Risky Business: Managing Electronic Payments in the 21st Century

The paper highlights the discussion from a conference co-hosted in June 2005 with the Electronic Funds Transfer Association. Participants from the financial services and processing sectors, law enforcement, and academia, as well as policymakers gathered at the Federal Reserve Bank of Philadelphia to explore key issues in effectively managing risk in an increasingly electronic payments environment.

The meeting's goal was to bring together a diverse group of industry leaders involved in electronic payments processing to identify areas of potential risk, address best practices to manage the risk and prevent fraud, and gain widespread support for collective action to further safeguard the integrity of the system.