Secure Payments Partnership responds to latest data from Federal Reserve
WASHINGTON DC, October 17, 2018 – The Secure Payments Partnership (SPP), a coalition of retailers and payment networks that have joined together to promote greater security and transparency across the payments system, responded to the latest data from the Federal Reserve on the surge in fraud from electronic payments.
“Electronic payments fraud is an issue that continues to plague the payments system, including retailers, processors, financial institutions, and consumers. With greater adoption of authentication requirements — like PIN on credit, biometrics, IP verification, algorithmic verification, or other options — we can decrease fraud rates and be more in line with the rest of the world, where fraud is a less prominent share of electronic transactions. We will continue to work with industry stakeholders, Congress and the Administration to address the need for better and more innovative security standards across the United States,” said SPP member Lyle Beckwith, SVP of Government Relations at the National Association of Convenience Stores.
According to the report, and as summarized by Politico,, “fraud in electronic payments grew at a faster pace from 2012 to 2015 than the actual volume of those payments during that time. The study, which looked at data from a Fed survey of depository institutions, found that noncash payments fraud rose 37 percent from 2012 to 2015, compared to 12 percent growth in the total value of noncash payments during that time.”
“This latest data proves that the time for everyone in the payment system to act is now,” said Beckwith.
About The Secure Payments Partnership
The Secure Payments Partnership is a coalition of retailers and payment networks that have joined together to promote greater security and transparency across the payments system. SPP members include the Food Marketing Institute, National Retail Federation, National Association of Convenience Stores, National Grocers Association, First Data’s STAR Network and SHAZAM.