Also known as instant or real-time payments, fast payments are characterized by the instant transmission of the payment message and by the immediate availability of funds to the beneficiary on a 24/7/365 basis. Fast payment systems also bring new challenges in the realm of cybersecurity. Just as they increase the reach and speed of payments finality, they increase the reach and potential of cyber risks. Whether old-fashioned phishing attacks or large scale, sophisticated attacks on the FPS system itself, cyber risk offers a new and challenging realm for policymakers, operators, and end-users alike to consider in building, maintaining, and using fast payment systems.
In this webinar, Colin Colter (Payments Consultant with the World Bank) and David Papuashvili (Senior Risk Management Consultant at the World Bank’s Payment System Development Group) discuss major methods and considerations for Cybersecurity Risks in fast payment systems, sharing good practices from jurisdictions around the world.