The Secure Payments Task Force, which consists of more than 180 participants and is convened by the Federal Reserve, 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.
Below is an outline of the information included in the payment use cases:
- Payment flow overview
- Payment type operation
- Overview of security methods and associated risks
- Inventory of sensitive payment data and associated risks
- Overview of standards
These use cases are intended to provide a common foundation for the payments industry to understand the landscape as it is today and the associated risks.