WASHINGTON—The Federal Financial Institutions Examination Council (FFIEC) Tuesday advised financial institutions, consistent with existing regulatory expectations, to actively manage the risks associated with interbank messaging and wholesale payment networks.
In a statement, the FFIEC also stressed that financial institutions should review risk-management practices and controls related to information technology systems and wholesale payment networks, including risk assessment; authentication, authorization and access controls; monitoring and mitigation; fraud detection; and incident response.
The joint statement notes that recent cyber-attacks have targeted interbank messaging and wholesale payment functions at financial institutions to originate unauthorized transactions. These unauthorized transactions may subject a bank that originates such transactions to losses and compliance risk, the FFIEC noted.
The complete statement can be found in CUToday.info’s The gov.