Clarifying Liability for Twenty-First-Century Payment Fraud
23 Pages Posted: 29 Jan 2014
Date Written: November 7, 2013
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.
Keywords: payment card fraud, data breaches, credit cards, debit cards, ACH, checks, payment fraud, fraud liability
JEL Classification: E42, D14
Suggested Citation: Suggested Citation