Faster Payments Initiative: What's Next?Federal Reserve's Ed O'Neill Offers an Update, Reviews Security Issues
Faster payments can help to make payments more secure, but they can also raise new security issues. How can those be mitigated? The Federal Reserve has two task forces tackling this and other important issues, and a new report will be released soon.
In a video interview at Information Security Media Group's recent Fraud and Breach Prevention Summit in Chicago, Ed O'Neill of the Federal Reserve discusses:
- The security issues related to faster payments;
- Why the Fed will not endorse specific technologies for faster payments;
- An update on the activities of the two task forces - and the types of organizations involved;
O'Neill joined the Federal Reserve in January 2016 as assistant vice president of secure Payments. He is responsible for the design, development and implementation of key elements of the Federal Reserve's payment security strategy to reduce fraud risk and advance the safety, security and resiliency of the U.S. payment system. O'Neill also supports the Secure Payments Task Force in meeting its objectives and serves as the Federal Reserve's liaison for the task force's information sharing and data protection work groups.