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Discussion Paper
Information security, data breaches, and protecting cardholder information: facing up to the challenges
On September 13 and 14, 2006, the Payment Cards Center of the Federal Reserve Bank of Philadelphia and the Electronic Funds Transfer Association (EFTA) hosted a conference entitled ?Information Security, Data Breaches, and Protecting Cardholder Information: Facing Up to the Challenges.? The two-day event was designed to bring together a diverse set of stakeholders from the U.S. payments industry to discuss a framework to guide industry practices and inform public policy. This paper summarizes key highlights from this event. Conference participants emphasized that the industry must address two ...
Discussion Paper
The efficiency and integrity of payment card systems: industry views on the risks posed by data breaches
Consumer confidence in payment card systems has been built up over many decades. Cardholders expect to use their cards to execute payment instructions in a reliable and timely manner. Data breaches that degrade the perceived safety and reliability of payment cards may weaken consumer confidence in those systems and potentially cause cardholders to shift to other, and perhaps less efficient, forms of payment. A sizable shift away from payment cards ?induced by the consequences of one or more data breaches is unlikely. Even so, the probability of such an outcome is uncertain. In other words, ...
Discussion Paper
Heartland Payment Systems: lessons learned from a data breach
On August 13, 2009, the Payment Cards Center hosted a workshop examining the changing nature of data security in consumer electronic payments. The center invited the chairman and CEO of Heartland Payment Systems (HPS or Heartland), Robert (Bob) Carr, to lead this discussion and to share his experiences stemming from the data breach at his company in late 2008 and, as important, to discuss lessons learned as a result of this event. The former director of the Payment Cards Center, Peter Burns, who is acting as a senior payments advisor to HPS, also joined the discussion to outline Heartland's ...
