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Federal Reserve to Examine Electronic Payment Cards

By Kieran Beer

Concerned that there are too many unknown risks associated with electronic payments, the Federal Reserve Bank in Atlanta will launch the Electronic Payment Risk Forum to examine the payment products and systems. "The idea is to get our arms around all of the risks associated with these payments," said John Atkinson, an assistant vice president in the supervision and regulation division of the Atlanta Federal Reserve Bank. "We will look at money laundering, payment, operational, legal, fraud and credit risks," said Atkinson, in an interview Tuesday at the 13th annual moneylaundering.com and Money Laundering Alert conference in Hollywood, Fla. The...

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