Fed Takes Closer Look at CNP Payments, Security

Oct. 23, 2014

Fed Takes Closer Look at CNP Payments, Security With EMV coming to the U.S., CNP fraud is expected to explode. In response, The Federal Reserve Bank of Atlanta next month will hold a summit comprising industry experts, regulators and law enforcement officials to discuss how to secure card-not-present payments. The one-day conference, hosted by the Atlanta Fed and the Secure Remote Payment Council will take place November 12 at the Fed’s headquarters in Atlanta.

“The need for efficient and secure payment processing in the card-not-present environment has never been more pressing,” said Paul Tomasofsky, president of the Secure Remote Payments Council. “Advancements in risk mitigation solutions to address these present day challenges will continue to unfold manifesting in the form of end-to-end encryption, tokenization and dynamic authentication. Getting sensitive card data out of the payment system and providing better protection mechanisms for the online payment environment will remain a top priority for the payments industry.”

The summit is free to attend, but those groups said space is limited. If you wish to be considered to attend the event, please contact Doug King of the Atlanta Fed’s Retail Payments Risk Forum directly at Douglas.A.King@atl.frb.org or 404-498-7974.