NEW YORK (Reuters) – Mobile payment services such as Apple Pay could run into reimbursement problems in some instances, and fintech firms in general must be more sensitive to risks, Federal Reserve Bank of Atlanta President Raphael Bostic said on Tuesday.

Unlike when a credit card is defrauded and a customer is refunded, “if there is a problem with Apple Pay it is not clear under some arrangements what’s going to happen there,” said the U.S. central banker.

“With all these innovations, consumers have no idea what risks they are exposed to,” Bostic said, noting his partner regularly uses the smartphone-based Apple Pay. “But I’m not doing it,” he added, to some laughter, on a payments and technology panel at a Clearing House conference in New York.

The Fed is taking a lead reviewing the U.S. payments system for speed, security and durability, and itself runs payments for the government across the United States.

(Reporting by Jonathan Spicer; Editing by Phil Berlowitz)