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July, No. 252

The Federal Reserve Bank of Chicago hosted its eighth payments conference on June 5–6, 2008. The conference  highlighted threats to the security of the payments system and explore solutions to those challenges. This article previewed issues that would be covered at the conference.

Last Updated: 06/11/2008

Assessing the Landscape of Payments Fraud

Katy Jacob, Bruce J. Summers

One of the key roles of the Federal Reserve is to promote the integrity and efficiency of the U.S. payments system. This mission takes on many forms, and encompasses financial services, supervisory activities, the Fed’s public policy function and economic research. The Federal Reserve System provides retail payments services on behalf of the U.S. Department of the Treasury and clearing and settlement services to depositories; helps set payments policy; provides consumer protections; and regulates the payments activities of banks around the country.