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2008 Payments Conference — Payments Fraud: Perception versus Reality
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2008 Payments Conference — Payments Fraud: Perception versus Reality

  • Overview
  • Speakers
  • Agenda
  • Accommodations
  • Conference Materials
  • Registration

The Federal Reserve Bank of Chicago hosted its eighth payments conference on June 5–6, 2008, at the Chicago Fed. The conference, which highlighted threats to the security of the payments system and explored solutions to those challenges, covered such topics as:


  • Identifying security issues in the retail payments system;
  • Preventing and containing payments fraud;
  • Allocating losses when payments fraud occurs;
  • Exploring fraud in emerging payment channels; and
  • Evaluating public and private responses to payments fraud.

06/05/08
8:30 AM
Registration & Continental Breakfast (Third Floor Conference Center)
9:30 AM
Introduction and Welcome

Gordon Werkema,  First Vice President and Chief Operating Officer,  Federal Reserve Bank of Chicago

9:45 AM
Keynote Speech

Mark Greene,  Chief Executive Officer,  Fair Isaac Corporation

  • Divided We Fall: Fighting Payments Fraud Together
10:15 AM
Identifying Security Issues in the Retail Payments System


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?

Moderator

Robert Ledig,  Partner,  Fried, Frank, Harris, Shriver & Jacobson, LLP

  • Presentation
  • Presentation

David Poe,  Managing Director,  Edgar Dunn & Company

  • Presentation

Ellen Richey,  Chief Enterprise Risk Officer,  Visa, Inc.

Lance James,  Founder and Chief Technology Officer,  Secure Science Corporation

11:45 AM
Luncheon (Third Floor Conference Center)
1:30 PM
Fraud Containment


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?

Moderator

Bruce Summers,  Payment System and Technology Management Consultant

  • Presentation
  • Presentation

Jeff Schmidt,  Consultant

  • Presentation

Bob West,  Chief Executive Officer,  Echelon One

Mallory Duncan,  Senior Vice President and General Counsel,  National Retail Federation

3:00 PM
Break
3:30 PM
Fraud Loss and Dispute Resolution


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?

Moderator

Christian Johnson,  Professor,  University of Utah Law School

Panelists

Mark Michelon,  Senior Director, E-Commerce Risk and Revenue Protection,  Orbitz Worldwide

  • Presentation

Duncan Douglass,  Partner,  Alston & Bird LLP

  • Presentation

Charles Docherty,  Legal Counsel,  MBNA Canada Bank

5:00 PM
Reception (Third Floor Conference Center)
06/06/08
7:45 AM
Continental Breakfast (Third Floor Conference Center)
8:30 AM
Welcome and Introduction

Daniel G. Sullivan,  Senior Vice President and Director of Research,  Federal Reserve Bank of Chicago

8:30 AM
Security Risks and Solutions in Emerging Payment Channels


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?

Moderator

Bruce Cundiff,  Director of Payments Research,  Javelin Strategy and Research

  • Presentation

Panelist

David Walker,  President and Chief Executive Officer,  Elecontronic Check Clearing House Organization (ECCHO)

  • Presentation

Panelist

Paul Tomasofsky,  President,  Two Sparrows Consulting, LLC

  • Presentation

Panelist

Kevin Fu,  Assistant Professor,  University of Massachusetts Amhert

10:00 AM
Break
10:15 AM
Keynote Speech

Introduction

Charles L. Evans,  President and Chief Executive Officer,  Federal Reserve Bank of Chicago

Keynote Speaker

Steve Malphrus,  Staff Director for Management,  Board of Governors of the Federal Reserve System

  • Presentation
11:00 AM
Public and Private Responses to Payments Fraud

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?

Moderator

Williams Roberds,  Research Economist and Policy Adviser,  Federal Reserve Bank of Atlanta

  • Presentation

Panelist

Judith Rinearson,  Partner,  Bryan Cave LLP

  • Presentation

Panelist

Allison Edwards,  Director of Product Development,  FiServ EFT

  • Presentation

Panelist

Marsha McClellan,  Chief, Money Laundering and Asset Forfeiture,  United States Attorney for the Northern District of Illinois

12:30 PM
Closing Remarks

Sujit Chakravorti,  Senior Economist,  Federal Reserve Bank of chicago

12:45 PM
Luncheon
Event Information
Location
Federal Reserve Bank of Chicago
230 S. LaSalle St.
Chicago, IL 60604
Schedule
Th 8:30 a.m. - 5 p.m.
F 7:45 a.m. - 12:45 p.m.

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