Successfully containing fraud is critical to maintaining the integrity of the payments system, Charles Evans, president and CEO of the Federal Reserve Bank of Chicago, said at the bank’s 2008 Payments Conference last week.
“Since the very first incidents of counterfeit currency, payment providers have faced a variety of security challenges. However, several developments over roughly the last decade have brought fraud to the forefront of issues that we think about in relation to the payment system,” said Evans.
“The physical security of funds and terrorism financing has been the subject of increasing concerns since the events of 9-11. [Additionally] as payments gradually shift away from paper-based forms to electronic ones, consumers may face new types of fraud risks.”
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