Sri Lanka’s banking leaders convene in Colombo to tackle rising fraud risks in digital payments co-hosted by IFINITY and BPC

Senior leaders from Sri Lanka’s banking sector convened in Colombo on 17 March for the “Fraud
Management Deep Dive 2026”, co-hosted by IFINITY, a BFSI-focused digital transformation partner and
system integrator, together with BPC, a global leader in payment solutions. The forum focused on how
financial institutions can strengthen fraud risk management as digital payments continue to expand.
Set against the backdrop of Sri Lanka’s rapidly evolving payments landscape, the event brought together
representatives from regulatory bodies, along with banking executives, fraud specialists, and technology
decision-makers. Discussions centered on how institutions can prepare for the next phase of digital growth
without compromising trust, security, or regulatory compliance.
The sessions explored the impact of evolving regulatory expectations, including technology risk
management and incident reporting requirements which are driving banks to enhance monitoring,
governance, and response mechanisms for fraud and cybersecurity incidents. Industry experts discussed
emerging threats such as synthetic identities, AI-driven impersonation, and authorized push payment fraud,
as well as the need for banks to move beyond channel-based fraud controls toward enterprise-wide fraud
management. As instant payments, mobile banking and digital account-to-account transfers continue to
grow, institutions are under greater pressure to detect anomalies earlier, investigate incidents faster and
coordinate response across technology, risk, compliance and operational teams. A panel discussion
explored whether Sri Lankan banks are prepared for fraud containment in a real-time payments
environment. Participants agreed that fraud management is no longer only an operational issue but
requires coordination across technology, risk, compliance, and executive leadership.
The technology session highlighted how modern fraud management platforms such as BPC’s AI-powered
SmartVista Fraud Management enable banks to leverage enterprise-grade protection and monitor
transactions in real-time across multiple payment channels, apply AI and machine learning models for fraud
detection, and manage investigations through centralized case management and analytics.
BPC continues to maintain a strong presence in Sri Lanka through tier-1 projects, supporting the country’s
ongoing digital payments transformation. The company is present in more than 60% of APAC countries and
today serves over 500 customers across 140+ countries worldwide, powering national payment switches,
government programmes, tier-1 and tier-2 banks, fintechs, PSPs and SMEs.
Jithendra Weerasekera, CEO of IFINITY, commented: “As Sri Lanka’s digital payment ecosystem expands,
the focus must shift from isolated fraud controls to enterprise-level risk management. Fraud today is not just
an operational challenge, it directly impacts trust, system stability, and regulatory accountability. At IFINITY,
we work with banks to align their technology architecture with these evolving requirements, ensuring fraud
monitoring, detection, and response are built into core systems across payment channels through
integration with core banking systems, payment switches, and digital channels”
Subash Chandra Bowse, Country Director – Sri Lanka, Bangladesh and the Maldives, BPC commented:
“We are honoured to be part of Sri Lanka’s digital transformation and to support institutions and fintechs of
every size as they strengthen security, drive innovation and deliver trusted digital experiences. With future-
proven SmartVista solutions, we remain committed to helping the market grow with resilience and
confidence.”
The event concluded with a shared view that as digital payments accelerate, strengthening fraud
monitoring capabilities and adopting enterprise-wide risk management frameworks will be critical to
sustaining trust in Sri Lanka’s financial system.