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.

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