The conference "Risky Business: Managing Electronic Payments in the 21st Century" was held June 20-21 at the Federal Reserve Bank in Philadelphia. The conference examined important strategic issues related to risk management and fraud prevention in electronic payments.
"Risk has always been linked to any kind of payment," said H. Kurt Helwig, executive director of EFTA. "In the 21st century electronic financial services, Internet retailing, and mobile technology have all changed the way we purchase and pay for things. We need to address how to best manage the risk that may accompany these increasingly popular technologies."
Thirty speakers provided critical analysis over two days on many headline issues, including identity theft, data security, terrorist financing, money laundering, Internet fraud, and information security regulation.
Participating speakers represented a broad range of constituencies, including financial service companies, banking regulatory bodies, law enforcement agencies, and technology providers.
"The rapid migration from paper to electronic payments requires a rethinking of traditional risk management practices, adding new dimensions to our understanding of payment risk," added Peter Burns, director of the Philadelphia Federal Reserve Bank's Payment Cards Center.
