Among the measures proposed by CPMI, an affiliate body of the Bank for International Settlements, were ensuring the security of payment systems such as Britain’s CHAPS system, or messaging services such as SWIFT. These involved ensuring rapid reporting of fraud and attempted fraud, education of users and risk audits. CPMI also highlighted the need to closely oversee the access points to systems, which are often the entry points for fraudsters.
The proposals are contained in a consultation paper and, subject to input from stakeholders, will be published in a guidance document due by early 2018. The guidance will not be binding upon institutions but regulators will likely use the guidance as a basis for how they oversee money transfer and messaging systems.
According to Reuters, this could lead to tighter oversight of some bodies such as SWIFT, whose lead overseer the National Bank of Belgium previously approved of an approach that put relatively little focus on end-user security.
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