Fed Seeks Industry Input on Payments Security by Nov. 8
As part of its mission to improve the U.S. payments system, the Federal Reserve’s Secure Payments Task Force is seeking industry input on ways to beef up security. Industry members can provide comment through online surveys, which are separated into the task force’s three areas of focus: payment identity management, information sharing for the mitigation of payment risk/fraud and data protection. Comments will be accepted through Tuesday, Nov. 8. The task force says the goal of the surveys is to help ensure that any solutions considered will meet industry needs.
In its 2015 report the Fed outlined Strategies for Improving the U.S. Payment System, including working with “payment stakeholders to identify effective approaches to implementing a U.S. payments infrastructure to support a safe, ubiquitous, faster payments capability that promotes efficient commerce, facilitates innovation, reduces fraud and improves public confidence.”
The 160-member security task force has created three work groups focusing on each of the three areas and considering possible barriers to implementing recommendations. The work groups are led by Nancy O’Malley, executive vice president, Mastercard, payment identity management; Reed Luhtanen, senior director payments strategy, Walmart, data protection; and Glen Ulrich, operations executive, U.S. Bank, information sharing.