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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.
Newsletter
Competitive forces shaping the payments environment: what's next?—a conference summary
Technological innovations have enabled numerous payment methods to proliferate in the market. As a result, payment providers have to address concerns about pricing, infrastructure, and regulatory standards. To discuss these and related issues, the Chicago Fed hosted its seventh payments conference on May 10?11, 2007.
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.
Journal Article
Clarifying Liability for Twenty-First-Century Payment Fraud
This article examines the governance structure of retail payments in the United States, provides an overview of payment fraud, and discusses in depth the liability frameworks for fraud involving specific payment methods. It also presents a series of recommendations that describe how the public sector might work together with the private sector to reduce fraud risks by clarifying liability for fraud.
Newsletter
Payments pricing: who bears the cost? - a conference summary
As consumers and merchants increasingly adopt electronic payments, the pricing of these services has generated substantial scrutiny by public authorities around the world. To discuss these developments and related issues, the Federal Reserve Bank of Chicago hosted its ninth annual Payments Conference on May 14?15, 2009.
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
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.
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.
Journal Article
A focus group study of Latin American immigrants' financial behaviors
The subject of U.S. immigration ? particularly more recent immigration trends ? has generated many contentious debates around crime, impacts of worker skill levels on economic growth patterns, and on relative wage rates, among other areas. Further, analysis and focused studies of immigrant populations reveal varied and disjointed economic behaviors.
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.