Risks of identity theft: Can the market protect the payment system?
AbstractIdentity theft has been a feature of financial markets for as long as alternatives have existed to cash transactions. But identity theft has recently occurred on a much larger scale. Data breaches often involve the apparent loss or acknowledged theft of the personal identifying information of thousands--or millions--of people. ; Identity theft poses risks, not only to individuals, but to the integrity and efficiency of the payment system--the policies, procedures, and technology that transfer information for authenticating and settling payments among participants. Identity theft can cause a loss of confidence in the security of certain payment methods and an unwillingness to use them. Markets can cease operating or switch to less efficient payment methods. Either represents a loss of efficiency for the economy. ; Schreft looks at the nature of identity theft today and the factors underlying its mounting risks. She also explores whether markets are able to limit the risks identity theft poses to the payment system.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Federal Reserve Bank of Kansas City in its journal Economic Review.
Volume (Year): (2007)
Issue (Month): Q IV ()
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Charles M. Kahn & William Roberds, 2006.
"Credit and Identity Theft,"
2006 Meeting Papers, Society for Economic Dynamics
34, Society for Economic Dynamics.
- Charles M. Kahn & William Roberds, 2005. "Credit and identity theft," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, Federal Reserve Bank of Boston.
- Kahn, Charles M. & Roberds, William, 2008. "Credit and identity theft," Journal of Monetary Economics, Elsevier, Elsevier, vol. 55(2), pages 251-264, March.
- Rolnick, Arthur J & Weber, Warren E, 1983. "New Evidence on the Free Banking Era," American Economic Review, American Economic Association, American Economic Association, vol. 73(5), pages 1080-91, December.
- Julia S. Cheney, 2005. "Identity theft: do definitions still matter?," Payment Cards Center Discussion Paper, Federal Reserve Bank of Philadelphia 05-10, Federal Reserve Bank of Philadelphia.
- Akerlof, George A, 1970. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 84(3), pages 488-500, August.
- William Roberds & Stacey L. Schreft, 2008.
"Data breaches and identity theft,"
Working Paper, Federal Reserve Bank of Atlanta
2008-22, Federal Reserve Bank of Atlanta.
- William Roberds & Stacey L. Schreft, 2009. "Data security, privacy, and identity theft: The economics behind the policy debates," Economic Perspectives, Federal Reserve Bank of Chicago, Federal Reserve Bank of Chicago, issue Q I, pages 22-30.
- Stuart E. Weiner, 2008. "The Federal Reserve's role in retail payments: adapting to a new environment," Economic Review, Federal Reserve Bank of Kansas City, Federal Reserve Bank of Kansas City, issue Q IV, pages 35-63.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (LDayrit).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.