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The efficiency and integrity of payment card systems: industry views on the risks posed by data breaches

Author

Listed:
  • Julia S. Cheney
  • Robert M. Hunt
  • Katy Jacob
  • Richard D. Porter
  • Bruce J. Summers

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.

Suggested Citation

  • Julia S. Cheney & Robert M. Hunt & Katy Jacob & Richard D. Porter & Bruce J. Summers, 2012. "The efficiency and integrity of payment card systems: industry views on the risks posed by data breaches," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q IV, pages 130-146.
  • Handle: RePEc:fip:fedhep:y:2012:i:qiv:p:130-146:n:v.36no.4
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    1. repec:kap:jfsres:v:52:y:2017:i:1:d:10.1007_s10693-017-0270-9 is not listed on IDEAS
    2. Charles M. Kahn & José M. Liñares-Zegarra & Joanna Stavins, 2017. "Are there Social Spillovers in Consumers’ Security Assessments of Payment Instruments?," Journal of Financial Services Research, Springer;Western Finance Association, vol. 52(1), pages 5-34, October.
    3. Cheney, Julia S. & Hunt, Robert M. & Mikhed, Vyacheslav & Ritter, Dubravka & Vogan, Michael, 2014. "Identity theft as a teachable moment," Working Papers 14-28, Federal Reserve Bank of Philadelphia.
    4. Mikhed, Vyacheslav & Vogan, Michael, 2017. "How Data Breaches Affect Consumer Credit," Working Papers 17-6, Federal Reserve Bank of Philadelphia, revised 16 Nov 2017.

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