Payments security is a forefront issue today with incessant cyber-attacks, large-scale data breaches that expose millions of consumers' sensitive information and billions of dollars of fraudulent payment transactions.

This conference brought together payments system participants, academics and policymakers for an exchange of thoughts and views on payments security and fraud as matters of importance for preserving public confidence in worldwide retail payment systems. Some of the questions addressed included: What economic principles underlie the determinants of payments security? What options are available to better align incentives of payments stakeholders? How best are resources allocated between preventing, detecting and responding to payments security threats? How should the changing threat landscape affect the ways in which sensitive information is secured and used for retail payments? What roles should private players and public authorities play to solve the puzzle of payments security? 

View presentations and videos from the event below.

2015 Conference Proceedings

Foreword
Esther L. George
  President and Chief Executive Officer, Federal Reserve Bank of Kansas City
   
Contributors
 
   
Conference Summary
Terri Bradford
  Payments Research Specialist, Federal Reserve Bank of Kansas City

 
Opening Remarks
Kelly J. Dubbert
  First Vice President and Chief Operating Officer, Federal Reserve Bank of Kansas City

 
Opening Keynote: Building a Safer Payment System Through Collective Action
Remarks |  General Discussion |  Video

Keynote Address: Jerome H. Powell
  Governor, Board of Governors of the Federal Reserve System
   
Session I: The Economics of Payments Security
Paper | Commentary | General Discussion

Presenter: Tyler Moore 

Assistant Professor of Computer Science and Engineering, Southern Methodist University
Discussant: Adam Levitin | Presentation 
  Professor of Law, Georgetown University Law Center
   
Session II: Monitoring Payment Fraud: A Key Piece to the Puzzle
Paper Commentary | General Discussion

Presenter: Alexandre Stervinou | Presentation
  Deputy Head, Payment Oversight Division, Banque de France
Discussant: Chris Hamilton | Presentation
  Executive Director, Australian Payments Clearing Association
   
Luncheon and Keynote Address: Achieving a Resilient Cyber Ecosystem: A Way Ahead
Remarks |  General Discussion

Keynote Address: Peter Fonash
  Chief Technology Officer, Office of Cybersecurity and Communications, U.S. Department of Homeland Security
   
Session III: Managing the Threats to Data Security
Panel Discussion | General Discussion

Moderator: Tracy Kitten
  Executive Editor, BankInfoSecurity and CUInfoSecurity, Information Security Media Group
Panelists:  Mark Carney | Presentation
  Vice President, Strategic Programs, FireMon
  Robert Carr | Presentation
  Chief Executive Officer, Heartland Payment Systems 
  Liz Garner | Presentation
  Vice President, Merchant Advisory Group
  Vernon Marshall | Presentation 
  Functional Risk Officer, American Express
   
Session IV: Devaluing Data: If the System Cannot Be Made Secure, Can the Information Be Made Worthless?
Panel Discussion General Discussion 

Moderator: Marianne Crowe
  Vice President, Federal Reserve Bank of Boston
Panelists: Steve Schmalz
  Solution Architect, RSA, the Security Division of EMC
  Radha Suvarna
  Managing Director, Head of U.S. Emerging Payments, Citi Cards, Citibank
Member, Tokenization Subcommittee, X9
  Madhu Vasu
  Senior Director, Innovation and Strategic Partnerships, Visa Inc.
  Branden R. Williams | Presentation
  Chief Technology Officer, Cyber Security Solutions, First Data Corp.
   
Session V: Role of Industry Collaboration in Payments System Security
Panel Discussion General Discussion 

Moderator: Jonathan Williams | Presentation
  Director of Strategic Development, Experian
  Former Director, Federal Reserve Information Technology
Panelists: Charles Bretz | Presentation
  Director of Payments Risk, Financial Services Information Sharing and Analysis Center
  Sandra Kennedy
  President, Retail Industry Leaders Association Co-Chair, Merchant Financial Services Cybersecurity Partnership
  Nancy O’Malley | Presentation
  Chief Payment System Integrity Officer, MasterCard Worldwide
Member, Payments Security Task Force 
  Liz Votaw | Presentation
  Senior Vice President, OmniChannel Authentication Strategy, Bank of America; Board of Directors, Fast IDentity Online Alliance
 
Session VI: Role of Government in Payments System Security
Panel Discussion | General Discussion

Moderator: Gordon Werkema
  Payments Strategy Director, Federal Reserve Bank of Chicago
Panelists:  Anjan Mukherjee
  Counselor to the Secretary and Deputy Assistant Secretary for Financial Institutions, Policy Office, U.S. Department of the Treasury
  Chrissanthos Tsiliberdis | Presentation
  Senior Market Infrastructure Expert, European Central Bank 
  Coen Voormeulen | Presentation
  Director of the Cash and Payments Division, De Nederlandsche Bank
Co-Chair, Working Group for Cyber Resilience, BIS
   
Closing Remarks Esther L. George | Video
  President and Chief Executive Officer, Federal Reserve Bank of Kansas City

 


Conference Attendees