FinCoNet releases report on online and mobile payments: Supervisory challenges to mitigate security risks

 

29 September 2016 - FinCoNet, the International Financial Consumer Protection Organisation, today relaeased a report on Online and Mobile Payments: Supervisory Challenges to Mitigate Security Risks.

This Report analyses how the growth of online and mobile payment services can bring new risks and advantages to consumers as well as new challenges to financial supervisors while also supporting effective financial inclusion, especially in developing countries.

Developed with the contribution of 27 jurisdictions worldwide, the report identifies a number of areas for further work to enable supervisory authorities to deal with various risks associated with online and mobile payments.

Maria Lucia Leitao, Chair of FinCoNet Standing Committee 3, said “digital payments oversight should be high on market conduct supervisors’ agendas. The available oversight tools need to be reassessed sooner rather than later. The pace of innovation, the different types of new payment services providers available as well as potential security risks present challenges not only to  conduct supervisors, but also to other supervisors and payment system overseers. It is important that they work together to ensure consumers’ interests are protected. ”.

FinCoNet is open to new members and  supervisory authorities are encouraged to consider joining the organisation by contacting the Secretariat at sally.day-hanotiaux@oecd.org

Download the report on Online and Mobile Payments: Supervisory Challenges to Mitigate Security Risks (pdf)

Download the FinCoNet Press Release (pdf)

Contact the FinCoNet Secretariat sally.day-hanotiaux@oecd.org