This paper examines how instances of identity theft that are sufficiently severe to induce consumers to place an extended fraud alert in their credit reports affect their risk scores, delinquencies, and other credit bureau variables on impact and thereafter. We show that for many consumers these...

On August 13, 2009, the Payment Cards Center hosted a workshop examining the changing nature of data security in consumer electronic payments. The center invited the chairman and CEO of Heartland Payment Systems (HPS or Heartland), Robert (Bob) Carr, to lead this discussion and to share his...

On July 13-14, 2005, the Payment Cards Center of the Federal Reserve Bank of Philadelphia hosted a conference to better understand the ways in which electronic payment tools are being adapted to meet the financial needs of underserved consumers. This event, “Payment Cards and the Unbanked:...

On May 3-4, 2006, the Payment Cards Center hosted a two-day conference titled “The Role of Electronic Payments in Disaster Recovery: Providing More Than Convenience.” The event brought together participants from a range of groups, including financial institutions and other financial service...

On November 27, 2007, the Payment Cards Center of the Federal Reserve Bank of Philadelphia invited Jennifer Tescher, director, and Arjan Schütte, associate director, of the Center for Financial Services Innovation, to present a workshop. The Center asked Tescher and Schütte to share CFSI’s...

The identity theft forum sponsored by the Payment Cards Center of the Federal Reserve Bank of Philadelphia and the Gartner Fellows Program brought together a broad range of stakeholders to discuss the important issue of identity theft. Participants from the financial services and merchant...

Despite a statutory definition of identity theft, there is a continuing debate on whether differences among the financial frauds associated with identity theft warrant further distinction and treatment, not only by lenders and financial institutions but also by consumers and regulatory and law...

Consumer confidence in payment card systems has been built up over many decades. Cardholders expect to use their cards to execute payment instructions in a reliable and timely manner. Data breaches that degrade the perceived safety and reliability of payment cards may weaken consumer confidence...

Fraud alerts — initial fraud alerts, extended fraud alerts, and credit freezes — help protect consumers from the consequences of identity theft. At the same time, they may impose costs on lenders, credit bureaus, and, in some instances, consumers. We analyze a unique data set of anonymized...

On October 3, 2003, the Payment Cards Center of the Federal Reserve Bank of Philadelphia sponsored a workshop on identity theft to examine its growing impact on participants in our payments system. Avivah Litan, vice president and research director of financial services for Gartner Inc., led the...