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

17 Pages Posted: 28 Jan 2014

See all articles by Julia S. Cheney

Julia S. Cheney

Federal Reserve Bank of Philadelphia

Robert M. Hunt

Consumer Finance Institute, Federal Reserve Bank of Philadelphia

Katy R. Jacob

Federal Reserve Bank of Chicago

Richard D. Porter

Federal Reserve Bank of Chicago

Bruce J. Summers

Consultant on Money, Banking, and Payments

Multiple version iconThere 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

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

Julia S. Cheney

Federal Reserve Bank of Philadelphia ( email )

Ten Independence Mall
Philadelphia, PA 19106-1574
United States

Robert M. Hunt

Consumer Finance Institute, Federal Reserve Bank of Philadelphia ( email )

Ten Independence Mall
Philadelphia, PA 19106-1574
United States
215-574-3806 (Phone)
215-574-7101 (Fax)

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

Bruce J. Summers

Consultant on Money, Banking, and Payments ( email )

VA
United States
540-464-1790 (Phone)

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
150
Abstract Views
837
rank
134,298
PlumX Metrics