The Efficiency and Integrity of Payment Card Systems: Industry Views on the Risks Posed by Data Breaches

Cheney, Julia S.; Hunt, Robert M.; Jacob, Katy R.; Porter, Richard D.; Summers, Bruce J.

Download This Paper

Open PDF in Browser

Add Paper to My Library

The Efficiency and Integrity of Payment Card Systems: Industry Views on the Risks Posed by Data Breaches

Economic Perspectives, Vol. 36, No. 4, 2012

17 Pages Posted: 28 Jan 2014

See all articles by Julia S. Cheney

Robert M. Hunt

Consumer Finance Institute, Federal Reserve Bank of Philadelphia

Bruce J. Summers

Consultant on Money, Banking, and Payments; Virginia Military Institute

There are 2 versions of this paper

Date Written: October 30, 2012

Abstract

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.

Keywords: payment card fraud, data breaches, credit cards, debit cards

JEL Classification: D14, E42

Suggested Citation: Suggested Citation

Cheney, Julia S. and Hunt, Robert M. and Jacob, Katy R. and Porter, Richard D. and Summers, Bruce J., The Efficiency and Integrity of Payment Card Systems: Industry Views on the Risks Posed by Data Breaches (October 30, 2012). Economic Perspectives, Vol. 36, No. 4, 2012, Available at SSRN: https://ssrn.com/abstract=2386184