Congress, Federal Regulators and the Industry Must Work Together to Prevent Fraud, Says ETA’s Jason Oxman

July 26, 2018 – Washington, D.C. – The Electronic Transactions Association’s (ETA) CEO Jason Oxman will testify today in the joint hearing, “The Federal Trade Commission’s Enforcement of Operation Chokepoint-Related Businesses,” before the House Committee on Oversight and Government Reform Subcommittee on National Security and Subcommittee on Government Operations. On behalf of ETA’s 500 member companies, Oxman will testify to support a collaborative approach between government and industry to fight fraud. The following statement can be attributed to Jason Oxman ahead of his testimony:

“The payments industry is committed to protecting consumers from harm,” stated Oxman. “ETA and its members are successfully targeting fraudsters through due diligence programs, including ETA’s Guidelines on Merchant and ISO Underwriting and Risk Monitoring and its Payment Facilitator Guidelines, which provide the tools needed to prevent fraudulent actors from accessing payments systems. But instead of viewing payments companies as partners in the fight against fraud, the FTC’s enforcement actions and unjust investigative techniques are pressuring processors to shun entire lines of business, harming merchants and innovation.”

“While payment processors are doing their part to fight fraud, we ask Congress to help increase collaboration between the industry and law enforcement by encouraging the FTC to support industry self-regulation, such as ETA’s Guidelines, and investigate the impact of Operation Choke point-type enforcement actions by the FTC on small businesses, consumers, and the U.S. economy.”

“ETA thanks Chairman DeSantis and Chairman Meadows for their leadership on this issue and encourages Congress, federal regulators, and the industry to work cooperatively toward our common goal of preventing fraud and expanding financial inclusion,” said Oxman.

To access a copy of the testimony, click here. For media inquiries, contact Laura Hubbard at [email protected].