![]() ![]() By bringing more regulatory oversight to other financial players, regulators can help to better ensure risks they face are being adequately addressed, he explained. "In addition to ensuring that banks adhere to various regulatory standards and policy guidance, regulators provide an additional set of highly trained eyes to the process of determining what risks banks face and how well they manage those risks," he added. Using authority granted by the Dodd-Frank Wall Street Reform and Consumer Protection Act, banking regulators can do more to oversee e-commerce and emerging payments players to "ensure a more level playing field and protections for customers of non-banks," Curry said. Banks represent "the industry's collective interest in protecting the security of the payments system," he added. "Efforts are well under way to bring e-commerce and emerging payments systems deployed by non-bank players under greater regulatory scrutiny."Ĭurry also said banks and credit unions must take steps to ensure cybersecurity throughout the payments chain, including at merchants. ![]() "Regulation adds significant value in the areas that we're discussing today," he said. "Cybercriminals will also probe emerging payments systems for vulnerabilities that they can exploit to engage in money laundering, which has broad national security implications."īanking institutions must be well-informed about the risks tied to emerging retail and wholesale payments methods, such as mobile payments and digital currencies.Īnd he called for more regulatory oversight of non-bank payments players, such as ApplePay and Google Wallet, with which banking institutions have already built payments relationships. "The same technologies many of you in this room have employed to provide new and efficient delivery channels for your customers are also being used aggressively by hackers and criminal elements, which brings me to the all-important question of cybersecurity," Curry told banking executives at the forum. At the June 3 Emerging Payments Forum, hosted by BITS, the technology policy division of the Financial Services Roundtable, he hinted that retailers should be more closely monitored as well. He also calls for closer regulatory scrutiny of non-bank financial services and payments providers. See Also: OnDemand | Fireside Chat | Zero Tolerance: Controlling The Landscape Where You'll Meet Your Adversaries Comptroller of the Currency Thomas Curry says banking institutions need to be better prepared to address the cyber-risks associated with rolling out new payments systems.
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