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Federal Reserve Officials Warn About Cybersecurity Threats to Payment Networks

Oct 12, 2016

Cybersecurity threats are growing quickly for the payment networks of the U.S. financial system, Kansas City Federal Reserve President Esther George said in remarks that did not address the outlook for the U.S. economy.

Speaking on Wednesday at a conference in Chicago on the payments system, George warned that the growing threats were undermining public confidence in the system.

Cybercriminals have hacked into major U.S. banks and even stole $81 million from an account at the New York Fed in February by hacking into SWIFT, an international payments network.

"We must keep pace with the rapidly evolving and expanding risks that threaten the payments ecosystem," George said in prepared remarks.

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She said proposals would likely be released to the public in 2017 from two task forces seeking to make the U.S. payments system faster and more secure. The groups include private and public officials.

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