SRI LANKA’S BANKING LEADERS UNITE IN COLOMBO TO COUNTER RISING DIGITAL PAYMENT FRAUD

Banking leaders in Colombo gathered for the Fraud Management Deep Dive 2026 to address escalating fraud risks in Sri Lanka’s growing digital payments ecosystem. Hosted by IFINITY and BPC, the forum emphasised enterprise-wide risk management, regulatory compliance, and AI-driven fraud detection to sustain trust and security in financial systems.

Sri Lanka’s banking sector took a decisive step towards fortifying its digital payments ecosystem as senior leaders convened in Colombo on 17 March for the “Fraud Management Deep Dive 2026”, co-hosted by IFINITY and BPC. The high-level forum brought together regulators, banking executives, fraud specialists and technology decision-makers to confront the growing threat of fraud in an increasingly digital financial landscape.

Set against the backdrop of rapid digital adoption, discussions focused on how financial institutions can sustain growth while safeguarding trust, security and compliance. With Sri Lanka witnessing a surge in instant payments, mobile banking and account-to-account transfers, participants underscored the urgency of building robust fraud risk management frameworks capable of responding to evolving threats in real time.

A central theme of the forum was the shift in regulatory expectations. Technology risk management and stricter incident reporting requirements are pushing banks to enhance their monitoring capabilities, governance structures and response strategies. Industry experts noted that traditional, channel-specific fraud controls are no longer sufficient, calling instead for enterprise-wide approaches that integrate risk management across all operational layers.

Emerging fraud typologies were a key focus, including synthetic identities, AI-driven impersonation and authorised push payment fraud. As these threats grow more sophisticated, institutions are under mounting pressure to detect anomalies earlier, investigate incidents faster and coordinate responses across technology, compliance and operational teams. A panel discussion questioned whether Sri Lankan banks are adequately prepared for fraud containment in a real-time payments environment, with consensus emerging that fraud management must now be treated as a strategic priority involving executive leadership.

Technology solutions also took centre stage, with attention on platforms such as SmartVista Fraud Management. Designed to provide real-time monitoring across multiple payment channels, the platform leverages artificial intelligence and machine learning to detect suspicious activity while enabling centralised case management and advanced analytics for investigation and response.

BPC’s growing footprint in Sri Lanka was highlighted as part of its broader presence across the Asia-Pacific region, where it operates in more than 60 per cent of countries and serves over 500 clients globally. Its role in supporting national payment systems, banks, fintechs and government programmes positions it as a key enabler of the region’s digital transformation.

Jithendra Weerasekera, Chief Executive Officer of IFINITY, stressed the need for a paradigm shift in fraud management. He noted that fraud is no longer merely an operational concern but one that directly affects trust, system stability and regulatory accountability. He emphasised the importance of embedding fraud monitoring, detection and response mechanisms within core banking architectures through seamless integration across payment systems and digital channels.

Subash Chandra Bowse, Country Director for Sri Lanka, Bangladesh and the Maldives at BPC, reaffirmed the company’s commitment to supporting institutions of all sizes. He highlighted the role of future-ready solutions in enabling secure innovation while helping the financial ecosystem grow with resilience and confidence.

The event concluded with a clear consensus: as digital payments continue to accelerate, strengthening fraud monitoring capabilities and adopting enterprise-wide risk management frameworks will be essential to preserving trust and ensuring the long-term stability of Sri Lanka’s financial system.