The Secure Payments Task Force, a coalition of over 200 payment industry stakeholders convened by the Federal Reserve, recently concluded. For the last three years, the Task Force has worked to advise the Federal Reserve on payment security matters and address payment security challenges. Its work covered identifying the key challenges and opportunities related to improving payment security, including identity management, data protection and information sharing to mitigate fraud. The Task Force’s website, SecurePaymentsTaskForce.org, features its deliverables, including Payment Lifecycles and Security Profiles and a list of Information Sharing Data Sources.
The Secure Payments Task Force developed the feature Payment Lifecycles and Security Profiles to help payment participants understand eight payment types. This educational resource provides perspectives related to:
- The lifecycles of the most common payment types, covering enrollment, transaction flow and reconciliation
- Security methods, identity management controls and sensitive data occurring at each step in payment lifecycles
- Relevant laws and regulations, and other references, as well as challenges and improvement opportunities related to each payment type
The Payment Lifecyles and Security Profiles cover the following payment types: ACH; Card Present; Card Not Present; Card Present PIN; Check; Contactless; Wallet; and Wire.
The Secure Payments Task Force also published an expansive set of cybersecurity and fraud information resources, styled Information Sharing Data Sources. The data sources highlight intelligence reports, payments fraud trends, best practices and benchmarks, and additional resources that can help organizations address payments fraud risk. The Information Sharing Data Sources is also available on the Task Force’s website as a searchable tool.