FED Announces Conclusion of Efforts of Payments Security Task Force
FED announced that the Secure Payments Task Force will conclude its efforts in March with a final publication consisting of a collection of educational materials outlining the lifecycles and security profiles of the primary payment methods. Task force participants will transition into the FedPayments Improvement Community of FED, established to provide stakeholders with opportunities to engage in the ongoing payment improvement initiatives of FED.
The enhanced FedPayments Improvement Community is designed to allow payments industry participants to tailor their involvement in FED efforts based on interest, expertise, and availability. As part of the community, task force participants will have opportunities to participate in work groups as they are established, to provide input into payments improvement efforts and to attend online and in-person events. Established in June 2015 in support of the FED's Strategies for Improving the U.S. Payment System, the task force has engaged more than 200 financial institutions, consumer groups, payment service providers, financial technology firms, merchants, government agencies, and others interested in payment security improvement efforts.
Later this year, FED expects to initiate new collaborative industry work groups to advance the work begun by the task force—informed by a planned study to analyze payment fraud and security vulnerabilities, assess potential approaches to mitigate them, and identify misalignment of incentives that may hinder progress.
Related Link: Press Release
Keywords: Americas, US, Banking, PMI, Secure Payments Task Force, Payments Security, FED
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