Clarifying Liability for Twenty-First-Century Payment Fraud

23 Pages Posted: 29 Jan 2014  

Sandeep Dhameja

Federal Reserve Bank of Chicago

Katy R. Jacob

Federal Reserve Bank of Chicago

Richard D. Porter

Federal Reserve Bank of Chicago

Date Written: November 7, 2013

Abstract

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

Dhameja, Sandeep and Jacob, Katy R. and Porter, Richard D., Clarifying Liability for Twenty-First-Century Payment Fraud (November 7, 2013). Economic Perspectives, Vol. 37, No. 3, 2013. Available at SSRN: https://ssrn.com/abstract=2386037

Sandeep Dhameja

Federal Reserve Bank of Chicago ( email )

230 South LaSalle Street
Chicago, IL 60604
United States

Katy R. Jacob

Federal Reserve Bank of Chicago ( email )

230 South LaSalle Street
Chicago, IL 60604
United States

Richard D. Porter (Contact Author)

Federal Reserve Bank of Chicago ( email )

230 South LaSalle Street
Chicago, IL 60604
United States

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