2008 Payments Conference
Payments Fraud: Perception versus Reality

June 5, 2008 to June 6, 2008
Federal Reserve Bank of Chicago
230 S. LaSalle St.
Chicago, IL 60604
Third Floor Conference Center
Thursday, June 5, 2008 | Friday, June 6, 2008

Thursday, June 5, 2008
8:30 a.m.		Registration and Continental Breakfast
9:30 a.m.		Introduction and Welcome Gordon Werkema, First Vice President and Chief Operating Officer, Federal Reserve Bank of Chicago
9:45 a.m.		Keynote Speech Divided We Fall: Fighting Payments Fraud Together (PDF, 3.44MB) Mark Greene, Chief Executive Officer, Fair Isaac Corporation
10:15 a.m.		Identifying Security Issues in the Retail Payments System Moderator Presentation (PDF, 43KB) Robert Ledig, Partner, Fried, Frank, Harris, Shriver & Jacobson LLP Panelists Presentation (PDF, 994KB) David Poe, Managing Director, Edgar Dunn & Company Presentation (PDF, 597KB) Ellen Richey, Chief Enterprise Risk Officer, Visa, Inc. Lance James, Founder and Chief Technology Officer, Secure Science Corporation
		Talking Points What are the main security threats to retail payments? What are the potential costs of payments fraud and of solutions to guard against it? What role, if any, should public authorities play to protect payment system participants from these threats?
11:45 a.m.		Luncheon
1:30 p.m.		Fraud Containment Moderator Presentation (PDF, 62KB) Bruce Summers, Payment System and Technology Management Consultant Panelists Presentation (PDF, 160KB) Jeff Schmidt, Consultant Presentation (PDF, 689KB) Bob West, Chief Executive Officer, Echelon One Mallory Duncan, Senior Vice President and General Counsel, National Retail Federation
		Talking Points What are the most common forms of retail payments fraud? What are the most effective fraud reduction tools, and how have these tools evolved to support "real time" payments? How do payment providers and merchants balance fraud risk and consumer convenience?
3:00 p.m.		Break
3:30 p.m.		Fraud Loss and Dispute Resolution Moderator Christian Johnson, Professor, University of Utah Law School Panelists Mark Michelon, Senior Director, E-commerce Risk and Revenue Protection, Orbitz Worldwide Presentation (PDF, 116KB) Duncan Douglass, Partner, Alston & Bird LLP Presentation (PDF, 38KB) Charles Docherty, Legal Counsel, MBNA Canada Bank
		Talking Points Who is responsible for mitigating fraud in the payments system, and what are the consequences of that responsibility? How are losses allocated when fraud occurs? Do current fraud resolution measures distort incentives for payment system participants to adequately secure payment information?
5:00 p.m.		Reception
Friday, June 6, 2008
7:45 a.m.		Continental Breakfast
8:30 a.m.		Welcome and Introduction Daniel G. Sullivan, Senior Vice President and Director of Research, Federal Reserve Bank of Chicago
		Security Risks and Solutions in Emerging Payment Channels Moderator Presentation (PDF, 1.54MB) Bruce Cundiff, Director of Payments Research, Javelin Strategy and Research Panelists Presentation (PDF, 433KB) David Walker, President and Chief Executive Officer, Electronic Check Clearing House Organization (ECCHO) Presentation (PDF, 434KB) Paul Tomasofsky, President, Two Sparrows Consulting, LLC Presentation (PDF, 8.64MB) Kevin Fu, Assistant Professor, University of Massachusetts Amherst
		Talking Points Do new payment channels, such as mobile, electronic images of checks and decoupled debit, entail different fraud risks? Are new tools necessary to minimize risks associated with emerging payment platforms? Do these new channels provide any security features that mitigate risk in the payments system?
10:00 a.m.		Break
10:15 a.m.		Keynote Speech Introduction Charles L. Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago Presentation (PDF,11KB) Steve Malphrus, Staff Director for Management, Board of Governors of the Federal Reserve System
11:00 a.m.		Public and Private Responses to Payments Fraud Moderator Presentation (PDF, 1.14MB) William Roberds, Research Economist and Policy Adviser, Federal Reserve Bank of Atlanta Panelists Presentation (PDF, 190KB) Judith Rinearson, Partner, Bryan Cave LLP Presentation (PDF, 682MB) Allison Edwards, Director of Product Development, FiServ EFT Marsha McClellan, Chief, Money Laundering and Asset Forfeiture, United States Attorney for the Northern District of Illinois
		Talking Points How can the government define its role in fraud containment without stifling innovation? Should different payment instruments have similar laws and regulations governing them? Have standards been an effective tool in combating payments fraud?
12:30 p.m.		Closing Remarks Sujit Chakravorti, Senior Economist, Federal Reserve Bank of Chicago
12:45 p.m.		Luncheon
		Last updated: June 24, 2008