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
April 29, 2019
In early April in Boston, I happened by the annual conference and competition of the Massachusetts School Bank Association (MSBA). Two hundred eighty-four students from 30 high schools competed in three segments: product design, marketing, and a quiz show that covered financial literacy topics. The MSBA is an association of schools with financial literacy programs and financial institutions that operate educational branch offices in schools.
I learned that next-gen security is firmly within the sights of the next gen of Massachusetts bankers. The conference theme of “personal financial security” played out in each segment. It was clear that the organizers—high school teachers and executives at financial institutions—had the financial safety of the next gen firmly in view:
- The trivia contest consisted of general banking and personal finance questions including questions related to identity theft awareness, financial fraud, and financial cybersecurity.
- The marketing challenge tackled the need to educate customers about security and, according to the prompt, "the need to use good security practices and tools to protect [customers] from identity theft and/or fraudulent use of their accounts."
- In product design, the winning team from Taunton High School designed an app to help students determine if they were more or less likely to be victims of identity theft.
I chatted with students from Chelsea High School about their app: "Are you smarter than a fraudster?" Teaching others is a good way to learn yourself, and these young people were on top of best practices for protecting their payments cards (don't give out info in email or on the phone), preventing identity theft (shred documents), and keeping email safe (don't click on links from unknown parties).
When they aren't designing apps, the Chelsea students work as interns at the Chelsea High School branch of Metro Credit Union.
What is your bank doing to educate the next gen of security ninjas?
December 10, 2018
A Look in the Rearview Mirror of Payments for 2018
I'm sure just about everyone else in the payments industry would agree with me that 2018 was yet another exciting year for payments. The year was filled with a host of newsworthy events, but fintech most certainly took center stage in the financial services industry, including payments. Whether the news highlighted an announcement of a new product to increase financial access or discussed the regulatory challenges and associated concerns within the fintech space, it seemed that fintech made its way into the news on a daily basis. Still, for payments, 2018 will be remembered for more than just fintech.
The Retail Payments Risk Forum's last Talk About Payments webinar of 2018 will feature Doug King, Dave Lott, and Jessica Washington sharing their perspectives and memories on the year-in-payments in a round table discussion. Among the topics they will discuss are consumer payment preferences, the changing retail environment, and the state of fraud—and fintech, of course. We encourage financial institutions, retailers, payments processors, law enforcement, academia, and other payments system stakeholders to participate in this webinar. Participants will be able to submit questions during the webinar.
The webinar will be held on Thursday, December 20, from 1 to 2 p.m. (ET). Participation in the webinar is free, but you must register in advance. To register, click on the TAP webinar link. After you complete your registration, you will receive a confirmation email with all the log-in and toll-free call-in information. A recording of the webinar will be available to all registered participants in various formats within a couple of weeks.
We look forward to you joining us on December 20 and sharing your perspectives on the major payment themes of 2018.
By Douglas A. King, payments risk expert in the Retail Payments Risk Forum at the Atlanta Fed