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


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


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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    References listed on IDEAS

    1. Ian Vá¡squez, 2002. "A Retrospective on the Mexican Bailout," Cato Journal, Cato Journal, Cato Institute, vol. 21(3), Winter.
    2. repec:cto:journl:v:21:y:2002:i:3:p:369-393 is not listed on IDEAS
    3. Nadezhda Malysheva & John R. Walter, 2010. "How large has the federal financial safety net become?," Working Paper 10-03, Federal Reserve Bank of Richmond.
    4. Viral V. Acharya & Matthew Richardson & Stijn Van Nieuwerburgh & Lawrence J. White, 2011. "Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance," Economics Books, Princeton University Press, edition 1, number 9400.
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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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