This is the second in a series of three papers that examines the protections available to users of various electronic payment vehicles who fall victim to fraud, discover an error on their statement, or have a dispute with a merchant after making a purchase. Specifically, it examines the federal...

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...

Over the past several years, the emergence and adoption of electronic payment instruments have acutely affected check usage. This transition has been especially evident at the point of sale as debit and credit cards have become pervasive. Today, the rapid growth of online bill payment looks to...

This is the third in a series of three papers that examines the laws, regulations, and voluntary industry practices that may aid consumers who contest an electronic transaction because of error, fraud, or merchant dispute. The first two papers describe the complex web of protections available to...

On March 30, 2005, the Payment Cards Center hosted a workshop led by Sherrie L.W. Rhine and Sabrina Su of the Federal Reserve Bank of New York’s Office of Regional and Community Affairs to discuss the relevance of stored-value cards to “unbanked” or underserved consumers. The authors...

Banks and credit card companies lobbied Congress for several years to amend the Bankruptcy Code because of an increasing number of bankruptcy filings1 and evidence that debtors were abusing the existing code. On April 20, 2005, President Bush signed the Bankruptcy Abuse Prevention and Consumer...

Summary: This is the first in a series of three papers that examines the protections available to users of various electronic payment vehicles who fall victim to fraud, discover an error on their statement, or have a dispute with a merchant after making a purchase. Specifically, it examines in...

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:...

Summary: On January 13, 2005, the Payment Cards Center of the Federal Reserve Bank of Philadelphia sponsored a workshop led by Gary Palmer, chief operating officer and co-founder of WildCard Systems, to examine the developing market for prepaid card products. Palmer described several distinct...