The Federal Reserve Board on Tuesday welcomed the release of a global strategy for reducing wholesale payments fraud and reaffirms its commitment to work collaboratively with domestic and international stakeholders to promote the safety and resiliency of the wholesale payments ecosystem worldwide.
The strategy, published today in a report by the Bank for International Settlement's Committee on Payments and Market Infrastructures (CPMI), sets forth an approach to reducing the risk of wholesale payments fraud related to endpoint security with the broader objective of supporting financial stability. A safe, reliable, secure and efficient wholesale payment system, which supports banks, financial market infrastructures, and other financial institutions and service providers, is an essential component of a well-functioning financial system. The seven elements of the strategy are designed to address all areas relevant to preventing, detecting, responding to, and communicating about, payments fraud. The high-level nature of the elements provides participants in the ecosystem with the flexibility to implement the strategy in accordance with their unique architecture and processes.
As noted in the report, 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, Federal Reserve Board staff, in close collaboration with the Federal Reserve Banks, will continue related efforts to advance the security of the wholesale payments ecosystem.
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