Fraud , Payments , Payments Fraud

Fed's Fast Payment Effort Won't Change After SWIFT Heists

Video Interview: Marianne Crowe of Boston Fed on Sticking with Long-Term Goals

The Federal Reserve's strategy for oversight of the U.S. migration toward faster payments won't change in the wake of the heists that exploited international SWIFT payments, says Marianne Crowe of the Fed in Boston. That's because the long-term security of U.S. payments has always been a priority for the Fed in its study of faster payments, she says (see Will Faster Payments Mean Faster Fraud?).

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"Using situations like SWIFT and others - those are good examples of lessons learned that we can evaluate and take a look at," Crowe says in this video interview with Information Security Media Group. "At the same time, the Fed has always been actively involved in various initiatives in the payments system, through ACH, through check. And with faster payments, [the Fed's Faster Payments Task Force] is on a course now to do that evaluation - to evaluate the different criteria for the right solutions for faster payments, from a security perspective as well as payment efficiency. ... So I don't think anything's changing as they continue to go forward."

In this interview at ISMG's recent Boston Fraud and Breach Prevention Summit, Crowe also discusses:

  • How the Fed's task forces are dedicated to faster and more secure payments are working together;
  • Four key areas being evaluated to ensure the long-term security of payments in the U.S.; and
  • The ongoing role the Fed will play in evaluating proposals for faster payments technologies and systems in the U.S.;

Crowe serves as vice president of payment strategies at the Federal Reserve Bank of Boston, where she oversees industry analysis and applied research on digital and mobile retail payments, standards and security initiatives. She leads the Mobile Payments Industry Workgroup, which represents mobile payment stakeholders focused on eliminating barriers to successful adoption of mobile and digital retail payments in the U.S. She also is a payments liaison with the Federal Reserve's Secure Payments Taskforce. She joined the Fed in 2001.


About the Author

Tracy Kitten

Tracy Kitten

Director of Global Events Content and Executive Editor, BankInfoSecurity & CUInfoSecurity

A veteran journalist with more than 20 years' experience, Kitten has covered the financial sector for the last 13 years. Before joining Information Security Media Group in 2010, where she now serves as director of global events content and executive editor of BankInfoSecurity and CUInfoSecurity, she covered the financial self-service industry as the senior editor of ATMmarketplace, part of Networld Media. Kitten has been a regular speaker at domestic and international conferences, and was the keynote at ATMIA's U.S. and Canadian conferences in 2009. She has been quoted by CNN.com, ABC News, Bankrate.com and MSN Money.




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