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.
One of the first resources the Task Force is seeking feedback on is a set of payment use cases which map out the lifecycle of a payment for eight select payment types: ACH (PDF), Card Not Present (PDF), Card PIN (PDF), Card Signature (PDF), Check (PDF), Contactless (PDF), Wallet (PDF), and Wire (PDF).
If you would like to contribute feedback on any of the payment use cases, please complete the Payments Use Cases Industry Survey.
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
Please note that the payment use cases are in a raw format, and we are working to design this content in ways to be useful for payments industry stakeholders. Specifically, we are 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.
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. We are currently soliciting industry feedback prior to final publication to the industry.