In the fall of 1995, the payment and settlement systems committee of the Group of 10 central banks established a Task Force on Security of Electronic Money. In August 1996 the Bank for International Settlements published the group's analysis of the technical risks and security features of electronic money. Israel Sendrovic, executive vice president of the Federal Reserve Bank of New York, headed the task force and was principal author of the report.

Following are excerpts - slightly edited - from the report's executive summary and its assessment of available security measures:

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