The 180-member Secure Payments Task Force convened by the Federal Reserve to advance the safety, security and resiliency of the national payment system is asking the industry for feedback on a set of payment use cases, which map out the life cycle of a payment. The payment uses cases are intended to provide a common foundation for the payments industry to understand the landscape as it is today and the associated risks. Each use case includes the unique payment flow overview, payment type operation, overview of security methods and associated risks, inventory of sensitive payment data and associated risks, and overview of standards.
The Secure Payments Task Force is looking for your feedback on how you or others within your organization will use this information as well as how you would prefer to access this material.
Payment Use Cases
- Card Not Present
- Card PIN
- Card Signature
The Secure Payments Task Force identified areas of focus to address payment security challenges and launched work groups to identify desired outcomes and create resources and/or solutions to address these challenges. The work groups include Payment Identity Management, Information Sharing for the Mitigation of Payment Risk/Fraud, and Data Protection. In the latter part of 2016, these desired outcomes and resource ideas were shared with the payments industry, with 80% of total survey respondents affirming that these resources would provide value to the industry. This is the first resource the Task Force is seeking industry feedback on related to the work groups desired outcomes and solutions.
The Secure Payments Task Force, conceived in Strategies for Improving the U.S. Payment System (PDF), has been advancing efforts to support the strategy of reducing payment fraud and advancing the safety, security and resiliency of the payment system. Earlier this year, they launched work groups focusing on the following payments security issues:
- Payment Identity Management
- Information Sharing for the Mitigation of Payments Risk/Fraud
- Data Protection
The work group members have been meeting regularly to identify the current challenges, the attributes of a more effective environment, the desired outcomes in each area, and the barriers to implementation.
The Secure Payments Task Force is seeking input from the industry on the solutions outlined as well as potential barriers to implementation. We launched three online surveys to give you the opportunity to weigh-in on how the task force is addressing different challenges related to payment identity management, information sharing for the mitigation of payments risk/fraud and data protection. The surveys will remain open for comment until Wednesday, November 30.
This feedback will help the Secure Payments Task Force identify and promote actions that can be taken by payment system participants to maintain U.S. payment system security that remains very strong, with public confidence that remains high, and protections and incident response that keeps pace with the rapidly evolving and expanding threat environment.
Visit the Secure Payments Task Force Work Group page for more details and take the survey by Wednesday, November 30!
Industry leaders with an interest in payments security are invited to follow or join the Secure Payments Task Force. To learn more, follow our work efforts on Twitter (@fedpayimprove).
We are pleased to announce that Federal Reserve Bank of Chicago Senior Vice President Todd Aadland has been appointed as the Payments Security Strategy Leader. In his new role, Todd’s responsibilities will include chairing the Secure Payments Task Force and leading the Federal Reserve System’s activities aimed at addressing fraud risk and advancing the safety, security and resiliency of the payment system.
Todd has spent the past 20 years in the Federal Reserve System and has found success in a number of roles that include leading the business strategy, development and management of FedLine® access solutions. Additionally, he has also led risk management, security and application development functions and is a Certified Information Systems Security Professional.
Payments Strategy Director Gordon Werkema noted that “Todd’s combination of business experience and technical expertise is exactly what is needed to partner with the industry on improved payments security.”
With this appointment, Todd will become the newest addition to the Payment Improvement Initiative’s leadership team that is currently comprised of Gordon Werkema (Payments Strategy Director) and Sean Rodriguez (Faster Payments Strategy Leader).
Click here to read the press release in its entirety.
Any advice or questions for the new Payments Security Strategy Leader? Please share in the comments!
Without further ado, we are pleased to announce that the Faster Payments Task Force and Secure Payments Task Force are open for registration! For those of you who don’t know, the formation of these task forces is one of the first milestones to come out of our Strategies for Improving the U.S. Payment System paper released on January 26, 2015.
The Faster Payments Task Force will identify and evaluate alternative approaches for implementing safe, ubiquitous, faster payments capabilities in the United States. The Secure Payments Task Force will advise the Federal Reserve on payment security matters, coordinate with the Faster Payments Task Force and determine areas of focus and priorities for future action to advance payment system safety, security and resiliency. Participating in one of these task forces will provide payment system stakeholders with a unique opportunity to put their knowledge and experience to work improving the nation’s payment system.
Now, you’re probably wondering: “What does it take to be on a task force?” and “How do I get involved and find out more?”
What does it take to be on a task force?
We are looking for a committed and diverse membership to help ensure the perspectives of all U.S. payment system participants are considered and task force outcomes are in the public interest. Any interested stakeholders with relevant payment knowledge and experience who can commit the required time and resources to these key initiatives is welcome to participate.
How do I get involved and find out more?
There are a number of ways you can get involved with the task forces and find more information:
- Visit the Get Involved page to view task force charters, participation agreements and registration information.
- Faster Payments Task Force—Registration deadline is April 17
- Secure Payments Task Force—Registration deadline is May 15
- Register to attend either the March 20 or 31 Task Force Q&A Teleconferences
- Stay up-to-date on the latest task force news, events and developments by joining our FedPayments Improvement Community to ensure you receive updates and information
- Follow us on Twitter @FedPayImprove and use our official hashtag: #FedTaskForces in your task force-related tweets
What do you think will be key to task force success?