Fed, SRPc Call for Remote Payment Standards, Central
Authority
Dec. 8, 2011
In its December letter, the Federal Reserve Bank of Chicago
reported on a September meeting it hosted with the Secure Remote Payments
Council (SRPc) to discuss strategies to reduce payments fraud in e-commerce and
m-commerce environments. Participants called for more standards and centralized
authority. “It may well be constructive for industry players, with input from
a public sector authority, to reach a consensus on a core set of standards to
combat remote payments fraud,” Fed economists said in the letter. “A centralized
public sector organization might be able to effectively play an objective role
in encouraging more robust antifraud measures without necessarily advantaging or
disadvantaging certain participants. Moreover, such an organization could
coordinate with other public sector players (such as bank regulators and law
enforcement agencies) to collectively come up with effective solutions to
cybersecurity problems.” Click here to read the Chicago Fed Letter on remote payments
security.