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.
Foreword
Esther L. George
President and Chief Executive Officer
Federal Reserve Bank of Kansas City
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 | External LinkVideo
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
External LinkVideo
Esther L. George
President and Chief Executive Officer
Federal Reserve Bank of Kansas City