financial stability outlook, highlighted areas where financial imbalances seem to be building, and touched on the related policy implications.

December 07, 2018 WebPage Regulatory News
News

US Agencies Propose Rule on Appraisals for Real Estate Transactions

US Agencies (FDIC, FED, and OCC) proposed a rule to increase the threshold level at or below which appraisals would not be required for the residential real estate transactions from USD 250,000 to USD 400,000. Comments will be accepted for 60 days from publication in the Federal Register.

December 07, 2018 WebPage Regulatory News
News

EBA Single Rulebook Q&A: First Update for December 2018

This week one answer was published as part of the Single Rulebook Questions and Answers (Q&A).

December 07, 2018 WebPage Regulatory News
News

FED Updates Reporting Form and Instructions for FR Y-14Q

FED published the updated reporting form FR Y-14Q for Capital Assessment and Stress Testing, along with the associated instructions.

December 06, 2018 WebPage Regulatory News
RESULTS 1 - 10 OF 2325