Key Payment Events in 2017 Talk About Payments Webinar December 14, - - PowerPoint PPT Presentation

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Key Payment Events in 2017 Talk About Payments Webinar December 14, - - PowerPoint PPT Presentation

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Key Payment Events in 2017 Talk About Payments Webinar December 14, 2017 Retail Payments Risk Forum Federal Reserve Bank of Atlanta The views expressed in this presentation are those of the presenters and do not necessarily reflect the views of

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December 14, 2017

Retail Payments Risk Forum Federal Reserve Bank of Atlanta

Key Payment Events in 2017

Talk About Payments Webinar

The views expressed in this presentation are those of the presenters and do not necessarily reflect the views of the Federal Reserve Bank of Atlanta or the Federal Reserve System.

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Connection Information

  • Webinar link:

www.webcaster4.com/Webcast/Page/577/23432

  • Choose to listen with your PC speakers.

– If you are having trouble hearing through your speakers

  • Call-in number: 888-625-5230
  • Participant Code: 601301748#
  • Ask a question:

– Click the “Ask Question” button in the webinar tool – Email rapid@stls.frb.org

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To detect and identify, assist and encourage…

  • - Identify: What?

– Risk in existing and emerging retail payments.

  • Help how? Contribute to mitigating

payment risks by:

– Researching products, services, and systems – Collaborating with industry – Convening

  • Take On Payments weekly blog
  • takeonpayments.frbatlanta.org

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Forum’s Mission

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Webinar Participants

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Julius Weyman Doug King Dave Lott Jessica Washington

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Fraud Schemes: Criminals remain plenty busy

  • Identity fraud is increasing.
  • “The Fed pays my bills.”
  • There are more ransomware schemes.
  • Don’t forget ATM skimming and machine

heists.

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Number and magnitude continue to grow

  • Third party access
  • Assume you have been compromised?

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Data Breaches

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Chip Migration

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ISSUANCE ACCEPTANCE ~50% of transactions chip-on-chip ~90% of payment volume

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Defenses increased as attacks mount

  • Signature requirement at POS ending
  • Biometric modalities being expanded

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Payment Security

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Same-Day ACH–Phase II

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Task force final report issued in July:

fedpaymentsimprovement.org/

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Faster Payments

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New initiatives launched

  • Zelle
  • Apple Pay Cash
  • Crossover to retail
  • International remittances
  • Fraud becoming more of a concern

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P2P Payments

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One word: (sort of)

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FinTech

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Mixed bag of results for the year

  • Pay wallets still finding their way
  • Merchant wallets finding more success
  • Pre-ordering a big hit
  • Mcommerce share continues to grow

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Mobile Payments

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Virtual Currency / Distributed Ledger

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ICO $634M

1) Through Nov. 27. Source: http://coinmarketcap.com.

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Déjà Vu All Over Again?

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2017 Topics 2016 Topics Fraud Schemes Cybersecurity Data Breaches Same-Day ACH Chip Migration Faster Payments Payment Security Prepaid Card Rules Same Day ACH Mobile Payments Faster Payments EMV Migration P2P Payments Distributed Ledger Fintech Data Breaches Mobile Payments Payment Preferences Virtual Currency

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For more information: Dave Lott David.lott@atl.frb.org 404-498-7529

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Questions & Discussion

Ask a question:

  • Click the “Ask Question” button in the webinar tool
  • Email rapid@stls.frb.org