All participants in the payments system must work together to ensure that payment innovation advances safely, Federal Reserve Governor Jerome Powell said today at a payments conference in Kansas City. “At a minimum, banks, merchants, and other institutions that process or store sensitive financial information need to keep their hardware and software current to the latest industry standards,” he said, pointing to the adoption of chip-based EMV technology as a good example.
Powell also cautioned payments participants to prepare for cyber attacks by layering newer technologies, such as more secure authentication methods. He also urged more intensive planning, including keeping up to date with cyber threats through membership in the Financial Services Information Sharing and Analysis Center, and engaging in efforts to educate consumers about payment security.
