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Journal Article
The efficiency and integrity of payment card systems: industry views on the risks posed by data breaches
To examine the adequacy of existing efforts to prevent, manage, and mitigate data breaches and other fraud in card-based payment systems, the authors conducted 17 interviews of various payment industry participants in 2009. This article documents the insights gained from the interviews, which consider the need for greater cooperation, sharing of relevant information, and innovation to stay ahead of the criminals that perpetrate payment card fraud with increasingly sophisticated methods.
Newsletter
Are mobile payments the smart cards of the aughts?
This article compares the much anticipated but ultimately stalled smart card revolution of the 1990s with the current expansion of mobile payment platforms, and asks how mobile payments fit into the larger payment system.
Newsletter
Assessing the landscape of payments fraud
The Federal Reserve Bank of Chicago will host its eighth payments conference on June 5?6, 2008. The conference will highlight threats to the security of the payments system and explore solutions to those challenges. This article previews issues that will be covered at the conference.
Conference Paper
Stored-value cards: challenges and opportunities for reaching emerging markets
In recent years, the financial services industry has become very inventive around new uses of technology to improve the structure and delivery of retail products. One relatively new type of payment product, stored value cards (SVCs), serves as a cash or check alternative. At this point in the industry's development, many of these cards do not provide a platform for saving, saving, building assets, or establishing (or repairing) credit. However, SVCs could pave the way for individuals to have both transactional services and links to broader financial opportunities. This paper discusses the ...
Newsletter
Evaluating the potential of immediate funds transfer for general-purpose payments in the United States
Immediate funds transfer (IFT) is a convenient, certain, secure, and low-cost means of electronically transferring money between bank accounts with no or minimal delay in receivers? receipt and use of funds. Yet IFT is not widely available in the U.S. This article summarizes discussions on the potential for IFT in the U.S. held at the Symposium on Immediate Funds Transfer for General-Purpose Payments, sponsored by the Federal Reserve Bank of Chicago, on September 7, 2011.
Newsletter
After the financial crisis: the future of payment innovations
The Federal Reserve Bank of Chicago hosted its tenth annual Payments Conference, Payment Innovations in the Wake of the Financial Crisis, on May 20?21, 2010, to discuss emerging trends within the payments industry and new regulation following the financial crisis.research on health and health care policy.
Journal Article
Payments fraud: perception versus reality - a conference summary
The authors highlight key issues from the presentations, keynote addresses, and open floor discussions at the Federal Reserve Bank of Chicago's eighth annual Payments Conference. The conference's agenda appears at the end of this article.
Newsletter
Developing a roadmap to improve the U.S. payment system
On October 22?23, 2012, the Chicago Fed hosted its 12th annual Payments Symposium, where industry leaders convened to evaluate the implications of recent technological changes for the payments industry, including the attendant rise in customer demand for faster, more convenient payment options that are safe and interoperable. Participants proposed a number of ideas that, taken together, could help foster the creation of a roadmap to unify the fragmented payments industry and ultimately improve the payment system.
Newsletter
Exploring the new face of retail payments (special issue)
At the Chicago Fed?s 2011 Payments Conference, held on May 19?20, participants discussed how changes in consumers? behavior in the wake of the financial crisis and recession can translate into opportunities and challenges for both traditional and nascent payment providers. They also focused on the impact of payment innovations and new consumer protection regulations.
Newsletter
Improving security for remote payments
Given the growing popularity of e-commerce and m-commerce over the past few years, remote payments have become commonplace. Unfortunately, remote payments fraud has grown in response. On September 26, 2011, the Federal Reserve Bank of Chicago and the Secure Remote Payment Council (SRPc) co-hosted a symposium to discuss strategies that help reduce such forms of fraud.