Take On Payments, a blog sponsored by the Retail Payments Risk Forum of the Federal Reserve Bank of Atlanta, is intended to foster dialogue on emerging risks in retail payment systems and enhance collaborative efforts to improve risk detection and mitigation. We encourage your active participation in Take on Payments and look forward to collaborating with you.
Federal Reserve Web Sites
Other Bank Regulatory Sites
December 23, 2013
Here We Go: Number 10!
As the year draws to a close, the Portals and Rails team would like to share its own Top 10 list of major payment-related events that took place in the United States this year.
- The Consumer Financial Protection Bureau finalized Dodd-Frank 1073 money transfer rules.
- The payments industry experienced increased regulatory scrutiny of third-party processors and high-risk business customers.
- Major global ATM cash-out fraud attacks—including many U.S. ATMs—totaled $45 million.
- FTC issued a proposal to ban telemarketers from using remotely created checks and payment orders.
- Debit networks sought a compromise on an EMV interface—while there is little movement on the issuance of EMV cards.
- The newly designed $100 bill with additional security features was released.
- Several major data breaches occurred, and identity theft occurrences skyrocketed.
- Cyber Monday online sales were up 17 percent, with phones and tablets representing almost a third of the total.
- Virtual currencies received increased public, legislative, and regulatory awareness after the U.S. Department of Justice took action to close down virtual currency operators Liberty Reserve and Silk Road.
- U.S. District Court Judge Richard Leon threw out Regulation II debit card interchange fees and routing rules.
And as we head into 2014, here are a few payments-related topics we will be following closely:
- As regulators continue to monitor developments in the virtual currency market, will the usage of virtual currency as a legitimate medium of exchange expand among the merchant community?
- Will 2014 finally be the “Year of the Mobile Payment” as stakeholders have yearned for over the last several years? What progress will be made in addressing the awareness, security, and education aspects of mobile payments?
- With online and mobile commerce showing no signs of slowing down, what authentication solutions will be most widely adopted to prevent a rising tide of card-not-present fraud?
- How will merchants and card issuers deal with EMV implementation?
- What effects will the regulatory attention on third parties and high-risk businesses have on the due diligence practices of financial institutions?
Wishing you all happy holidays and a fraud-free 2014!
By David Lott, a retail payments risk expert in the Retail Payments Risk Forum at the Atlanta Fed
TrackBack URL for this entry:
Listed below are links to blogs that reference Here We Go: Number 10!:
- Mobile Financial Services Are Still Growing
- Be Careful, Be Very Careful
- "I want to be alone; I just want to be alone"
- Combat Gear for Tax Season
- Same-Day ACH: A Call to Action
- Continuing Education in Mobile Payments Security
- The Insider on the Outside
- Same-Day ACH: An NFAQ
- Card Chargebacks: Sorting Out the Facts
- Warning! This Vehicle Has Been Immobilized
- May 2016
- April 2016
- March 2016
- February 2016
- January 2016
- December 2015
- November 2015
- October 2015
- September 2015
- August 2015
- account takeovers
- ATM fraud
- bank supervision
- banks and banking
- card networks
- check fraud
- consumer fraud
- consumer protection
- cross-border wires
- data security
- debit cards
- emerging payments
- financial services
- identity theft
- law enforcement
- mobile banking
- mobile money transfer
- mobile network operator (MNO)
- mobile payments
- money laundering
- money services business (MSB)
- online banking fraud
- payments risk
- payments study
- payments systems
- phone fraud
- remotely created checks
- risk management
- Section 1073
- social networks
- third-party service provider
- trusted service manager
- Unfair and Deceptive Acts and Practices (UDAP)
- wire transfer fraud
- workplace fraud